Preparing for Consulting Interviews

Planning for the Summer!

May 2, 2014

Advanced Professional Degree

Consulting Club
 Advanced Professional Degree
Consulting Club

1
Agenda

• Presentation:
• Roadmap: now to fall recruiting
• The consulting interview
• Case frameworks
• Effective preparation strategies
• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

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Roadmap 2014 – 2015: MBA Recruiting

April - May June July August September October

Research Firms

Network – Info Interviews

Run 5-10 Cases

Info Interviews over Summer with Target Firms

Run 5-10 Cases per Month (~20 over Summer)

Update Resume + Cover Letters, Draft Apps

Polish Resume + Cover Letters

Info Interviews with Target Firms

Case + Behavioral Interview Prep

Mock Interviews

Applications + Interviews

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Roadmap 2014 – 2015: APD Recruiting

April - May June July August September October

Research Firms

Network – Info Interviews

Run 10 -15 Cases

Polish Resume + Cover Letters

Polish Behavioral/Fit Stories

Info Interviews with Target Firms

Run 5-10 Cases per Month (~20 over Summer)

Update Resume + Cover Letters, Draft Apps

Mock Interviews

Applications + Interviews

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Agenda

• Presentation:
• Roadmap: now to fall recruiting
• The consulting interview
• Case frameworks
• Effective preparation strategies
• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

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The consulting interview: what is it?

Section Process What they look for

1. Wait in common area

~10 Intros and You’re confident, warm,
minutes
2. Greet interviewer, walk to
Small Talk professional
interview suite, small talk

10-20 Behavioral / Fit 1. A few questions about your You’re a fit with the firm. “Airport
minutes Interview resume and experience test” – you’re a nice person

1. An ambiguous business problem

20 – 35 Confidence and communication,
minutes
Case Interview that you work cooperatively with
structure, math ability
the interviewer to solve

Good questions, not stock.

5 1. Your opportunity to ask questions Opportunity to ask about the
minutes
Wrap Up
of the interviewer interviewer’s background, time at
the firm.

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The consulting interview
Behavioral / fit interview
What is it?
~10
Questions about your background. Designed to assess your fit with consulting and the
minutes
specific firm you’re interviewing with.

Mechanics
1. Interviewer will ask you a question (first one is usually, “Walk me through your resume”).
2. Take 1 – 2 minutes to respond.
3. Interviewer may ask a follow-up question or may move on to next question.

What to do:
1. Know your stories (based on your work, school, and other experience) well.
2. Be confident, concise, and structured. Smile and let your personality through.

Sample behavioral/fit questions:

1. Tell me about a time you overcame a challenge when you were working on a team.
2. Tell me about a time you had to convince someone when you didn’t have formal authority.
3. Tell me about a time when you exhibited leadership.
4. Why consulting?
5. Why Carlson / University of Minnesota?

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The consulting interview
Case interview
What is it?
~20-30
An ambiguous business problem that you need to approach with a logical structure and
minutes
work with your interviewer to solve.

Two common case interview methods:

1. “Go with the flow” cases (typical of most firms) – you will determine which areas to explore and
lead the discussion, i.e. drive the case.
2. “Command and control” (typical of McKinsey) – interviewer will guide the discussion. Case typically
has heavy brainstorming components and quantitative work.

Common case types (not comprehensive):

1. Profitability
2. Market Entry
3. Acquisition
4. Industry Analysis (incl. non-profit)
5. Market Sizing
6. Capacity Expansion (incl. outsourcing)
7. Investment Decisions

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The consulting interview
Case interview

Section Process To Do
Interviewer will give you a prompt 1. Confirm the key details.
~1-2 Prompt and (usually a few sentences) with limited 2. Ask 1-3 clarifying questions.
minutes Clarification info about a business problem a 3. Ask for a minute to develop
company is facing. an approach.

