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The McKinsey Case Book is your secret resource for ultimate McKinsey case interview practice. On + pages you will find real McKinsey cases with detailed . McKinsey uses case interviews to test three types of skills that are used by The article includes practice case books from university consulting. Also includes a comprehensive list of case book PDFs to download. Consulting firms like McKinsey, BCG and Bain use case interviews to.


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What is the best Casebook/resource to practice McKinsey Style interviewer led maths heavy cases? I am looking for cases with maths heavy. Marketing Case study on the recent changes in corporte sector. by riya_gujral in Types > Research. Mckinsey CaseBook. Uploaded by Riya Gujral. Marketing. Practicing McKinsey cases leads to fatigue, ingrained mistakes, framework memorization and trying to predict I bought several books and other programs.

For internships, consulting firms usually pay the monthly equivalent of their full-time salaries. Keep in mind, however, that first-year total compensation is usually much higher. Also, some firms will pay for the second year of business school and recently, one firm offered to pay for both years of business school as part of their full-time offers to summer interns.

A new employee is sometimes eligible for a performance bonus after the first year. In short, compensation is outstanding compared to what most of us were being paid before business school.

For some people it is. These people are known as partners. Since only about one percent of consultants go on to become partners, what happens to the other 99 percent? There are two main reasons for the attrition. First, since consultants are in such high profile positions, they typically receive job offers from clients and frequent contacts from corporate recruiters. Second, being in a position of responsibility usually translates into long hours in the office and frequent travel.

This does not leave much time for a personal life. In addition, if a spouse or children are in the picture, it may not be possible to have it all. The greatest amount of attrition occurs around the three- to four-year mark, when consultants have gained enough experience to be offered positions involving a better balance of work and personal life at the same or higher compensation. Given the high investment made by consulting firms in developing personnel, reducing attrition can save a lot of money.

Lately, firms have implemented programs designed to lessen the burden on consultants and, theoretically, prevent valued employees from wanting to look elsewhere.

To reduce the out-of-town burden, many firms have institutionalized Fridays in the office or allow consultants to work from home on Fridays. This limits their being away from family and friends only three nights per week. Other firms have a more office-intensive style that involves going to the client site only when necessary. To address concerns about raising a family, some firms have recently instituted part-time programs. Most of these programs only require three days of work per week.

If you have lifestyle concerns, the best time to ask these questions of firms is during the recruiting receptions. These receptions are extremely low-risk, so do not be shy about asking tough questions concerning the amount and frequency of travel and other lifestyle concerns. Contrary to popular belief, it is very hard to be rejected 10 because of one's performance at a reception. It is also possible to ask lifestyle questions of recent alumni or second-years that interned at the firm in question.

Collis David J. Collis is an assistant professor of business administration at the Harvard Business School and faculty adviser to the Management Consulting Club. Professor Collis has extensive experience with consulting firms. While management consulting fluctuates with the business cycle, the industry has nevertheless grown more than twice as fast as GNP for the last decade. Such a large, dynamic industry is by no means homogeneous, however. This article describes how the management consulting industry can be segmented and identifies some important trends in the industry with attendant implications for those intending to pursue a career in management consulting.

If the typical consulting firm is small, however, the typical consultant works for a large firm: the fifty largest consulting firms in the United States account for approximately three-quarters of domestic revenue, while an estimated three-quarters of all consultants work in firms employing more than professionals.

This skewed size distribution reflects the low barriers to entry to this industry: anyone can hang out a shingle bearing the title "Consultant," and many former executives do just that.

Corporate policies of early retirement, downsizing, and outsourcing have created both the supply and the demand for independent consultants, and, many of these small shops exist, often serving a single client. Whether these firms are attractive starting points for new consultants is debatable, since they lack both the breadth of clients and depth of support of the big firms.

However, veteran consultants often end their careers in their own consulting firms. A second and often overlooked distinction in consulting is between in-house and external consultants. While the industry definition, strictly speaking, covers only outside consultants, many large corporations have their own internal consulting arms, usually affiliated with a planning department. Internal consultants perform essentially the same functions as external consultants, while enjoying a more direct career path into line management.

Contrary to the prevailing belief, only I in consultants 2 3 Economist survey, February 13, , p. Data estimates are from Consultants News, June , and various earlier issues.

For those who are not convinced that consulting is a lifetime career but who want a variety of experiences and exposure to senior management problems at an early stage in their careers, albeit in a more limited number of settings-there are five times as many external consultants as internal consultants. The third important basis for segmentation in the consulting industry is degree of specialization.

While all firms provide a variety of services, most consulting firms generate the majority of their revenue from one type of work. The two main dimensions of specialization are function-for example, logistics, organization design, management information systems MIS , or management education - and customer group or industry, for example, health care, financial services, or government.

Of these specializations, the largest is MIS consulting, which is, for the most part, the domain of the accounting firms: six of the ten largest consulting firms in the world are the consulting arms of the big six accounting firms. The second largest specialization is compensation and benefits consulting.

Four of the top twelve U. This area includes the generalist management consultants, such as McKinsey, Booz Allen, and their newer first cousins, the strategy consultants, such as BCG and Bain. Although these firms are ostensibly full-line consultants, clients often find their cost structure uneconomic for consulting on functional activities such as logistics.

Instead, the generalist consultants concentrate on higher value-added consulting for senior management. The other functional or industry specialists in consulting tend to be small, reflecting their origins as one-person shops run by an executive with a particular skill or industry knowledge.

Understanding how each consulting firm specializes, and ensuring that it matches your interests, is therefore a vital first step in considering which firms to approach for a position. The consulting industry no longer draws a distinction between formulation and implementation. All firms in all categories of consulting recognize that their role must involve effecting change in the client organization, and differences between them are now of degree, not of substance.

Some specialists in "change management" exist, but even they would like to be involved in developing the direction of change. Similarly, although some firms may be known for a particular technique tool, such as BCG and the experience curve in the s, these reputations are usually more a reflection of marketing than of a fundamentally different approach to consulting.

When the publicity for a firm surrounds a particular solution to a general problem, like time-based competition for strategy, it is usually not representative of a profound difference in the type of work the firm undertakes. Journal of Management Consulting, Vol. Summer Most firms now have offices or affiliations outside their home country, but the extent of non-domestic business varies substantially.

However, even those firms with extensive overseas networks tend to have independent offices, so they can be responsive to local needs.

This implies that working for an international consulting firm will not necessarily allow you to work overseas. You usually have to ask explicitly for an overseas assignment and often have to recruit with the overseas office in addition to the domestic office. The rationale for hiring consultants-to access the specific expertise needed to quickly solve a current problem-will remain and will, if anything, cover more tasks in the future as firms reconsider the costs of all their internal functions.

