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tuck everlasting student study guide answersDesigned to test an applicant'sIt spans human resources, businessConsulting Firms in the EMEA region, Vault's editors haveAmerica, from the biggest names like McKinsey, Bain, and BCG toFind out which industry and company is right for you. To determine if your school is a partner, please enter your school email address below. To determine if your school is a partner, please enter your school email address below. In addition to rankings of the top firms in the industry as a whole, you will find details on top-performing firms in specific practice areas, the best boutique firms, and the best firms in a variety of quality of life categories, including compensation, promotion prospects, diversity, and more. Vault Guide to Museum and Cultural Center Jobs, Second Edition Vault Guide to Theater Jobs, Second Edition Vault Guide to Military Services Jobs, Second Edition Virtual Career and Industry Networking Series: Environment Deloitte Consulting Undergraduate Case Competition Vault Guide to Investment Banking Jobs Vault Guide to the Top 100 Law Firms, 2020 Edition Nuclear Energy Institute Association of Fundraising Professionals’ Career Center. Click here for details. In addition to rankings of the top firms in the industry as a whole, you will find details on top-performing firms in specific practice areas, the best boutique firms, and the best firms in a variety of quality of life categories, including compensation, promotion prospects, diversity, and more. Student Life is committed to developing and maintaining anWe strive to provideWe engage in this work while learning.http://dentalrud.com/userfiles/diamond-lady-pinball-manual.xml
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Report this Document Download now Save Save The Vault Guide to Consulting For Later 100 (3) 100 found this document useful (3 votes) 8K views 185 pages The Vault Guide to Consulting Uploaded by Mahesh Balan Description: Full description Save Save The Vault Guide to Consulting For Later 100 100 found this document useful, Mark this document as useful 0 0 found this document not useful, Mark this document as not useful Embed Share Print Download now Jump to Page You are on page 1 of 185 Search inside document Browse Books Site Directory Site Language: English Change Language English Change Language Quick navigation Home Books Audiobooks Documents, active Collapse section Rate Useful 100 100 found this document useful, Mark this document as useful Not useful 0 0 found this document not useful, Mark this document as not useful Collapse section Share Share on Facebook, opens a new window Facebook Share on Twitter, opens a new window Twitter Share on LinkedIn, opens a new window LinkedIn Copy Link to clipboard Copy Link Share with Email, opens mail client Email. You can download more than 50 career guides covering topics such as Resumes and Cover Letters, and industries such as Banking, Consulting, Human Resource, Marketing and Technology. Career advice articles on topics like Interview Thank You Letters, Internships and Job Search Tactics are also available. Vault Guides are available in PDF or EPUB format. Vault surveys and interviews thousands of employees each year to give readers the inside scoop on industries and specific employers. More than 100 guides (200-300 pages) on top careers and employers are available. Vault Guides are available in PDF or EPUB format. You can research more than 4,000 major employers, including many recently added Singapore-based employers such as CapitaLand, DBS, Keppel Group, Singapore Airlines, as well as large global employers like Deloitte, Nestle and IBM.http://ergungoze.com/userfiles/diamond-logic-builder-manual.xml In addition, read profiles of more than 50 professions and occupations, and gain insights about potential careers through more than 2800 Vault occupation surveys. Watch Vault’s video guide on video resumes and other videos on job search and interview advice. Then take a walk through actual days in the lives of professionals in top careers with Vault’s Day in the Life profiles. If you continue browsing the site, you agree to the use of cookies on this website. See our User Agreement and Privacy Policy.If you continue browsing the site, you agree to the use of cookies on this website. See our Privacy Policy and User Agreement for details.You can change your ad preferences anytime. Vault makes no claims as tothe accuracy and reliability of the information contained within and disclaims all warranties.No part of this book may be reproduced or transmitted in any form or by any means,electronic or mechanical, for any purpose, without the express written permission of VaultInc.Vault, the Vault logo, and “the insider career networkTM” are trademarks of Vault Inc.For information about permission to reproduce selections from this book, contact Vault Inc.,150 W. 22nd St., 5th Floor, New York, NY 10011, (212) 366-4212.Library of Congress CIP Data is available.ISBN 1-58131-169-9Printed in the United States of America We are also extremely grateful to Vaults entire staff of writers, editors and interns for all their help in the editorial and production processes. Vault also would like to acknowledge the support of Matt Doull, Ahmad Al-Khaled, Lee Black, Eric Ober, Hollinger Ventures, Tekbanc, New York City Investment Fund, Globix, Hoovers, Glenn Fischer, Mark Hernandez, Ravi Mhatre, Carter Weiss, Ken Cron, Ed Somekh, Isidore Mayrock, Zahi Khouri, Sana Sabbagh, and other Vault investors, as well as our family and friends. Eric Chung thanks his wonderful new bride and muse, Laura, for being a constant source of joy and inspiration in everything he does. CAREER LIBRARY ix CAREER LIBRARY xi Love the idea of jetting to locations