1. Draw a framework (usually 3-

Take 1-2 minutes to write your
~1-2 Develop 5 key areas to explore).
minutes
structured framework/approach on a
Framework 2. Walk interviewer through
sheet of paper.
your plan.
1. Ask questions following your
Work with interviewer and use your
~15-20 structure.
minutes
Solve Case framework to get information and
2. Listen actively for guidance
work toward solution.
from interviewer.

1. Answer the initial question

~1-2 Drive case to a conclusion before time
minutes
Conclude and take a definite stand.
expires.
2. Address risks.

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APDCC
Agenda

• Presentation:
• Roadmap: now to fall recruiting
• The consulting interview
• Case frameworks
• Effective preparation strategies
• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

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APDCC
Case frameworks
What is a framework?
A framework is your structured, logical approach to solving a case question. After prompt is read,
candidates usually takes ~1-2 minutes to create a structured approach to explore the issue at hand.
Representative of actual consultanting work with clients.

Hypothesis: X is the cause of Y Your hypothesis about the

problem drives your
structure.

The main issues you explore

Main Issue 1 Main Issue 2 Main Issue 3 should be “mutually-
exclusive and collectively
exhaustive” (MECE)

Sub-points should cover

Sub-point 1 Sub-point 1 Sub-point 1 more detailed but still broad
Sub-point 2 Sub-point 2 Sub-point 2 questions you want to
Sub-point 3 Sub-point 3 Sub-point 3 explore.

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Example case

Your client is the owner of a local brewery who has sold craft beer in Minneapolis for the
last 5 years. The brewery has suffered declining profitability in the last few years. Your
client has approached you to help him determine how to remedy this situation.

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A MECE framework example

Your client is the owner of a local brewery who has sold craft beer in Minneapolis for the last 5 years.
The brewery has suffered declining profitability in the last few years. Your client has approached you
to help him determine how to remedy this situation.

Change over time

Price(s)
OK – but
is this enough
Revenue to answer
Volume the client’s
question?
Profit

Fixed
Costs

Variable

Source: Fuqua Consulting Club

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A more comprehensive, structured approach

Your client is the owner of a local brewery who has sold craft beer in Minneapolis for the last 5 years.
The brewery has suffered declining profitability in the last few years. Your client has approached you
to help him determine how to remedy this situation.

1. Context
• Maturity?
• General economy?
• Regulations?
• Competition? Getting there –
• Customer behavior? Etc. but this approach
2. Isolate Causes is generic
Change over time and lacks any
Price(s) customization
Revenue
Volume
to the client
Profit
Fixed
Costs
Variable
3. Evaluate Solutions
• Raise price?
• Expand?
• Relocate? Costs/benefits
Risk
• Liquidate/close shop?
• Other?.

Source: Fuqua Consulting Club

APDCC
Agenda

• Presentation:
• Roadmap: now to fall recruiting
• The consulting interview
• Case frameworks
• Effective preparation strategies
• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

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APDCC
Effective preparation strategies for the summer
Behavioral/fit questions

1 Meet with career center to assess current level and plan leading up to fall recruiting.

2 Research characteristics target firms look for (similar but NOT the exact same at all firms).

Spend time reflecting on your motivations, what makes you tick, how that aligns with
3
consulting.

Develop the “personal brand” and 3 main points you want to convey. Your personal brand
4
should be 1-2 sentences about what makes you stand out.

Develop 5-7 strong stories and 4-5 secondary stories to address the areas your target firms are
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looking for. Use either STAR format or another similar format.

Practice your stories for timing (1 – 2 minutes), structure, concision, and polished
6 communication. Start practicing in front of a webcam or on umn.interviewstream.com, then
with other students and the career center, then in full mock interviews.

7 Get continual feedback and take advantage of all the resources available to you!

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Effective preparation strategies for the summer
Cases

1 Read Marc Cosentino, Victor Cheng, others (see Carlson Consulting Club website).

Listen to Victor Cheng’s “Look Over My Shoulder” (LOMS) or find other examples to use as initial
2
models for doing case interviews.