In fact, predicting which corporate activities will be outsourced could give you a head start in identifying the next growth specialty in consulting. This structure results both from the ease of entry for newcomers, and from the competitive advantages of larger firms-reputation, diversified client base, and broader geographic base.

For the potential consultant, this suggests that the key question to be answered before committing to the attractions of fast promotion at a newer rapidly growing consulting firm is, "Does it have the capability to break through to the first tier? Other industry trends are the acquisitions by outsiders of consulting firms and the move toward broad scope consulting firms, under which single ownership provides a variety of consulting specialties.

At least half of the top twenty firms have made recent acquisitions-three of which propelled the acquiring parties into the top twenty-and there have been more than fifty substantial acquisitions since the mids. The rationale for these acquisitions lies in the economies of scope that a broad line competitor can exploit, particularly in marketing.

It has been estimated that only a third of a consultant's business comes from repeat clients, while new business, increasingly, is won in competitive bids against comparable consulting firms. If an accounting firm can leverage its audit relationship into MIS consulting, or if a strategy consulting report can recommend hiring the sister benefits consulting firm for the follow-on organization study, this expense could be substantially reduced. Citibank tried and exited consulting, and the accounting firms are still struggling to establish a relationship with their consulting arms that peaceably compensates consultants more than auditors, maintains a wall between consulting and auditing, and yet leverages the audit relationship into consulting work.

The issue really relates to the clients' decision-making process. The purchaser of the audit - the CFO or controller - is, for example, usually not the purchaser of strategy consulting; nor is the ease of buying a range of consulting services from a single source of much value to a client when compared to the ability to choose the best specialist for a given type of work.

As a result, most of the broad scope firms are essentially umbrella-holding companies for a set of independent specialists having little interaction with one another. One reason is the difficulty inherent in merging cultures.

There have been, for example, few acquisitions of one strategy consulting firm by another, partly because the problems resulting from merging cultures cause the firms' major asset-people-to leave. In considering a career in consulting, I would therefore suggest that the ultimate ownership of the firm you might work for is not of great importance.

Although it is true that these acquisitions are occurring, their impact on your daily activities, particularly in the junior positions, will be relatively limited. There is, however one industry trend that will affect you: globalization. To serve the increasing global needs of clients effectively, any large consulting firm today needs a global network of offices. This network can be created by establishing alliances with overseas affiliates but is now more often achieved by setting up foreign offices.

This is an expensive process that has been one reason why medium-sized consulting firms have willingly sold to outsiders prepared to make the necessary investments. Most foreign offices are currently operated with a great deal of autonomy.

However, to match the globalization of clients in the future, consulting firms are themselves likely to further integrate their worldwide operations. As consulting firms increase their geographic scope, global competition is likely to increase.

Today, U. Twenty years from now there will be far more interaction among geographic markets and, I suspect, a larger Asian presence.

As future management consultants, you must be prepared to learn a foreign language and to travel overseas, both to serve your clients effectively and to learn from best practice in other countries.

Although this prescription is true for all executives, it is doubly true for management consultants, who must be leaders in the development of skills if they are to continue to provide value to clients. The final trend with implications for management consultants is the continuing pressure that increased rivalry places on consulting firms to truly provide value to clients.

In practical terms this will mean that consultants will have to be less 15 formulaic than in the past. The rapid diffusion of information and techniques within the industry prevents anyone from monopolizing a concept for any length of time and means that clients are often familiar with the new frameworks themselves.

The value provided by consulting firms will have to come from their ability to apply concepts and to customize them for particular client needs, not simply from their possession of a particular technology. To meet these sort of demands, it is likely that the employee profile of consulting firms will alter somewhat. No longer will a year-old MBA be able to add value simply by applying a concept the client has not seen before.

Instead, consulting firms will work more closely with client management in defining and analyzing problems and in formulating and implementing solutions. This will require a more experienced consultant, more capable of understanding the manager's role, and more versed in people skills than the functional expert of the past.

These senior consultants will be supported by junior "para-consultants" who can perform the mechanistic, repetitive tasks more cost effectively. Thus the pyramid structure inside consulting firms will change-on average in the large firms, one partner supports eleven consultants-as the number of very senior and very junior employee swells.

Finally, the good news is that to truly meet client demands for value for money, consulting will have to become an even more exciting, challenging, and ultimately rewarding career than ever before.

The best free materials for your management consulting interviews

As a result, obtaining summer positions in the consulting industry has become increasingly competitive. Perhaps the first and most important step in first-year recruiting is deciding what type of summer position is right for you, based on your interests and long-term career plans. Your time and energy will be limited, and effective recruiting will by necessity require significant focus. Don't let the herd set your priorities: make sure you understand and can explain clearly why you are interested in consulting for the summer.

Otherwise, you may end up with a great summer position for all the wrong reasons-a choice you may regret in the long run as you begin planning for your full-time career. Once you decide that pursuing a job in the consulting field is a productive way for you to spend your recruiting effort, your focus will shift to the most critical step: getting an offer.

As competitiveness for summer positions in consulting has intensified, it has become increasingly important for prospective candidates to expend considerable effort in preparing for the recruiting process in order to ensure that their skills are appropriately highlighted and communicated, 16 2.

An effective job search will require you to assemble a considerable amount of information about each for the firms, which will be useful in two ways: this information will assist you in determining which firms you would be interested in working for, and it will be crucial in preparing for interviews. While preparing materials and attending recruiting briefings and career fairs will be helpful, you should also take advantage of any opportunity to learn about the firms from the consultants themselves, who will give you a more detailed and realistic understanding of the firms' focuses and values.

Another valuable resource not to be overlooked is your classmates who worked at particular firms before business school or who went through summer consulting programs with firms. Generally, firms differ along a few important dimensions, and it is important to understand how each firm differentiates itself Consider the following issues: Type of work: Does the firm specialize along functional, industry or geographic lines?

Are new consultants encouraged to be specialists or generalists? At what level of the client's organization does the firm work? Does it have a very strong practice in certain specialties, or does it attempt to be strong across a number of areas? What kinds of problems has the firm worked on before, and do these engagements sound interesting?

Focus on implementation: After developing a set of recommendations, does the firm ctively participate in implementation? Practice development: Does the firm have a strong commitment to developing competencies in its practice and to disseminating its expertise throughout the firm? Focus on professional development: What kind of resources does the firm bring to bear on problems?

What is the role of a new consultant on a project? What kind of training programs does the firm have, and how does it support the professional development of its consultants? Here are some tips: 1. Understand what consulting firms are looking for.

