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Break into McKinsey, BCG, Bain, Oliver Wyman, Accenture, and other top management consulting firms with resources provided by top consultants and ex-consultants from around the world. The Management Consultants Network provides you everything you need to succeed in the consulting recruitment process - from start to finish. Best of all? It's completely free. Register for the site and check it out. 

Blog posts tagged in consulting

Posted by Khaled Kteily on in Site Updates

It's been a journey of several years; I started The MCN in January 2011, to counteract the fact that McGill students were being handily beaten out by Queen's and Ivey students who had been preparing for consulting since early in university.

Since then - the site has grown substantially, with about 1,500 members worldwide, an Advisory Board of consultant and ex-consultants in North America and the Middle East, and dozens of students who have made it through the recruitment process largely due to their own intelligence and initiative but also in small part (I like to think) due to the resources available here. 

That said, after 3 years at Oliver Wyman, I decided to quit and pursue a Master's in Public Policy in Boston. As a result, I will be maintaining the site sporadically without any major overhauls, contrary to what I've been doing over the past few years. I will still be around and happy to help those who are interested in the field, however I have made the decision to go down a different path that will likely not include consulting in my future.

It's been a real privilege to work with so many fantastic students and I've been genuinely touched by the e-mails from students who have benefited from the resources available here. I have no doubt that you will all go on to do great and meaningful things - and I hope that you take the time to help other students through the process as well, because sometimes a person simply needs a helping hand.  

Good luck, guys! And remember: just because things don't work out at first doesn't mean that they won't work out if you keep trying. 

Posted by Khaled Kteily on in All About Consulting

The Pygmalion effect

In 1968, Robert Rosenthal and Lenore Jacobson reported the Pygmalion effect, and named it after Pygmalion, a play by George Bernard Shaw.  Students at a single California elementary school were given a disguised IQ test. Teachers were then told the names of some of the students, 20% chosen at random, could be ''spurters'' that year and outperformed their classmates. The actual scores of the students were not disclosed to the teachers.

This two-part series is written by David El-Achkar, an ex-McKinsey consultant and part of the MCN's Advisory Board. Haven't read Part 1? Check it out here. David is an engineer by degree, a consultant by experience, and an entrepreneur at heart. He also puts everyone to shame by being the world healthiest man. He writes for his personal blog, which you should absolutely check out here. His full bio is at the end of the article.

How 2 Years in Consulting Both Helped and Hindered My Startup Adventure: Part 2

Now that I’ve mentioned the benefits of moving from consulting to startups, it’s time to talk about the flip side, how consulting made things more difficult.

How Consulting Hindered My Startup Progress

A Large Company Once Said: Just do it!

consulting to startupsA common criticism of consulting is that it’s all strategy and no implementation. Consultants come in, analyze from 10,000 feet above, hand over slides with recommendations, and move on. This isn’t entirely true, but when I compare the work of a consultant to that of an entrepreneur, this exaggeration helps highlight how different the roles of each are.

My experience in consulting has taught me to be very meticulous and thorough when evaluating decisions—sometimes to a fault. On several occasions, I catch myself over-analyzing to the point of paralysis. This can prove to be a dangerous habit in the startup world.

The cost of an error in early stage companies is low. The underlying reason is that small size and nimbleness allows for quick detection of errors and rapid course-correction where needed. Hence, in a startup, I am better off quickly executing on decisions rather than cautiously over analyzing and vetting them. The insights I gain from evaluating actual outcomes are significantly greater than those gained from evaluating hypothetical scenarios. Often times, the best and only way forward is to just get your hands dirty.

b2ap3_thumbnail_David-El-Achkar-JPEG.jpgThis two-part series is written by David El-Achkar, an ex-McKinsey consultant and part of the MCN's Advisory Board. David is an engineer by degree, a consultant by experience, and an entrepreneur at heart. He also puts everyone to shame by being the world healthiest man. He writes for his personal blog, which you should absolutely check out here. His full bio is at the end of the article. 

How 2 Years in Consulting Both Helped and Hindered My Startup Adventure: Part 1

After two years spent as a management consultant at McKinsey, serving mega-companies, on mega-company issues, interacting with conservative executives, and otherwise leading a corporate life, I decided to take a 180 degree turn and join the startup world.

I’ll take this opportunity to share early insights and thoughts on the impact my consulting background has had on my current endeavours, and how it has shaped my thinking. In this first post, I will highlight how consulting prepared me to start a business. In the next post, I’ll look at how it made things more difficult, and I will wrap up with some thoughts on managing the transition.

