1、 Duke University Fuqua School of Business 1 Table of Contents WHAT IS CONSULTING?. 4 CONSULTING TRENDS AT FUQUA4 WHAT DO CONSULTANTS DELIVER? .4 CHOOSING THE CONSULTING INDUSTRY AND A ROLE WITHIN IT 5 WHY CONSULTING? PROS then seek to bridge the dynamics from one industry to others. Think about your
2、 own personal case studies that you have experienced in prior jobs or have heard about from friends and family members. Focus especially on work experiences that allowed you to gain a more thorough understanding of broader organizational issues, or dynamics among industries and competitors. Next, ta
3、ke the thought process one step further, by exhaustively developing your ideas. Try to completely think through all possible paths that could emanate from any single idea, and sketch these out on paper in the form of a process diagram. Package them into coherent short stories that you can use both f
4、or interviews and for your own problem solving. To start, simply think of your resume as a collection of case studies. Next, focus on getting to know when to use consulting terminology, formulating a structured thought process for case interviews, and applying your own work experiences to create you
5、r own “case studies“. Introduce a formulate hypothesis/test the hypothesis thought process Be able to generate and interpret matrices and graphics Duke University Fuqua School of Business 14 Learn to think and communicate in bullet points (this builds clarity in interviews and later in client situat
6、ions) Refer to the client while conveying your suggestions Frameworks can often be symptomatic of a linear thought process, which can be either beneficial or disadvantageous. A linear thought process imparts structure and minimizes the chance of omitting a key issue, but may limit the possibility of
7、 creative, abstract thinking. In interviews, it is especially important to avoid referring by name to a specific framework of which you might be thinking. When brainstorming, try a combination of linear and spatial thinking modes, using frameworks when necessary to generate creative, abstract, but r
8、elevant ideas. Above all, remember that competency exists not just in what you know. It is also evident by how you package your knowledge and how you present yourself. Subtleties are critical in establishing your credibility and effectiveness with interviewers and ultimately with clients. Focus on e
9、xhibiting manners, presence, and poise, and on developing or refining your listening skills. Bringing it All Together Consulting firms often like to sell themselves as do-all organizations. The crucial point here is that on an individual level, it rarely makes sense to attempt to take on and excel a
10、t everything. Even within a project team, tasks are divided between members, so that tasks do not become excessively burdensome and idea generation isnt confined to one persons style of creativity. To market yourself most effectively and be most capable in your job, you should work on defining yours
11、elf as someone who is capable of fitting in seamlessly to ambiguous situations. Be an aggressive learner, exposing yourself to ideas that span industries. Learn about trends and historical precedents so as to be able to rapidly draw conclusions from current situations facing clients or facing the fi
12、rm. Become a chameleon, constantly refining your ability to take on whatever color is necessary to thrive in a given situation. This being said, do not be averse to expressing an interest in a particular area if you find that you are developing a focal point of interest. Many firms insist that consu
13、ltants begin their careers as general practitioners of the trade, but even with this stipulation, it may still be possible to request projects which allow you to develop your understanding of a particular industry or specialty area. The danger of specializing, or specializing too early, is that one
14、runs the risk of sacrificing one of the key benefits which consulting offers people: a broad perspective across industries. Taking lessons and observations from one industry and interpreting them within the context of another industry can often offer valuable insights which might otherwise remain un
15、discovered. Individuals must be able to balance the benefits of wide exposure to multiple industries with the attraction of specializing in a favored area of interest. Duke University Fuqua School of Business 15 Approaching the Firms Contacts Are Key The importance of contacts and networking cannot
16、be overstated, particularly when firms are preparing their closed interview lists. The idea is to gain a competitive advantage by becoming more than just a name at the top of a resume. Recruiters are more likely to place you on their closed interview list if they recognize your name as that of someo
17、ne who made a strong first impression and followed up with polite and thoughtful additional communication. As you meet representatives from the various firms at presentations, career fairs, symposia, etc., carefully establish relationships with specific individuals who are representing the firms. Se
18、lectively collect business cards and keep in touch with the individuals who you deem most likely to assist you with your job search. Thank you notes, e-mail messages, telephone calls and cover letters are all good ways to maintain contact. Dont hesitate to discretely ask to schedule informational in
19、terviews during breaks or summer vacation. Feel free to cold-call alumni to ask about their experiences with their firm; typically the individual will be flattered, and at worst she may say she doesnt have time to speak with you that day. The important thing is to get on the individuals radar screen
20、, make a strong first impression and express your sincere interest in the firm. Almost without exception, these individuals have been through an identical job search experience earlier in their careers, and as a result, they understand your current situation and motivations. In any case, build relat
21、ionships selectively and avoid using the word networking. A small dose of subtle professionalism will go a long way as you begin to establish your reputation in the consulting industry. What Firms Seek in a Candidate Different firms look for various characteristics in a candidate. Some common themes
22、 are ability to work in teams, problem-solving ability, ability to generate ideas, options, and hypotheses, analytical skills, results-orientation, ability to think in a structured manner (within and beyond frameworks), positive, “can-do“ attitude, and ability to pass “the airport test.“ Prior to th
23、e interview, write down some examples of how you have demonstrated each of these characteristics in a professional setting. Rehearse your stories, and be sure to keep them crisp. Once in the interview, try to determine which two or three of these characteristics are most important to the interviewer
24、 and tell the appropriate stories. So tell me about yourself! As interview season approaches, be sure to be able to deliver a clear, concise answer to the tell me about yourself question. This question may also come disguised as the walk me through your resume question. In any case, the key here is