While understanding the characteristics of each firm will be helpful, most firms are looking for the same kind of people: smart, creative problem solvers whose interpersonal skills will allow them to work well in a team environment. Given the nature of the work, consulting firms are also looking for people who are energetic and have an appetite for new challenges, traits often demonstrated by a record of past achievement.

Given that most students at top business schools possess all of these requirements to some degree, successful candidates must communicate their unique strengths clearly and convincingly. A new employee is sometimes eligible for a performance bonus after the first year. In short, compensation is outstanding compared to what most of us were being paid before business school.

For some people it is. These people are known as partners. Since only about one percent of consultants go on to become partners, what happens to the other 99 percent?

There are two main reasons for the attrition. First, since consultants are in such high profile positions, they typically receive job offers from clients and frequent contacts from corporate recruiters.

Second, being in a position of responsibility usually translates into long hours in the office and frequent travel. This does not leave much time for a personal life. In addition, if a spouse or children are in the picture, it may not be possible to have it all. The greatest amount of attrition occurs around the three- to four-year mark, when consultants have gained enough experience to be offered positions involving a better balance of work and personal life at the same or higher compensation.

Given the high investment made by consulting firms in developing personnel, reducing attrition can save a lot of money. Lately, firms have implemented programs designed to lessen the burden on consultants and, theoretically, prevent valued employees from wanting to look elsewhere. To reduce the out-of-town burden, many firms have institutionalized Fridays in the office or allow consultants to work from home on Fridays.

This limits their being away from family and friends only three nights per week. Other firms have a more office-intensive style that involves going to the client site only when necessary. To address concerns about raising a family, some firms have recently instituted part-time programs. Most of these programs only require three days of work per week.

If you have lifestyle concerns, the best time to ask these questions of firms is during the recruiting receptions. These receptions are extremely low-risk, so do not be shy about asking tough questions concerning the amount and frequency of travel and other lifestyle concerns. Contrary to popular belief, it is very hard to be rejected.

It is also possible to ask lifestyle questions of recent alumni or second-years that interned at the firm in question. Collis David J. Collis is an assistant professor of business administration at the Harvard Business School and faculty adviser to the Management Consulting Club.

Professor Collis has extensive experience with consulting firms. While management consulting fluctuates with the business cycle, the industry has nevertheless grown more than twice as fast as GNP for the last decade.

Mckinsey CaseBook

Such a large, dynamic industry is by no means homogeneous, however. This article describes how the management consulting industry can be segmented and identifies some important trends in the industry with attendant implications for those intending to pursue a career in management consulting. Most consulting firms are small, often one-person, operations: If the typical consulting firm is small, however, the typical consultant works for a large firm: This skewed size distribution reflects the low barriers to entry to this industry: Corporate policies of early retirement, downsizing, and outsourcing have created both the supply and the demand for independent consultants, and, many of these small shops exist, often serving a single client.

Whether these firms are attractive starting points for new consultants is debatable, since they lack both the breadth of clients and depth of support of the big firms. However, veteran consultants often end their careers in their own consulting firms. A second and often overlooked distinction in consulting is between in-house and external consultants. While the industry definition, strictly speaking, covers only outside consultants, many large corporations have their own internal consulting arms, usually affiliated with a planning department.

Internal consultants perform essentially the same functions as external consultants, while enjoying a more direct career path into line management. Contrary to the prevailing belief, only I in consultants.

Economist survey, February 13, , p. Data estimates are from Consultants News, June , and various earlier issues. For those who are not convinced that consulting is a lifetime career but who want a variety of experiences and exposure to senior management problems at an early stage in their careers, albeit in a more limited number of settings-there are five times as many external consultants as internal consultants.

The third important basis for segmentation in the consulting industry is degree of specialization. While all firms provide a variety of services, most consulting firms generate the majority of their revenue from one type of work. The two main dimensions of specialization are function-for example, logistics, organization design, management information systems MIS , or management education - and customer group or industry, for example, health care, financial services, or government.

Of these specializations, the largest is MIS consulting, which is, for the most part, the domain of the accounting firms: The second largest specialization is compensation and benefits consulting. Four of the top twelve U.

This area includes the generalist management consultants, such as McKinsey, Booz Allen, and their newer first cousins, the strategy consultants, such as BCG and Bain. Although these firms are ostensibly full-line consultants, clients often find their cost structure uneconomic for consulting on functional activities such as logistics.

Instead, the generalist consultants concentrate on higher value-added consulting for senior management. The other functional or industry specialists in consulting tend to be small, reflecting their origins as one-person shops run by an executive with a particular skill or industry knowledge. Understanding how each consulting firm specializes, and ensuring that it matches your interests, is therefore a vital first step in considering which firms to approach for a position.

The consulting industry no longer draws a distinction between formulation and implementation. All firms in all categories of consulting recognize that their role must involve effecting change in the client organization, and differences between them are now of degree, not of substance. Some specialists in "change management" exist, but even they would like to be involved in developing the direction of change. Similarly, although some firms may be known for a particular technique tool, such as BCG and the experience curve in the s, these reputations are usually more a reflection of marketing than of a fundamentally different approach to consulting.

When the publicity for a firm surrounds a particular solution to a general problem, like time-based competition for strategy, it is usually not representative of a profound difference in the type of work the firm undertakes. Most firms now have offices or affiliations outside their home country, but the extent of non-domestic business varies substantially. However, even those firms with extensive overseas networks tend to have independent offices, so they can be responsive to local needs.

This implies that working for an international consulting firm will not necessarily allow you to work overseas. You usually have to ask explicitly for an overseas assignment and often have to recruit with the overseas office in addition to the domestic office.

The rationale for hiring consultants-to access the specific expertise needed to quickly solve a current problem-will remain and will, if anything, cover more tasks in the future as firms reconsider the costs of all their internal functions.

In fact, predicting which corporate activities will be outsourced could give you a head start in identifying the next growth specialty in consulting. The industry will also continue to move to an hourglass shape: This structure results both from the ease of entry for newcomers, and from the competitive advantages of larger firms-reputation, diversified client base, and broader geographic base.

For the potential consultant, this suggests that the key question to be answered before committing to the attractions of fast promotion at a newer rapidly growing consulting firm is, "Does it have the capability to break through to the first tier? Other industry trends are the acquisitions by outsiders of consulting firms and the move toward broad scope consulting firms, under which single ownership provides a variety of consulting specialties.

At least half of the top twenty firms have made recent acquisitions-three of which propelled the acquiring parties into the top twenty-and there have been more than fifty substantial acquisitions since the mids. The rationale for these acquisitions lies in the economies of scope that a broad line competitor can exploit, particularly in marketing.

