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Management Consulting 101
Transcript of Management Consulting 101
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Management Consulting 101 So, you might want to be a consultant …
© K.E. Homa
Proprietary Material
Incomplete Without Extensive Oral Elaboration
Professor Ken Homa Georgetown University
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Today’s Session
• Career perspective
• Key consulting skills
• How to get “there”
Caveats & Warnings
Lunch & Learn: Thursday. Sept. 15 Problem-solving: 5 Key Skills
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Where I’m coming from …
Bona Fides
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Princeton University, A.B. cum laude, Economics University of Chicago, M.B.A. -------------------------FUNCTIONAL FOCUS------------------------ EMPLOYER SECTOR STRATEGY MARKETING LOGISTICS SYSTEMS Arthur Andersen Consulting X X McKinsey Consulting X X X Univ. of Chicago Education X X General Electric Consumer Goods X X X Black & Decker Consumer Goods X X X X Georgetown - MSB Education X X X
Ken Homa
Ventures: Checkmate, Sequoia Software (now Citrix), SIRVA (a CD&R company), Navigauge, Upper Quadrant
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STRT 551
Frameworks Methods & Contexts
(FMC)
STRT 552
Strategic Business Analytics
(SBA)
Complementary Courses
• Consulting boot camps • Modeled after ITPs • Intense, practical
FMC-SBA take-up
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STRT 551
Frameworks Methods & Contexts
(FMC)
STRT 552
Strategic Business Analytics
(SBA)
Complementary Courses
• 80% took FMC, SBA or both.
• 50% took both FMC and SBA
M‘16 FT Consulting Jobs
Broad applicability ...
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STRT 551
Frameworks Methods & Contexts
(FMC)
STRT 552
Strategic Business Analytics
(SBA)
Complementary Courses
• General management • Marketing management
Product management • Entrepreneurs, Bankers • Not-for-Profit, Social
Applicable Beyond Consulting
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Do you really want to be a consultant?
Bright & Dark Sides
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• Intellectual challenge • Strong peer group • Diverse experiences • Powerful credential • Impactful “network”
One of the best post-MBA experiences, for highly focused fast-trackers
Management Consulting The Bright Side
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• Intensely competitive
• Low “sense of completion”
• Natural evolution to selling from problem solving
• Compelling lifestyle issues
Tough to get in … few stay in
Management Consulting The Dark Side
• “Snob factor” w/ backlash
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What are “they” looking for…
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‘Presence’ Bright, engaging, articulate
Intellect Structured, curious, practical
Character Motivated, honest, team player
Background Wins & losses, breadth & depth
Management Consulting Interview Probes
“Good at everything, great at something”
Advice
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Know the criteria, accentuate your positives, but don’t try to package yourself to fool them …
Won’t work; be true to yourself
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• Type “A” personalities
High self-esteem
• Ambitious career goals
Willing & able to accept unbalanced lifestyle
• Unwavering commitment
Be careful what you wish for …
Management Consulting Self-selection Criteria
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Many consulting venues and and orientations to consider …
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“Management Consulting” Many venues and orientations …
• External, Internal
• Established, “Sprouts”
• Commercial, Government
• Clients: Big, Small, NFP
• General Mgnt, Tech, Niches
• Strategy, Ops, Implementation
Recent trends
“Less pure strategy; more org design / implementation / enablement”
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“Management Consulting” Recent trends…
• Consolidation among giants
• Global scale, full-service
• Strategy + implementation
• More standardized processes
Transcending principle
A few Goliaths and a dynamic population of Davids
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Regardless of venue and orientation, consulting firms want people who are extraordinary problem-solvers …
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5 Key Consulting Skills
1. Frame complex problems
2. Generate testable hypotheses
3. Gather and analyze facts efficiently
4. Craft creative, practical solutions
5. Syndicate support and mobilize Mix of interpersonal & communication skills
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So, how to develop these problem-solving skills?
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Capitalize on Club & Career Center offerings
Some Specific Advice
Get case certified !
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Capitalize on Club & Career Center offerings
Some Specific Advice
Do mock interviews. As many as possible!
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Some Specific Advice
Lunch & Learn: Thursday. Sept. 15 Problem-solving: 5 Key Skills
Capitalize on Club & Career Center offerings
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Some Specific Advice
• Capitalize on Club & Career Center offerings
Take your MBA seriously … cases & courses
Every single case is an opportunity to learn.
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Some Specific Advice
• Capitalize on Club & Career Center offerings
Take your MBA seriously … cases & courses
Pick your courses wisely.
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Some Specific Advice
• Capitalize on Club & Career Center offerings
Take your MBA seriously … cases & courses
Did I mention FMC & SBA?
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Consulting Boot Camps
• STRT 551 – FMC (Mods 2 & 4) Frameworks, Methods and Contexts
• STRT 552 – SBA (Mod 3) Strategic Business Analytics
WARNING: Shameless Promotion
Specifics
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Heavy emphasis on the fuzzy front-end and communications (“deck-building”)
STRT 551 – Frameworks, Methods & Contexts
1. Frame complex problems
2. Generate testable hypotheses
3. Gather and analyze facts efficiently
4. Craft creative, practical solutions
5. Syndicate support and mobilize
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STRT 552 – Strategic Business Analytics
1. Frame complex problems
2. Generate testable hypotheses
3. Gather and analyze facts efficiently
4. Craft creative, practical solutions
5. Syndicate support and mobilize
Heavy emphasis on practical analytical methods; individual practice modeling P&Ls using Excel
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Mark your calendar …
Lunch & Learn: Thursday. Sept. 15 Problem-solving: 5 Key Skills