25、to make your story brief (2-3 minutes) yet interesting, allowing the interviewer the opportunity to ask for additional detail at points where he/she may wish to hear more. Be sure to hit the high points, typically starting with your undergraduate education. Interviewers like to understand how you th
26、ink, so it is also important to provide insights into why you made certain key decisions. Duke University Fuqua School of Business 16 Know what you want Unfortunately, the job search is less like choosing from a menu, and more like asking your mother-in-law for a specific flavor of ice cream. It is
27、therefore important to know what you want. Indeed, interviewers will often ask why us? or why consulting? Have a logical story; practice it and be able to sell it. And remember to be careful what you wish for you just might get it! This particularly applies with respect to location, as during the fi
28、rst-round interview firms will often ask where you want to work. The Elevator Test Oftentimes recruiters will use the following setup in asking candidates to summarize a case discussion: OK. Youve been working on this case for several weeks now. It is Friday afternoon and you are leaving the clients
29、 office for the weekend. The elevator stops on your floor, and as the door opens you notice there is only one other person inside the clients CEO. The executive greets you and asks you to summarize the work you have been doing for his company (at $450/hour!) for the past several weeks. You have as m
30、uch time to explain as it takes to reach the ground floor typically less than one minute. Go. A couple of key points in structuring your response: Be concise - avoid going into too much detail Lay out the framework of your analysis (Thus far we have considered X,Y other times, the key is to focus on
31、 practical methods of entering a market. Often, these are combined into one case, where the first part is spent analyzing a market and the second part is devoted to developing a specific entry strategy. Two approaches: 1. Four Cs for exploring the theory behind a strategy Customer Segment every time
32、 (See segmentation below) Cannibalization issues Competition Barriers to entry Number and strength of competitors Market share QualityTypes of companies in market Is competition for end users or for players in the channel? Company Costs of new project Ease of changing to new project/strategy Channel
33、s (in 90% of my cases, this turned out to be a key factor) What do we use What could we use What do others use Costs/benefits of different channels 2. Practical Ways to Enter New Market/Industry Start from scratch Time to market? Can we grow the capabilities we need? License/partner with another com
34、pany or joint venture (JV) Partnership issues Conflicting goals Cultures Logistics Merge Cultures What are potential synergies? Acquire Do we have enough money/debt capacity? Duke University Fuqua School of Business 20 Segmentation: In many cases, you will need to break down the market. First, deter
35、mine who the actual customer is the interviewer is probably half asleep and bored out of her mind. Write everything down. When you are writing down the list of things you will discuss, write it big enough so the interviewer can see it. Refer to your notes often to stay on track. If it becomes clear
36、that you have gone down a road that isnt helping you, it is acceptable to gracefully admit this, briefly explain why, and backtrack. The interviewer does not want to hear excuses. Do not become defensive, especially in a stress interview where the interviewer is purposely being unhelpful to test you
37、. Smile. Duke University Fuqua School of Business 22 Appendix B - Tips for Consulting Behavioral Interviews Research the Company and Industry Website Fuqua alumni Recent press releases this neednt be work-related “Tell me about yourself“ question prepare an answer concise hit key points have a short
38、 give examples of each in different situations Duke University Fuqua School of Business 23 Package the product Be concise (dont give extraneous information or ramble on) Remember to include results of your actions in a specific situation Tie each answer back to a competency (“ and this demonstrates
39、my ability to “) The “Failure Question“ Prepare standard answers with specific examples Review your prepared answers for possible “red flags“ before using in an interview Be prepared to turn negatives into positives “What did you learn?“ “What would you have done differently?“ “How could you apply t
40、hese lessons?“ Common Questions “What is your biggest failure?“ “Why consulting?“ “Why us versus another firm?“ The Closing Feel free to ask questions Provide a concise summary but dont oversell yourself Leverage rapport if possible Exit with confidence Follow-Up thank-you note e-mail may be appropr
41、iate (creates an immediate feedback loop; use when timing is critical, e.g. January interviews) voice mail may also be appropriate develop a sense for best method(s) based on situation, firm, timing constraints, what competition is doing Duke University Fuqua School of Business 24 Appendix C - Tips
42、for Consulting Case Interviews Typical Format Interviewer describes “typical“ project to the candidate, then engages in a give-and-take to reach a conclusion Interviewer asks the candidate to analyze an experience from his past as a “case“ Interviewer provides the candidate with a brain teaser or pu
43、zzle (e.g. “how many tires are sold in America each year?“; “how many cats live in Chicago?“) Which Case Do You Get? Interviewer may try to fill in “gaps“ in your resume using specifics from your resume Interviewer may probe deeper in areas in which you have expertise Interviewer may choose inverse
44、of your “comfort zone“ in constructing questions Quantitative background ! qualitative questions Qualitative background ! quantitative questions Interviewer may give the same case or variants on it to all candidates, all day Using creativity in answers may break the mold and distinguish your respons
45、es Tips Make the communication a 2-way dialogue Solicit information from interviewer for structure before coming to any conclusions Discern what pieces of information you need; if interviewer doesnt or cant volunteer details, make and state a set of assumptions and use these to conduct your analysis
46、 Come in with a positive attitude and look forward to being engaged Look for verbal or non-verbal cues from interviewer indicating that youre headed down the wrong cognitive path Be prepared to make mid-course corrections Dont drill down too deeply or provide “microscopic“ detail If you have to, ext
47、ract yourself Stop, ask interviewer if you can redirect your focus back to the salient points Technique: “I could provide more information in this direction if it would be helpful“ (allows interviewer to hint whether or not you should continue along current path) Make sure that you answer the questi
48、on that is posed If you dont have enough information, state your assumptions Technique: restate the question to confirm it before launching into analysis The Analysis There are no right answers, but some approaches are more right than others Use (dont abuse) concept frameworks to help organize your thoughts Mix and match your concept frameworks to outline your approaches in your head Outline the top 3-4 paths you will ta