It has been estimated that only a third of a consultant's business comes from repeat clients, while new business, increasingly, is won in competitive bids against comparable consulting firms. If an accounting firm can leverage its audit relationship into MIS consulting, or if a strategy consulting report can recommend hiring the sister benefits consulting firm for the follow-on organization study, this expense could be substantially reduced. Citibank tried and exited consulting, and the accounting firms are still struggling to establish a relationship with their consulting arms that peaceably compensates consultants more than auditors, maintains a wall between consulting and auditing, and yet leverages the audit relationship into consulting work.

The issue really relates to the clients' decision-making process. The purchaser of the audit - the CFO or controller - is, for example, usually not the purchaser of strategy consulting; nor is the ease of buying a range of consulting services from a single source of much value to a client when compared to the ability to choose the best specialist for a given type of work. As a result, most of the broad scope firms are essentially umbrella-holding companies for a set of independent specialists having little interaction with one another.

One reason is the difficulty inherent in merging cultures. There have been, for example, few acquisitions of one strategy consulting firm by another, partly because the problems resulting from merging cultures cause the firms' major asset-people-to leave. In considering a career in consulting, I would therefore suggest that the ultimate ownership of the firm you might work for is not of great importance.

Although it is true that these acquisitions are occurring, their impact on your daily activities, particularly in the junior positions, will be relatively limited. There is, however one industry trend that will affect you: To serve the increasing global needs of clients effectively, any large consulting firm today needs a global network of offices.

This network can be created by establishing alliances with overseas affiliates but is now more often achieved by setting up foreign offices. This is an expensive process that has been one reason why medium-sized consulting firms have willingly sold to outsiders prepared to make the necessary investments. Most foreign offices are currently operated with a great deal of autonomy. However, to match the globalization of clients in the future, consulting firms are themselves likely to further integrate their worldwide operations.

As consulting firms increase their geographic scope, global competition is likely to increase. Today, U. Twenty years from now there will be far more interaction among geographic markets and, I suspect, a larger Asian presence.

As future management consultants, you must be prepared to learn a foreign language and to travel overseas, both to serve your clients effectively and to learn from best practice in other countries. Although this prescription is true for all executives, it is doubly true for management consultants, who must be leaders in the development of skills if they are to continue to provide value to clients. The final trend with implications for management consultants is the continuing pressure that increased rivalry places on consulting firms to truly provide value to clients.

In practical terms this will mean that consultants will have to be less. The rapid diffusion of information and techniques within the industry prevents anyone from monopolizing a concept for any length of time and means that clients are often familiar with the new frameworks themselves. The value provided by consulting firms will have to come from their ability to apply concepts and to customize them for particular client needs, not simply from their possession of a particular technology.

To meet these sort of demands, it is likely that the employee profile of consulting firms will alter somewhat. No longer will a year-old MBA be able to add value simply by applying a concept the client has not seen before. Instead, consulting firms will work more closely with client management in defining and analyzing problems and in formulating and implementing solutions.

This will require a more experienced consultant, more capable of understanding the manager's role, and more versed in people skills than the functional expert of the past. These senior consultants will be supported by junior "para-consultants" who can perform the mechanistic, repetitive tasks more cost effectively. Thus the pyramid structure inside consulting firms will change-on average in the large firms, one partner supports eleven consultants-as the number of very senior and very junior employee swells.

Finally, the good news is that to truly meet client demands for value for money, consulting will have to become an even more exciting, challenging, and ultimately rewarding career than ever before. As a result, obtaining summer positions in the consulting industry has become increasingly competitive. Perhaps the first and most important step in first-year recruiting is deciding what type of summer position is right for you, based on your interests and long-term career plans.

Your time and energy will be limited, and effective recruiting will by necessity require significant focus. Don't let the herd set your priorities: Otherwise, you may end up with a great summer position for all the wrong reasons-a choice you may regret in the long run as you begin planning for your full-time career. Once you decide that pursuing a job in the consulting field is a productive way for you to spend your recruiting effort, your focus will shift to the most critical step: As competitiveness for summer positions in consulting has intensified, it has become increasingly important for prospective candidates to expend considerable effort in preparing for the recruiting process in order to ensure that their skills are appropriately highlighted and communicated,.

An effective job search will require you to assemble a considerable amount of information about each for the firms, which will be useful in two ways: While preparing materials and attending recruiting briefings and career fairs will be helpful, you should also take advantage of any opportunity to learn about the firms from the consultants themselves, who will give you a more detailed and realistic understanding of the firms' focuses and values.

Another valuable resource not to be overlooked is your classmates who worked at particular firms before business school or who went through summer consulting programs with firms. Generally, firms differ along a few important dimensions, and it is important to understand how each firm differentiates itself Consider the following issues: Type of work: Does the firm specialize along functional, industry or geographic lines?

Are new consultants encouraged to be specialists or generalists? At what level of the client's organization does the firm work? Does it have a very strong practice in certain specialties, or does it attempt to be strong across a number of areas? What kinds of problems has the firm worked on before, and do these engagements sound interesting?

Focus on implementation: After developing a set of recommendations, does the firm ctively participate in implementation? Practice development: Does the firm have a strong commitment to developing competencies in its practice and to disseminating its expertise throughout the firm?

Focus on professional development: What kind of resources does the firm bring to bear on problems? What is the role of a new consultant on a project? What kind of training programs does the firm have, and how does it support the professional development of its consultants?

Here are some tips: Understand what consulting firms are looking for. While understanding the characteristics of each firm will be helpful, most firms are looking for the same kind of people: Given the nature of the work, consulting firms are also looking for people who are energetic and have an appetite for new challenges, traits often demonstrated by a record of past achievement. Given that most students at top business schools possess all of these requirements to some degree, successful candidates must communicate their unique strengths clearly and convincingly.

Understand clearly why you want a job in consulting. There are no experience prerequisites for getting a summer job in consulting, other than knowing why you. Consulting firms hire people from a wide variety of backgrounds, but a major career change may require some explanation. Frame your skills and experience in terms of how you can add value to the firm and its clients. Provide concrete examples from your previous experience which demonstrate that you have been a creative problem solver, that you are successful working in teams, and that you have demonstrated leadership abilities.

Identify your weaknesses. Look carefully at your resume and identify your weak spots. What are the one or two questions that you hope they will not ask? They will, so prepare clear and convincing answers. Be yourself and be honest. While it is important to be at your best in framing and communicating your skills, it is also important to be honest and to be yourself.

Getting a job at a firm full of people with whom you would not get along, or where you would not enjoy the type of work being done, is not in the best interest of either you or the firm. A couple of bad interview experiences with a particular firm should indicate that this is not a place where you would be happy spending your summer-let alone your career.