both exotic and banal and getting paid very well for your intellectual capital. A lot of consultants (current and prospective) do, too. Consulting continues to rank among the most popular professions for emerging MBAs and college graduates, and for good reason. As one of the best-paid professions for recent graduates, consulting offers lucrative salary packages and the chance to meet elite Fortune 500 managers. Consultants also work on some of the most interesting issues in business today: high-level strategy and integration issues. But consulting careers are no walk in the park. Pressures are high; travel can be onerous; the interview process can be painful; and the risks of layoff can be high in a difficult economic climate. Before setting off on the consulting route too enthusiastically, get a sense of how you might like it. Understand where the industry is going, your role in the industry, and how closely it fits with your needs and personality. If you’re reading this in an attempt to decide whether or not consulting is for you, we’ve got some advice. Do a personal inventory of your skills and talents, as well as your interests or what you merely enjoy. If your network doesn’t include other consultants, use the message boards on Vault’s consulting channel or join an industry organization for leads. And read this guide to see if consulting really interests you. Just remember that positions are limited, and competition ranks among the highest of many industries. Even if you have a Stanford MBA or decades of experience, breaking into consulting requires perseverance and the sharpest of networking and persuasion skills. The potential rewards, however, are great. Visit the Vault Consulting Career Channel at — with insider firm profiles, message boards, the Vault Consulting Job Board and more.A Vault consulting expert will put you through a real case used by the major consulting firms.http://www.federicocastelnovo.com/images/colorado-real-estate-license-manual.pdf You will be given the case at your appointment and will be asked to explain it, dissect it, and give a rationale for your responses.A giant industry, a moving target Consulting, in the business context, means the giving of advice for pay. Consultants offer their advice and skill in solving problems, and are hired by companies who need the expertise and outside perspective that consultants possess. Some consulting firms specialize in giving advice on management and strategy, while others are known as technology specialists. Some concentrate on a specific industry area, like financial services or retail, and still others are more like gigantic one-stop shops with divisions that dispense advice on everything from top-level strategy, to choosing training software, to saving money on paper clips. But consulting firms have one thing in common: they run on the power of their people. The only product consulting firms ultimately have to offer is their ability to make problems go away. As a consultant, you are that problem-solver. Not the kind of consulting we mean As a standalone term, “consulting” lacks real meaning. In a sense, everyone’s a consultant. Have you ever been asked by a friend, “Do I look good in orange?” Then you’ve been consulted about your color sense. There are thousands upon thousands of independent consultants who peddle their expertise and advice on everything from retrieving data from computers to cat astrology. There are also fashion consultants, image consultants, and wedding consultants. For the purposes of this career guide, we are going to use the term “consulting” to refer specifically to management consulting. Management consulting firms sell business advisory services to the leaders of corporations, governments, and non-profit organizations. Typical concentrations in consulting include strategy, IT, HR, finance, and operations. Types of problems in consulting include pricing, marketing, new product strategy, IT implementation, or government policy. Finally, consulting firms sell services in virtually any industry, such as pharmaceuticals, consumer packaged goods, or energy. Visit the Vault Consulting Career Channel at — with insider firm profiles, message boards, the Vault Consulting Job Board and more.For example, a firm might focus on strategy problems only, but in virtually any industry. Another firm might focus on just a specific industry, but advise on nearly any type of issue. Oliver, Wyman and Company, which focuses on the financial services industry, is an example of this type of firm. Many of the larger firms have a “matrix” organization, with industry practice groups but also functional practice groups. And some firms are extremely specialized. For example, a firm might have only two employees, both focusing solely on competitive analysis in the telecommunications industry. All of these are examples of management consulting. Spotting a client’s problems is a mere fraction of the battle. (Most people with a fair amount of common sense and an outsider’s perspective can identify a client’s problems. And in many cases, clients also understand where the problems lie.) The job of the consultant, therefore, isn’t just about knowing what’s wrong. It’s about figuring out how to make it right. Even finding the solution isn’t the end of the story. Consultants must also get buy-in from the clients. Not only does bureaucracy often make implementation tough, but consultants must also convince individual client employees to help them make solutions work.But you should realize that in contrast to work in investment banking, your work in consulting will probably never get mentioned in The Wall Street Journal. Very few consulting firms are publicly recognized for the help they give. As a result, few people outside of the industry really understand what