How Consulting Helped me Start a Company

Three years ago, I accepted an offer to join McKinsey as a Business Analyst. Of course, I was thrilled and grateful for this opportunity. But I would only be saying half the truth if I didn’t mention that a part of me was worried; worried that I would brand myself solely as a business/strategy guy. I knew early on that I ultimately wanted to follow an entrepreneurial path. The engineer in me always wanted to keep tinkering and building stuff. I took the job, worked hard for two years, learned a ton, grew professionally, and came out the other end even more determined.

This is my account of how those years spent in consulting helps me today.

...

Posted by Khaled Kteily on in All About Consulting

The facts: 

Announced just a few hours ago, PwC is planning to purchase Booz & Company, pending a vote by Booz's 300 partners in December. For those of you who read our post two months ago - "Will mid-sized consulting firms exist in 2015?" this does not come as a huge shock, although at the time talks were focused on PwC acquiring Roland Berger. 

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How big is the acquisition?

According to the Financial Times, "Neither group would disclose the value of the transaction, though it is understood to be worth several times Booz’s $1bn of annual revenues, according to people familiar with the agreement."

For reference, PwC's Advisory revenues are about $9B, and Booz's revenues have recently been pegged between $1B and $1.4B, meaning that this is a fairly substantial acquisition. 
 
What does this mean for the industry?
 
Large consulting firms are increasingly pressured to provide 'complete services', which includes major strategic work. Historically, this has been the strength of strategically-focused firms such as McKinsey, BCG, Bain, Oliver Wyman, Monitor Group, etc. and represents an immediate new threat. Such firms might have beaten out Booz and PwC independently, but it will be increasingly difficult to compete against a firm that can provide both top-tier strategy consulting and large-scale transformational capabilities. 
 
The better question is: Who's next?
 
Check out our original article for some more background on potential acquisitions, relative sizes of firms, and our projections for what will happen. 

Posted by Khaled Kteily on in Site Updates

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A quick site update for everyone - we recently updated the site's subscription settings, so that you don't have to register for the site and subscribe to the blog separately. If you register for the site, then you are automatically subscribed to receive blog updates as well, which we think makes a lot more sense. 

If you've already signed up for the site and would prefer not to receive updates, please just click the 'unsubscribe' button at the bottom of the e-mail. We won't be offended!

And for those of you who haven't been following the blog, here are a few of our most popular posts and resources:

1. Succeeding as a consultant (Part 1 of 5)

2. Will mid-sized consulting firms exist in 2015?

3. How to dress like a consultant... on the cheap

4. How to game the system when scheduling your interviews

5. How many hours does a consultant work? 

6. The most common case interview types

7. The inside scoop on recruiters' e-mail addresses

And don't forget to check out our member-only resources, which include the 75+ page '6 Steps to Success'. It's broken out into 6 sections:

Step 1: Learning about consulting

Step 2: Preparing your applications

Step 3: Developing the basics

Step 4: Refining your knowledge

Step 5: Focusing on the details

Step 6: Receiving your offer

Recruiting season is in full-swing at this point. If you know of any friends are colleagues who are interested in breaking into consulting, please pass along the link to the site. As always, the content is completely free. 

Please take a minute to connect with us on Facebook - help spread the word! 

   

 

Posted by Khaled Kteily on in All About Consulting

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This post is Part 4 in a five-part series on the skills you will need to succeed in consulting, and focuses on building an effective network and positive reputation within your office and firm. 

The series:

Part 1: Hard skills and staying organized

Part 2: Knowing your industry, client, and competitors

...

Posted by Khaled Kteily on in All About Consulting

b2ap3_thumbnail_Vault-Consulting-50.PNGOn November 7, 2012, Monitor Group's US subsidiary filed for bankruptcy and announced that Deloitte would acquire their global strategy practice. Monitor had between $100M and $500M of each assets and liabilities. On January 11, 2013, the deal went through for about $116M (according to The Economist). 

Monitor had a prestigious reputation as a boutique consulting firm with a tight-knit community and a strong collegial vibe. At Queen's University especially, it was not uncommon for candidates to turn down McKinsey, BCG, Bain and other firms to work at Monitor. 

Now let's talk numbers for a moment. How big was Monitor before the acquisition? Around $150M-$200M (my estimates could be a little off - please correct me if you have more accurate estimates).