Be grateful that you figured this out early, and move on with enthusiasm to the next interview. Save the best interview for last. There is a learning curve in this process, and you should schedule your interviews accordingly.

Experience will allow you to become more relaxed, confident and convincing.

Business case: Casebooks

Ask insightful questions. Firms will inevitably ask you at the end of the interview if you have any questions. You should have. Good questions are firm-specific and thoughtful. They should be designed to demonstrate a strong understanding of the firm and to help you gain further insight into whether the firm is a top choice for you.

For most firms, interviews and cases will make or break your candidacy. While they are clearly a crucial element in evaluating prospective employees, they are not nearly as frightening as one might expect. A good case interview is no more than a discussion about an interesting and challenging business problem, and provides an opportunity to showcase your knowledge and skills. Viewed in this way, the case interview can become considerably less daunting.

Firms use cases to evaluate your analytic abilities and problem-solving skills. Keep in mind that they are not looking for a "correct" answer, but instead are trying to understand how you think and how you approach problems.

This is an important distinction with implications for how you should respond to case situations. I suggest keeping the following points in mind:. Stay calm. Listen carefully and take time to think clearly about the problem before formulating a response. This is especially important because it is difficult to recover from a hasty start. Take notes. The last thing you should have to worry about is remembering case facts and numbers, so feel free to take notes during the case portion of the interview.

This often helps you to concentrate on the problem-solving aspect of the case. Ask questions. The questions you ask are often as important as your answers in helping the interviewer understand how you think and what issues you believe are important for further clarification and consideration.

If you make assumptions, state them clearly. Identify the most important issues in the case up front. Try to determine what is critical, as opposed to what is merely interesting, and develop hypotheses to explain what is driving the important issues.

If you are on the wrong track, the interviewer will often interrupt you and provide additional data. Develop a framework for approaching the problem. Break the problem down into its constituent parts, and approach them in a logical way rather than generating random thoughts. Give the interviewer a road map of where you are going to take the discussion: Be flexible. Adapt your analysis to the problem, and develop a framework that is appropriate. Don't try to force every problem to conform to a generic, prefabricated and inflexible analytical framework.

Each problem is unique and will require a unique approach.

Think causally and logically. What are the underlying causes of the case situation, and what impact have they had? Develop a clear and logical chain of reasoning and understand the linkages between key elements of the problem.

Drive to action. Given an understanding of the key issues, causes, and linkages, what opportunities does the client have to take actions that will improve their performance? Keep in mind that each firm approaches cases in a different way.

Some cases are long and complex, encompassing a number of issues and presenting a lot of data, while others may be much shorter or less quantitative. You may be handed pages of data and asked for your impressions, or you may have a situation described to you in a qualitative way. Some firms may ask you to analyze an industry you have worked in, while other firms will deliberately ask you about industries with which you are unfamiliar.

Some cases might require microeconomic analysis, while others may rely on knowledge of first-year marketing. Most often, the cases will require integration of knowledge of a number of subjects and functional areas. The bottom line is that case interviews have been designed so that you cannot study for them, so don't bother. Review the major frameworks developed in first-year courses, brush up on your microeconomics, and then concentrate on ways of.

One good way to do this is to practice a few mock cases with another student. While a consulting job search will require a great deal of time and effort, it can also be a challenging, rewarding, and even fun experience. You will meet a wide variety of intelligent and interesting people, you will be challenged to think on your feet to work through complex business problems, and you will gain a broader understanding of the different firms and of consulting as a career.

Class of , Harvard Business School First-year interviewing for summer jobs in management consulting can be characterized as an exciting, head-spinning whirlwind of back-to-back meetings, whether you are successful or unsuccessful.

For many, the process consists of five or so days crammed with as many as 20 interviews. The resounding line eloquently uttered by every recruiter that becomes particularly meaningful as the second-year process draws near is, "Don't be discouraged if things don't work out for the summer.

We extend more offers for permanent positions, so your chances of receiving an offer second year increase. In addition, the interviewing process for second-year candidates is refreshingly slower paced and more manageable than the first-year cyclone.

Overall, the process of pursuing a permanent position can be broken down into three broad components: Spend some time early in the process getting familiar with the workings of your career center. When you are planning your post-graduation career, to overlook the recruiting expertise and insights that your schools have amassed over the years clearly would be to forego one of the greatest benefit of business school.

Though the information available through formal school channels provides valuable background on particular consulting firms, the second-year recruit's most important resource, by far, are classmates and friends. Speak to as many people as possible about their summer job experiences; these discussions will provide you with the most pertinent, nitty-gritty details of what life is really like at Firm X or Y. If you are particularly attracted to a certain firm, seek the perspectives of many people who have experience at that firm.

You will often find that one friend's views of a summer or pre-business school experience at a firm differ considerably from someone else's at the same firm. Given the variables of personality, office location, lifestyle preference,. The focus of your information search will also differ in the second year. When interviewing with consulting firms for summer positions, the primary goal of most first-years is simply to land a job at the firm of choice, with less emphasis placed on such "details" as location, lifestyle and culture.

The summer experience is a relatively risk-free way to figure out whether or not consulting in general and a firm in particular will make sense for the long-term. Second- year recruiting is for the longer term. The "details" that you were willing to live without for an 8- to week summer will become critical second year, which will help you to differentiate between the many opportunities you are likely to have. You may find it helpful to evaluate consulting firms on three broad criteria: In terms of their consulting work, firms and even different offices within the same firm differ markedly in their degree of emphasis on the following dimensions: Issues such as the size of a typical case team and the role of the new consultant on a team should be considered.

Though every firm will highlight the collaborative nature of its client relationships, there are significant differences in policies relating to the amount of time spent at clients' offices that will have a direct effect on the amount of travel and often the level of client impact you can expect.

In assessing the characteristics of each firm, one of the most critical attributes to consider is the culture of the firm, as reflected by its employees. This is also important when looking into various office alternatives within a firm.

Can you see yourself working well with the people you have met before and during the recruiting process? It is important to be honest with yourself here! You will be spending a lot of time with these folks, both in the office and traveling, and an otherwise great project can quickly become a negative experience if you do not get along well with the other team members.

Besides understanding the firm's personality and values, you should get a feel for other important attributes of each firm, including the availability of international opportunities and the number and size of offices, and weigh these factors against your particular preferences.

In addition, you should consider the size and stability of the firm's client base and its vulnerability to a downturn. What is the firm's long-term strategy, and how well positioned is it to achieve that strategy?

Case interview examples - McKinsey, BCG, Bain, etc.