consulting is. In fact, a running joke about consulting is that no one can explain it, no matter how hard or many times one tries. If you want a job you can explain to your grandmother, consulting isn’t for you. Divide your salary over the (large) number of hours, and the pay per hour isn’t much better than other business careers. So what does a consultant actually do, anyway. Most “non-consultants” are mystified by the actual job and its day-to-day responsibilities. There are good reasons why this is so. While you’re used to giving advice and solving problems, you may not understand how this translates into a career path. The problem is compounded because consultants tend to use a very distinctive vocabulary. You may not know what your skill set is, or how not to boil the ocean, or what the heck consultants mean when they talk about helicoptering. In addition, many consulting firms have their own specific philosophies and problem-attacking frameworks, which only raise the level of jargon. (If you’re stumped, check out the glossary at the end of this book.) The short answer is that you will be working on projects of varying lengths at varying sites for different clients. What you do will depend on your seniority, experience, phase of the project and your company. If you are a partner, you are selling work most of the time, whereas if you have a recent MBA degree, you are probably overseeing a couple of entry-level consultants doing research. For the most part, we’ll describe the job that entry-level and mid-level (MBA or the equivalent) consultants do.You will attend lots of meetings in your quest to find the data, create the process and meet the people who will help you resolve the issues you’ve been hired to address. For you, this usually means lots of research, which is then elucidated on the omnipresent PowerPoint slides. To some extent, though, the boundaries of the job are virtually limitless. Each project carries with it a new task, a new spreadsheet configuration, a new type of sales conference, or an entirely new way of thinking about business. To top it all off, you often must travel to your work assignment and work long hours in a pressurized environment. It’s not easy.Visit the Vault Consulting Career Channel at — withinsider firm profiles, message boards, the Vault Consulting Job Board and more.Their individual jobs, from a macro level, are as different as one could imagine. While a supply chain consultant advises a client about lead times in their production facility, another consultant is creating a training protocol for a new software package. What could be more different. Despite the big picture differences, however, consultants’ day-to-day skill sets are, by necessity, very similar. (Before we go any further: by skill set, we mean “your desirable attributes and skills that contribute value as a consultant.” Skill set is a handy, abbreviated way to refer to same.) Before we talk about the skill sets, keep in mind that there is a big difference between the job now and the job six to eight years from now, if and when you are a partner. We are going to talk about whether you would like the job now, but you should think about whether this might be a good long-term career for you. Is your goal to see it through to partner. If you would rather have an interesting job for six years, you just have to know you have the qualities to be a good consultant and manager. To be a partner, you have to be a persuasive salesperson. You will spend nearly 100 percent of your time selling expensive services to companies who don’t think they need help. Your pay and job security will depend on your ability to make those sales. Not only do they frequently brainstorm with other consultants, but they also often work with employees at the client company, or even with consultants from other companies hired by the client. Consultants also frequently attend meetings and interview potential information sources. Not only can consulting assignments be frenetic, but consultants are often staffed on more than one assignment (though admittedly this problem has become less frequent with the slow economy of 2001-2002). Superior organizational skills and a good sense of prioritization are your friends. Would your friends describe you as a really busy person who’s involved in a ton of activities, and still able to keep your personal life on track.If you consider yourself a true introvert and find that speaking to people all day saps your energy, you will likely find consulting quite enervating. Did you really like going to class and doing your homework. Consulting firms don’t expect you to be a math professor, but you should be comfortable with figures, as well as commonly used programs like Excel, Access and PowerPoint. If you hate math, you will hate consulting. On a related note, you should also relish and be good at analysis and thinking creatively. Consultants must fulfill client expectations. If you must work 80 hours a week to meet client expectations, then that will be your fate. If you have commitments outside work, for example, you may find consulting hours difficult. Even if you have no major commitments outside work, understand what such a schedule means to you. The point is not just to get the job, but also to know what you’re getting into — and to truly want to be a consultant.Visit the Vault Consulting Career Channel at — withinsider firm profiles, message boards, the Vault Consulting Job Board and more.No problem! My last vacation to Italy was a blast!” However, many soon find the traveling consultant’s life to be a nightmare. Many consultants leave the field solely because of travel requirements. Here’s what we mean by consulting travel. There is less regularity and predictability with this travel model, but there is also less overall