Getting into Management Consultancy

Size: px

Start display at page:

Download "Getting into Management Consultancy"

Ferdinand Taylor
6 years ago
Views:

1 Getting into Management Consultancy Penny Longman Careers Consultant 18 October 2017 Improving health worldwide

2 Careers information series Careers in Public Health in the UK Tues 31 Oct, Tues 24 April Careers using research (outside academia) Wed 22 Nov, Tues 27 Feb, Tues 15 May Finding and funding a PhD Wed 6 Dec Careers for scientists Wed 13 Dec Securing your first fieldwork experience Tues 23 Jan Management consultancy (this topic) Wed 21 Mar Other events coming up: James Cherry (MD) alumnus talk Thurs 19 Oct (tomorrow) CV writing Wed 25 Oct Academic Careers Forum Tues 7 Nov, pm

3 What we will cover What? (is Management Consultancy) Who? (are the Management Consultants) Why? (might you consider Management Consultancy) How? (do you get in) Insider insight Career opportunities and career structure Useful resources

4 What is Management Consultancy? Analysis of a business or area of business to suggest solutions and improvements Specialist expertise or objective viewpoint A definition of management consultancy from the Institute of Consulting The provision to management of objective advice and assistance relating to the strategy, structure, management and operations of an organisation in pursuit of its long-term purposes and objectives. Such assistance may include the identification of options with recommendations; the provision of an additional resource; and/or the implementation of solutions.

5 Who? Types of firms in the industry Accountancy firms offering consultancy ( professional services ) Large non-accounting consultancies Small specialist boutique or niche

6 Major consultancies Big Four : Deloitte, EY, KPMG, PwC Top tier strategy consultants: McKinsey, BCG, Bain Other major consultancies eg A.T. Kearney Arthur D. Little Marakon Mercer Accenture IBM

7 Some smaller healthcare/ public sector focussed Carnall Farrar QuintilesIMS (IMS Health) Prederi PPL consulting Berkeley Partnership impower Transform ABT associates Navigant Costello Medical Evidera Crown Agents IMC worldwide Social and Scientific Systems Inc Social Sectors Development Strategies Mott Macdonald Taysha consulting The Advisory Board Company Voisin Consulting

8 Why consider Management Consultancy? Long-term purposes and objectives plans for expansion, change, efficiency improvements/savings The provision to management of objective advice and assistance relating to the strategy, structure, management and operations of an organisation in pursuit of its long-term purposes and objectives. Such assistance may include the identification of options with recommendations; the provision of an additional resource; and/or the implementation of solutions. Recommendations: drawing the evidence together and coming up with proposals To provide objective advice: Assess current situation Research options being considered Analyse and evaluate evidence Strategy tends to be looking forward; Structure, management and operations may involve advising on changes to implement

9 Transferring the Management Consultancy model/skills

10 How do you get into Management Consultancy? Grad schemes deadlines imminent for next September entry Experienced hire Direct approaches One-off projects

11 What do employers say they are looking for? McKinsey: Personal Impact, Entrepreneurial Drive, Problem Solving Skills, Leadership Abilities Carnall Farrar: Our Analysts support the clients in carrying out structured problem solving, including qualitiative and quantitative analysis, synthesising and communicating findings, and meeting with clients as part of the consulting team...they bring a strong analytical skillset as well as excellent communication and interpersonal skills with a 2.1 or above from a leading university.

12 impower: Our team is made up of a range of individuals but we share the following characteristics: High intensity Passionate Focused Knowledgeable Innovative Creative Intellectual risk takers General advice from Inside Careers: A consultant must possess the following traits: Integrity, an analytical mind, clarity of expression (both verbally and in writing), empathy

13 What they look for Commercial awareness - not explicitly stated in the lists above, but underpins consultancy work. The term commercial awareness means having an understanding of the factors that affect an organisation.commercial awareness involves understanding how a business works: Internal factors what the business does, what matters to its customers/clients, what makes it successful. External factors understanding the industry in which it operates (trends, what competitors are doing), economic climate, developments in technology, environmental issues, government policy and initiatives. (taken from Careers Tagged)

14 Selection Online tests: personality, verbal reasoning, numerical reasoning Assessment centres: aptitude tests, group and individual exercises, presentations and interviews Interviews: personal background, case studies, Q&A

15 Case Study Interviews A chance to demonstrate your problem solving skills. You may be sent case studies in advance and have to prepare a presentation You may be given a case study at the interview and have to consider it there and then The case study will feature a business problem that you will seek to solve during the interview. It will not require extensive knowledge of specific industries or processes and some cases have no right or wrong answers. Your questions and thought processes are more important than coming up with an actual solution. (BCG)

16 The Career Structure Analyst: 35,000 New graduates, or those with up to two years postgraduate experience. Consultant: 55,000 Typically three years delivery experience in consulting, or fresh recruits into consulting but with a recently obtained professional qualification or comparable level of competence e.g. ACA, CIPD, blue-chip management training programme graduate. Senior Consultant: 65,000 At this level the backgrounds of consultants start to diverge. Examples include: mid-tier strategy house/boutique-experienced consultants with delivery experience; average performers with 4-6 years delivery experience at a systems integrator or a full-service consultancy and some work stream responsibility; MBAs entering consulting for the first time. Manager: 80,000 More experienced (5-7 years experience) delivery consultants or fast-track straight from industry or those with MBAs from top business schools. Principal/Assistant Director: 100, year s experience; role includes some responsibility for business winning. Director: 150,000 Equity Director/Salaried Partner: 250,000+

17 Useful resources

18 Useful resources (Management Consultancies Association) (Analysis of the sector) search for Management Consultancy

19 Questions and evaluation

The Beginner s Guide to Finance & Consultancy Careers. Louise Ogle, Careers Consultant

The Beginner s Guide to Finance & Consultancy Careers Louise Ogle, Careers Consultant This week 2 3 Myths about this sector UK financial-sector jobs are all in London 4 Banking Jobs Are Growing Fastest