Although the high starting salaries in consulting are undoubtedly attractive, especially given our high debt levels, compensation should be just one of many criteria you use in deciding which firms to pursue. Though the interview season does not officially begin until later in the school year, many firms invite students to information sessions and dinners throughout the fall to introduce prospective candidates to the firms' people and practices.

These "informal" get-togethers give students the opportunity to evaluate firms before getting into the more time-intensive interview process. As a practical matter, dress codes tend to be casual for on-campus presentations and professional for off-campus events.

If you are particularly attracted to a certain firm but have not been invited to attend their fall functions, take the initiative to call one of their recruiting coordinators to express an interest in attending. You certainly have nothing to lose! Arrangements for interviews differ by school and by firm, so it is a good idea to understanding detail your school's policies at the start of the second year.

Some schools have very strict schedules, while others are more relaxed. Depending on the firm, you may need to send a cover letter requesting an interview. However, many consulting firms have "open schedules" that allow you to arrange an on-campus interview directly through your school's career services office. Again, the best advice here is to know the policies of recruiters and of your school and to work within those policies.

Like the first-year process, the second-year interviewing normally consists of three or four rounds of interviews, with the final rounds taking place at the firms' offices. Unlike the first-year schedule, however, the second-year process takes place over a period of several weeks rather than several days. In general, recruiters use the first and second rounds to evaluate a candidate's problem-solving prowess and the final rounds to determine the personality "fit" between the candidate and the firm.

Although a case should be expected in most interviews, the use of cases varies widely from firm to firm and even from interviewer to interviewer within the same firm. Since many consulting companies give strategy cases, it is a pretty good idea to review the various strategy frameworks before beginning the interview season.

When going through case interviews, remember one important word of advice-relax! If you do receive offers from more than one firm, refer to the selection criteria you established at the outset of the entire recruiting process, taking into account differences between the work the firms do, the characteristics of the firms, and the long-term career opportunities. If other variables are relatively equal, the issue that should weigh most heavily in the decision should be the people with whom you will be working.

Make sure that you have met and are comfortable with enough people at all tenure levels of the organization, paying particularly close attention to what the junior people are saying. Professor Collis's article provides more detailed advice about how to make choices between firms. Receipt of an offer does not allow you to extend your job search indefinitely; after all, recruiters are under pressure to firm the size of the incoming class in a reasonable period of time.

Furthermore, being considerate throughout the recruiting process can only enhance your image in the eyes of the recruiting firm, and such consideration is not likely to be forgotten by employees. These firms recognize that many of the brightest MBAs do want to have happy and fulfilled personal lives outside the office and do not want to sacrifice everything for their careers. However, you should be aware that in almost any consulting firm, if the client phones your partner and says that he or she wants to see you in Timbuktu by 8: My advice about lifestyle is, then, to make sure that you understand fully what kinds of lifestyles people in your prospective consulting firm really do lead and to be sure that you would find a similar lifestyle rewarding.

In industry, a traditional career path might be to start fairly low down in the organization and to work one's way up the corporate ladder, step by step. Though increasingly, there are firms that have job rotation schemes and fast tracks to allow them to identify and promote their best people quickly, it is still true that, in industry generally, the commitment to the firm and time scale of your progress is still fairly long term.

In consulting, the time frame can often be shorter. Promotion decisions tend to be made in the two- to three-year time frame, and many companies employ so-called "up-or-out" policies. These policies require that you develop certain skills within a defined time frame in order to be allowed to continue with the organization.

If you are unable to develop these skills, you may find that the opportunities presented to you by the firm diminish somewhat rapidly! Although an up-or-out policy may at first sound rather brutal, in practice it is not always so. From the firm's point of view, such a policy makes a lot of sense, as it allows fresh ideas to be constantly brought into the firm by new recruits.

The survival of a professional service firm is quite dependent on its ability to remain at the forefront of its field, and an up-or-out is one way in which a firm ensures its ability to regenerate itself.

From the employee's point of view, the policy ensures that the environment will be dynamic and that the organization will provide a constant stream of new and challenging opportunities. In most firms that have such a policy, the policy is very sensitively administered, and employees very rarely get kicked out unexpectedly.

Rather, frequent feedback allows employees to judge their own position within the firm accurately. Many firms have excellent out-placement services, usually administered unofficially through contacts with alumni, and moving out is not considered failure by any stretch of the imagination. Most people who leave consulting firms do so of their own will, either because they decide consulting is not for them or because another tremendously exciting opportunity presents itself to them.

As a potential employee, you should inquire about the consulting firm's promotion policies. This can often be a difficult subject to raise, but my experience is that most firms are very happy to explain how their promotion policies work and would much rather you understand these up front.

While it is still true that on average most larger firms in industry pay less than most consulting firms, the number of exceptions to this particular rule is increasing every year. Small, high technology companies are increasingly recognizing the value that MBA students can add within their firms.

Even some large traditional Midwest manufacturing corporations are responding to increasing competitive pressures by becoming more aggressive in recruiting bright young management talent. In this process, some industry salaries are rapidly approaching those offered by consulting firms. Certainly, even if your objective is to pay back your MBA debt in as few years as possible, you should not rule out a career in industry.

However, if you really do want to work in industry, and if remuneration is particularly important to you and there is every reason that it should be, given that in the words of a classmate of mine, we are all "mini-LBOs" by the time we finish our MBAs , you will have to spend more time and effort searching out the best opportunities.

Another classmate of mine, who was being recruited by a major manufacturing firm, found that when she asked about the possibility of a signing bonus, she received a blank look and the reply, "What's that? Moreover, consulting companies tend on the whole to have very well-oiled, effective recruiting machines, so getting a high-paying job tends to be less work for the recruit.

These, then, are some of the issues involved in making the consulting versus industry decision. It is a tough choice, and in each individual situation there will be many other personal factors involved, too. Whatever decision you come to, you can be assured of an exciting, challenging experience. Good luck, and have fun! By Tim Opler Consulting is hot! Salaries are up. And more MBA students have entered the field within the last few years than any other area.

These placement numbers have caught many business schools by surprise and, today, deans and administrators are scrambling to ensure that their MBA programs offer the right type of courses for prospective consultants.

At the same time, many of you are giving management consulting a hard look. I understand why! Work in consulting is stimulating and the. As of December , offers have been continuing to increase several firms are offering packages well into six figure territory after a few investment banks upped their ante.

But is consulting really the right field for you? And, if so, how should you conduct your job search? A careful examination of your own skills, values and interests is an excellent idea, particularly given the wide range of available career options. I recommend that you commit to an ongoing and serious process of introspection and skill inventorying before marching into your next job interview.