time on the road. Examples of this include consulting to Motorola (based in not-so-convenient Schaumberg, IL) while living in Chicago, or consulting to a Silicon Valley client while living in San Francisco. In these cases, you might opt to stay at a local hotel after working late, instead of taking the long drive home. This is not very different from non-local travel, and it can be more grueling, due to the car commute. You need to ask yourself a number of questions to see if you are travel- phobic. For example, when you pack to go on vacation, do you stress about it. Do you always underpack or overpack.Do you mind sleeping in hotel rooms for longperiods of time. Are you comfortable with the idea of traveling toremote cities and staying there for three or four nights every week forten weeks. If you’re married, do you mind being away from your spouse(and children if you have them) for up to three nights a week. Doesyour family mind. Will your spouse understand and not hold it againstyou if you have to cancel your anniversary dinner because the clientwants you to stay a day later. If you and your spouse both travel forwork, who will take care of the pets. Does the idea of managing yourweekly finances and to-do lists from the road bother you?If these questions make your stomach churn, look for consultingcompanies that promise a more stable work environment. For example,if you work in financial consulting and live in New York City, most ofyour clients may be local. But because consulting firms don’t alwayshave the luxury of choosing their clients, they can’t guarantee that youwon’t travel. Moreover, many large companies build their corporatecampus where they can find cost-effective space, often in the suburbsor large corporate parks. (If you absolutely can not travel, some of thelargest consulting firms, such as Accenture, have certain business unitsthat can guarantee a non-traveling schedule. Ask.)Note that travel is common in the consulting field, but not allconsultants travel. And not all clients expect you to be on site all thetime. It absolutely depends on the firm’s travel model, industry, yourlocation, and most importantly, your project.Visit the Vault Consulting Career Channel at — withinsider firm profiles, message boards, the Vault Consulting Job Board and more.Corporations, governments, and non-profit institutions hire consultants for a number of reasons. Every consulting project springs from a client’s need for help, or at least the kind of help that short-term, internal hiring can’t solve. Some clients, for example, need to overhaul their entire IT infrastructure, yet they’re out of touch with the latest back-end systems or don’t have the staff resources for such a large project. Other clients may be merging, but lack any experience with post-merger staffing procedures, and need a neutral party to mediate. Some clients may need an outsider’s perspective on a plant shutdown. Perhaps a client wants to bring in extra industry knowledge. And in the 2001-2002 frame, some clients are bringing in consultants with turnaround expertise, because they lack the deep experience with financial and corporate restructuring that such experts can supply. Consultants get hired for political reasons too. Launching big projects can be very cumbersome, particularly at Fortune 500 companies. In order for a single dollar to be spent on such a project, most companies require senior executive approval. And without a major consultancy’s brand name attached to the project, approval can be hard to get. But once a consulting firm steps into the picture, everyone involved has plausible deniability in the event that the project fails. There is an old adage: “No one ever got fired for hiring McKinsey” (or a similarly prestigious consulting firm.) Some clients still adhere to this as a rule of thumb. Second, even if a giant project gets the green light, there’s no guaranteeing it will be implemented. The reason? Simple bureaucratic inertia. Senior executives lose interest. Direct reports move on to other issues. In short, companies lose their focus. (An insider at a large private global corporation reports that steps from a BCG report from 1996 have been approved but, as of September 2002, have not yet been implemented.) By bringing in consultants to oversee large projects, companies ensure that someone is always watching the ball. In many cases, the correct solution may be quite evident to many, but having it confirmed by an outside party makes implementing a plan easier politically. In the era of downsizing, consultants have another political use. Companies with an itch to fire a percentage of their workforce often like to bring in consultants. When the consultants recommend a workforce reduction, the company can fire at will, blaming their hired guns for the downsizing. For some types of consulting (particularly outsourcing or IT), consultants are actually a form of cost-effective labor.Consultants may also get the job done faster, not because they are necessarily better, but because the company might not get away with forcing regular employees to adhere to a compressed time frame by staying late hours. By definition, consultants are hired to work not at the pace of the corporation but at a differently prescribed pace. A contingency performance basis makes this an even better deal for the client. The worker behind the curtain Consultants are a back-room breed of professional. In joint projects with their clients, they do much of the work and can expect none of the recognition. All consultants must deliver bottom-line value, and often spend countless hours huddled in cramped spaces to do just that. If you do a great job, chances are your client will thank you, but you may never hear about it again. In some cases, you will leave your project before its