Breaking into Management Consulting: Tips from the Pros
Landing a job in management consulting, especially at prestigious firms like McKinsey, Bain, or BCG (MBB), can be challenging. This is where career coaches come in, guiding aspiring consultants through every step of the application process.
Management Consulted, founded in 2008, has assisted over 15,000 candidates in securing positions at more than 170 firms. With around 25 coaches, all former MBB employees, they offer comprehensive support, including a top coaching package priced at $4,500. This package, aimed at those six months away from submitting applications, includes 20 hours of one-on-one coaching, resume and cover letter edits, and access to online classes. According to Management Consulted, 80% of their premium clients receive at least one job offer from a consulting firm.
Namaan Mian, the chief operating officer, emphasizes several key points for anyone interested in consulting:
Diversify Your Applications
While many aspiring consultants aim for MBB or Big Four firms (EY, PwC, KPMG, and Deloitte), Mian advises keeping options open. Numerous lesser-known firms are doing excellent work and offering competitive salaries. Management Consulted's salary report highlights many such firms with high-paying starting salaries. Mian suggests focusing on six to eight firms to maximize the chances of receiving multiple offers.
Timing is Crucial
Consulting hiring follows specific timelines, varying based on the applicant's academic stage. For undergraduates, applications are typically due in June or July, with interviews in August and offers by September or October for positions starting the following summer. This means undergraduates should decide on consulting by their sophomore year to prepare and secure internships for their junior summer.
For first-year MBAs seeking internships, application deadlines are in November, with interviews in January and offers by late January. Second-year MBAs looking for full-time roles should apply in August and September, followed by interviews and offers. Preparing well in advance is essential, as the duration of preparation significantly impacts success.
Master Case Studies
Case interviews, where candidates solve business problems in real time, are a challenging part of the consulting hiring process. Preparing for these interviews requires extensive practice, ideally with a friend or coach. Starting early is crucial, as waiting until you have an interview may not leave enough time to master case studies.
Ensure You Love Business
Before committing to consulting, ensure you have a genuine interest in business. Consultants solve business problems, focusing on increasing revenue, decreasing costs, or updating organizational design. While the prestige and high salaries attract many, the day-to-day work, often involving extensive Excel use, may not appeal to everyone.
By following these tips, aspiring consultants can increase their chances of landing a coveted role in management consulting.