The more convincingly and honestly you can answer questions about why you are across the table from the interviewer, the better you will do. To say nothing of long-term personal happiness. After all, making a difference in a career that you enjoy is an important part of life.

Doing a good job today in finding a career that matches your values and skill set is an investment that will pay off for many years to come. It's very easy to see the time you're planning to spend exploring careers get taken up with other more immediate priorities.

It's absolutely vital that you not let this happen. Generalist or specialist. Not surprisingly, specialists apply specialized process and functional knowledge to real organizations with real problems. It's great work that offers clear value to many organizations. Without doubt, the hottest area in consulting today is informational technology. And, its why the big IT consulting shops, like Andersen Consulting, will continue to experience meteoric growth.

More people work for Andersen today than do for the top five generalist firms combined. Speaking of generalist, the other option available is to work for a firm which provides a wide variety of advice designed to make enterprises run faster, better, cheaper, meaner and more efficiently. At the same time, some of the Big Six accounting firms have made tremendous inroads into the strategy consulting business.

Coopers and Lybrand, for example, has a very high quality strategic consulting unit and is managing to attract some of the very brightest students from institutions like NYU and Wharton. Just over half of these consultants come from the United States; another quarter come from Europe.

The most rapid growth is currently being seen in developing economies such as Brazil and Indonesia. There can be no doubt that this industry will continue to expand rapidly over the long-run although short-run retrenchments can and will happen.

Given the scope and size of this career opportunity, it is well-worth asking where you might fit into the industry. And, of course, whether you want to fit in. Let's start by asking what skills are in demand among consulting organizations.

There are, of course, many different approaches to interviewing and, for that matter, to being interviewed. But the bottom line is that firms are screening for skills that match their needs. It is vitally important that you make every effort to understand what these skills are before you step into the interview room.

Common skills on interviewer check lists include Skill 1: A Passion for Ideas. You can't eat what a consulting firm makes.

You can't drive it. You can't smell it. The product is an idea, an insight, a suggestion, a way of thinking. Ultimately, consulting firms are nothing more than repositories of pure human capital. This means that their most important asset has to be the ability to generate relevant ideas through rigorous thinking and careful research. Hence the frenzy to hire the best and the brightest of America's business schools. This intellectual focus of consulting is clearly important in deciding whether you would do well in the field.

A good consultant has to be a great thinker with a passion for ideas. You need to be the type that does well in school and likes it.

You need to enjoy problem -diagnosis, problem-framing and problem-solving. If you find yourself struggling with the academic-side of business school, getting stuck on cases, disliking writing, but excelling along other dimensions e.

You may very well get a job offer anyway. Firms may hire you opportunistically, knowing that they you can generate more value for them than you are being paid. But advancing and leading may be a different matter altogether. I would add that firms aren't nearly as pedigree-sensitive as some seem to think.

Leaders of some of the most prominent firms in the consulting profession have made it with degrees from institutions far below the top-ranked schools. Pedigree can neither guarantee one success nor condemn one to failure. For that matter, the MBA degree itself need not be necessary. A number of firms are hiring persons with other degree backgrounds e. McKinsey, in particular, has recently been aggressive in its pursuit of attorneys, PhDs and the like.

I guess sheepskin is sheepskin And, of course, many undergraduate students enter consulting, often in two or three year programs which are expected to be followed by a stint at business school. Skill 2: A Passion for Client Service.

With all of the money being thrown around by the consulting firms these days, it can be easy to get into the profession for the wrong reason.

After all is said and done, consulting is a service profession and most firms screen carefully for commitment to others and ability to excel in meeting client needs. As a consultant you will always be working to help others. Your ability to serve clients will determine your success and the prospects of your employer. While intangible, a personal commitment to excel in meeting the needs of your clients is vital to enjoying the profession. In a recent letter published by Mitchell Madison Group, a seasoned ex-McKinsey consultant put it this way: Those who.

These individuals are in such demand that, at any point in time, they have numerous options to choose from. They typically become engagement managers sooner, and tend to set the pace for their teams.

Through their intellectual leadership they gain respect from the clients, the partners and their teammates. In a business world where institutional loyalty is rare, the individual needs to excel and generate his or her own marketability. The result is that the institution needs the individual, not the reverse. Over the years, I have observed that unfriendly clients become attentive when listening to people of excellence because their contribution is unique.

Those who achieve excellence feel great about themselves and are more likely to find the consulting experience a path to fulfillment. The financial rewards become window dressing and the high of the experience becomes the drug of first choice. A Passion for People. A consultant once told me that some of the most fulfilling relationships of his life were with clients. Not because he didn't cherish his spouse and family, but instead because he had built life-long, lasting partnerships with a number of clients through repeated contact and hard work.

These relationships are what can make the long hours, stressful travel and corporate frustrations encountered by consultants worthwhile. Consultants who enjoy talking to people do well.

It's a field where the gregarious do well with their teammates and their clients. This isn't to say that you must be the ultimate extrovert, but you do have to connect. However you accomplish this, whether it be by charm, humor, listening or hard-work, it's vital that you enjoy, understand and communicate with clients. Consulting firm interviewers are looking for people that they'd like to work with themselves.

It's only human. So, it's an odd admixture in demand at the consulting firms. Smart, likable people who are good at helping others. Not necessarily a natural combination of abilities you might say. The screening process, of course, can vary widely and many firms are looking for a unique traits. Other characteristics in demand including understanding of specific business issues, a tolerance for ambiguity, tolerance for absolutely abusive hours, superb IT skills, personal appearance, the ability to work quickly in spreadsheets, logical thinking skills, writing skills, willingness to travel and facility with languages.

Moreover, let's assume that you don't yet have offers from the three firms that you truly want to work for. What then is your next step? This all depends on where you are going to school. At some institutions, all the big firms show up and will talk to you.

You pick them and they pick you. But this practice is the exception, not the rule. Most students who land positions in the consulting profession do so by scrambling, hustling and working hard in the job search process. Anne Harris, Head of MBA Career Services, at the University of Virginia's Darden School argues that the most important aspects of conducting a consulting firm career search involve preparing the right resume, networking in the profession and getting "face time".

The resume is a necessary evil in your job search. Consulting firms are looking for organized resumes that convey the skills they are looking for, solid schooling, some relevant functional expertise e. The firms are typically tolerant of "career changers" but will be looking for you to provide a coherent story about why you are changing.

It's not particularly important to worry about font choice and paragraph formatting. A good interviewer is looking for experience, enthusiasm and skill. The key to landing a consulting position is to network. Not bad since a consultant has to be a natural networker. It really helps to have others batting for you and educating you about the profession. If you indicate in an interview that you already know someone at a firm your chances of landing a position will go up dramatically.