completion and may never know whether it succeeded or failed. If you enjoy recognition and completion, you will want to consider the type of consulting firm you join. Does your firm have a history of repeat business. If so, you will have a better chance of seeing the client through different projects and business cycles; you may even work with the same client on different engagements. (Marakon Associates, for example, boasts that 90 percent of its work comes from engagements with previous clients.) Other firms might offer a methodology that isn’t as repeatable. If your firm focuses solely on competitive analysis studies, chances are good that, if your client stays in the same industry, you won’t need to sell that service to them again. Economic consulting firms like Charles River Associates and the Brattle Group often help law firms with litigation support, including research, economic analysis, and testimonies. This can be very interesting work, and since you’re supporting one side or the other of a public dispute, you will certainly know how the fruits of your labor will turn out. Depending on the size of the dispute, so might everyone else who follows the business news.Visit the Vault Consulting Career Channel at — withinsider firm profiles, message boards, the Vault Consulting Job Board and more.On the bright side, you will eventually read in The Wall Street Journal about any triumph enjoyed by your client. Your firm may not be mentioned, but at least you will be able to see the results of your hard work become a reality. (It’ll also be easier for you to transition to other financial work in the future, if that is your wish.) So, think about the level of recognition and completion you need for your work, and look for a firm that does the type of work that suits that level. If you find that you require higher levels of recognition and completion than any type of consulting can offer, then you may want to look into other professions.Nonetheless, consulting as big business only came into being around the start of the 20th century. The first consultants drew from their engineering backgrounds to conduct projects for their clients. The now-bankrupt Arthur D. Little is widely recognized as the first such firm, founded in 1886 in Cambridge, Massachusetts. Booz Allen Hamilton was established in the early 20th century with a similar structure. The trend continued when James “Mac” McKinsey, a University of Chicago professor, established his “accounting and engineering advisors” firm in 1926, offering a proposition similar to consulting. Over time, he developed a unique, integrated approach for his clients, which he called his “General Survey.” Instead of hiring traditional engineers, he recruited experienced executives and trained them in a framework of analysis. The new approach considered goals, strategies, policies, organization, facilities, procedures, and personnel. In the late 1950s, a number of other consulting firms emerged with focused strategies and novel frameworks. The most notable innovator, the Boston Consulting Group (BCG), developed the experience curve. The experience curve proposed that declines in most industries were directly correlated to cost as a function of cumulative experience. BCG later extended its original concept by developing the growth share matrix, a tool that assesses a company’s attractiveness within an industry. These frameworks are still used today by consultants in order to understand business problems and opportunities. They are also used in case interviews, business analysis questions commonly given to prospective consultants. (More about cases later.) Visit the Vault Consulting Career Channel at — with insider firm profiles, message boards, the Vault Consulting Job Board and more.The typical client now requires more sophistication from its consultants’ in-house skills and is more demanding in its requirements. For example, some clients now possess in-house strategy groups and have clear ideas of what their business means and the direction in which to head. This increased sophistication means a number of new developments in the industry, which in turn will impact your decision to enter the industry. Specialization Until recently, the conventional wisdom at firms like McKinsey was to develop generalists who applied their learning across industries and geographies. That strategy is evolving. Clients increasingly demand that consultants come in with prior knowledge of their industry. While most of the larger firms still hire generalists, they now ask consultants to specialize earlier in their careers, often only two or three years after starting at the company. They sometimes also hire industry experts who might follow different (and possibly accelerated) career tracks than typical consultants. Outside of the large consulting firms, more boutique consultancies are springing up. These boutiques have as few as two or three employees (and as many as 150 or so) and offer highly specialized expertise, for example consulting to the telecom industries, or providing expertise in marketing. Some of these firms are created by laid-off consultants or by those disaffected by recent mergers. Implementation Many clients no longer want to pay for mere strategic musing. Hence, many strategic consulting firms now stay on to ensure implementation of their recommendations. Of course, differences prevail.Cyclical nature Consultants like to estimate future revenues for other industries. As a result, speculation abounds about the consulting industry’s own revenues. In the late 1990s, aggressive penetration of emerging markets by corporations (where consultants assess new markets) and rapid changes in client industries (privatization, IT changes, and globalization) were responsible for the marked growth in consulting.