There are lots of good ways to network. It's not as hard as many seem to think. Most people will be willing to help you if you give them the chance. Sometimes the firm you want is right on campus and provides an opportunity to get acquainted at a cocktail party or other so-called "cultivation event.

You should contact people at the firm you are interested in who come from the same school you attended or who you are linked to in some other way. The best way to get acquainted is over the telephone.

Making The Phone Call: The networking phone call is the single most valuable weapon in your job search arsenal. You can overcome the "intimidation factor" by practicing this technique with a colleague or your friendly career services director. You want to call a consultant and let them know that you are a student with a specific interest in their work or firm. It's important to be sincere, polite, friendly and very interested in the person you are calling on.

If you are on the job market now, be direct and ask for help with your job search. Or, alternatively, you might ask for help with an upcoming interview. Better yet, ask for a meeting, even if only for ten minutes or so. This is a great opportunity to get a conversation started.

If you don't hear back, keep trying. A dirty, but effective trick, is to call the office in the evening. This is when the real work gets done and you'll be often surprised to hear the person you are calling pick up the phone and be willing to talk.

Now, what if your contact indicates that they are the wrong person to call or that they are not looking? This is the time to ask for help networking with other people. Instead of being pushy or hanging up, what you should do is ask for names of others that you might contact in your efforts to learn about the field and locate a position. Face Time: Ultimately, there is no good substitute for meeting someone. One of the most helpful things you can do is to get personally acquainted with consultants at firms that interest you.

This may be costly, but it's almost always worth it. If you go to school outside of a major metropolitan area, you will need to visit people at the. It's human nature to favor those whom we know and like in the hiring process. It is very helpful to know the histories of the various firms, the values that they hold and the practices they are in. On a more practical level, it's vital to have access to current contact information and to be able to locate the firms.

Below, I have listed a number of resources that might be helpful in this regard. Ace Your Case! Also try their web site at http: Management Consulting: Directory of Management Consultants.

Available from the Consultants Bookstore at or Harvard Business School Career Guide: Management Consulting Available from Harvard Business School Publishing. Try their web site at http. So You Want to be a Management Consultant. The purpose of a case is to judge problem-solving abilities, the basis of consulting. What are consulting companies looking for in a candidate?

This is akin to creating an outline before writing a paper. Analysis - how you think and solve problems. Put it all together: During the case, you want to communicate explicitly what you want to do with the case. Remember that you are trying to lead the interviewer through your problem solving approach.

Writing a paper is a good analogy to solving a case. In a paper, you first order your thoughts in an outline, creating a framework to solve the case. Go over the framework at a high level with the interviewer and then plunge into one area at a time. Use interim conclusions to sum up a section of analysis before moving on to another area.

Time management during the interview is the interviewees responsibility. Suggested time allocation for a minute interview is as follows: Do not be afraid to take your time and think about how you plan to attack the case. Successful interviewees have taken up to 10 minutes to think through the issues as hand.

Plan to spend two minutes discussing the issues, prioritizing them and possibly eliminating some before you dive into the rest of your analysis. Remember that time is the most precious commodity that you have during the interview. Do not squander time be focusing on issues that will not highlight your abilities or will not lead to a viable solution. Analyze the case: Summing up: In many ways, this can be almost as important as the time spent up front framing the analysis.

This is where you can gather all of the information gathered during your analysis and present it in a logical and persuasive fashion. If not all areas were covered during your interview, you may also chose to spend a minute or two discussing further areas that you would have liked to explore and why. The interviewer is not a mind reader. You must lead him down the path that you are walking. The key to using. Try to state your assumptions up-front. If the assumptions are invalid, the interviewer will state that they are not correct.

Try to state the assumptions in a non-offensive manner. Bad phraseology could lead the interviewer to think that you are arrogant. How many golf balls are there in this state? What do you think interest rates will do next year?

Assess the comfort level with ambiguous problems Evaluate creativity Evaluate raw analytical horsepower Test poise under pressure Impact of a consolidating industry on a client company Should a company add capacity? How should a client react to a new competitor? Assess broad functional skills Calibrate big picture perspective. Top-level identifies the highest level issues that need to be answered to solve the problem.

Focus on most important branches or components first. An example of an issue tree is provided with the China Factory case. Supply chain 5. Obtain an estimate of quantity of material supplied and work from there. Demand side Who purchases golf balls? How many golf balls do they need each year?

This model is intended to ask the critical questions in understanding the core business of an organization. The model is more of a back-of-the envelope sketch than a detailed analysis. Filling in these categories can be a first, cursory step in understanding a given company or industry.

Although this model is unlikely to produce revolutionary insights, it may help in defining a business by breaking it down into very basic components and looking for conflicting elements. The model is difficult to use with diversified companies and interests. Many cases, especially the strategic ones, have a strong backing in basic economics so knowing the fundamentals will give the student a strong base from which to work.

Some of the more relevant concepts include: Supplier will be willing to make more available i. Conversely, the lower the price of a product or service, the smaller the quantity producers will be willing to make available. Please remember that as the supply of one product increases, the supply of another product will decrease. We live in a world with finite resources but infinite demand. Conversely, the higher the price of a product or service, the smaller the quantity of goods consumers will be willing to purchase.

Price Supply. Price Value of Output. The concept of comparative advantage goes a step farther, contending that it may be to a country's advantage to import goods from other nations even though they may be able to produce the goods less expensively at home.

This is based upon the premise that not producing the item in favor of producing another item which offers better production efficiencies will ultimately benefit both countries see also economies of scale. For example, a person who seeks to purchase a particular brand and model of automobile may decide to shop competitively from dealer to dealer for the lowest price.

This would characterize demand that is elastic in nature. However, there are circumstances where the level of demand is not altered by a change in price. For example, a diabetic will probably be willing to pay as much money as he or she has to buy insulin, the medication that would sustain that individual's life.

In this case, the demand is inelastic. Cross Elasticity: Percentage change in quantity demanded of one good in response to a 1 percent change in the price of a related good. Supplier Elasticity: Percentage change in the quantity supplied in response to a 1 percent change in price. If AC declines as output increases, so must the marginal cost MC.

Marginal cost is the cost of the last incremental unit of output.In this sense, "dog" is certainly not "man's best friend. The business analyst position is typically held for years between undergraduate and graduate school. In practical terms this will mean that consultants will have to be less 15 formulaic than in the past. To obtain information about where the company stands in an industry.

Solving McKinsey Math 2- You need to solve your math to the ones place.

KELSIE from Nebraska
Please check my other posts. I am highly influenced by single scull. I enjoy studying docunments arrogantly .