3 Read case books from other MBA programs (Wharton, HBS, others can be found online).

Get comfortable with more generic frameworks (Cheng’s, Cosentino’s, others), then incorporate
4
into your own custom frameworks (profitability, new market, M&A, growth, etc.).

Do as many practice cases as you can and/or feel you need. Practice with other students and
5 career coaches. When feel relatively confident, ask consultants from target firms that you’ve
networked with to run a case with you. Also give cases to others (also helpful for you).

6 Build a library of practice cases and frameworks – ID areas you consistently forget to explore.

7 Practice math skills as needed. Victor Cheng’s website has a resource for practicing math.

8 Continue reading case interview-related resources, refining your skills and approach.

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Agenda

• Presentation:
• Roadmap: now to fall recruiting
• The consulting interview
• Case frameworks
• Effective preparation strategies
• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

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APDCC
2014 Recruiting Checklist for Full-Time MBA Candidates
Exploring
 Research firms as needed (Wetfeet,
April company websites)
 Info intervitews wih at least 2
May consultants from target firms
 Stay in touch with other 1st years
during internships
June  Info interviews with at least 2
consultants from target firms
 Info interviews with at least 3
July consultants from target firms
 Info interviews with at least 3
Aug consultants from target firms
 Stay in touch with target firms. Get
feedback on interview skills, resume,
Sept cover letters from warm contacts at
target firms.
 Corporate Reception
Oct  Attend Carlson networking events
Applications
 Review resume with
GBCC
 Draft cover letters,
review with GBCC
 Work with GBCC
to polish resumes
and cover letters,
draft apps
 Applications Due
 Applications Due
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Interview Prep
 Develop plan for full-time recruiting
 Develop plan for case and fit/behavioral prep (goals, journal to track
progress, timeline, resources list)
 Run 2-3 cases
 Read “Case in Point,” listen to “Look Over My Shoulder,” watch
other Victor Cheng videos available through CCC website
 Read other case prep materials (see resources list)
 Run 5-10 cases with classmates, GBCC
 Build personal brand, stories for behavioral Qs, practice answering in
STAR format
 Run 5-10 cases with classmates, GBCC. Include 1 fit question at
beginning of every case.
 Practice fit/behavioral questions with classmates, GBCC
 Run 5-10 cases with classmates, GBCC. Include 1 fit question at
beginning of every case.
 Run 5-10 cases with classmates, GBCC. Include 2 fit questions at
beginning of every case.
 Mock interviews with GBCC, others at Carlson
 Mock interviews with firms
 Mock interviews with GBCC, others at Carlson
 Mock interviews with firms
 Interviews
 Interviews
APDCC
2014 Recruiting Checklist for APD Candidates
Exploring
 Research firms as needed (Wetfeet,
April company websites)
 Info intervitews wih at least 2
May consultants from target firms
 Stay in touch with other 1st years
during internships
June  Info interviews with at least 2
consultants from target firms
 Stay in touch with target firms. Get
feedback on interview skills, resume,
July cover letters from warm contacts at
target firms
 Stay in touch with target firms. Get
Aug feedback from warm contacts.
Sept
Oct
Applications Interview Prep
 Develop plan for full-time recruiting
 Review resume with  Develop plan for case and fit/behavioral prep (goals, journal to track
career coaches progress, timeline, resources list)
 Run 2-3 cases
 Read “Case in Point,” listen to “Look Over My Shoulder,” watch
other Victor Cheng videos available through CCC website
 Draft cover letters,
 Read other case prep materials (see resources list)
review with career
 Run 5-10 cases with classmates, others
coaches
 Build personal brand, stories for behavioral Qs, practice answering in
STAR format
 Work with career
 Run 10-15 cases with classmates, others. Include 1 fit question at
coaches to polish
resumes and cover
beginning of every case.
 Practice fit/behavioral questions with classmates, career coaches
letters, draft apps
 Applications due -  Run 5-10 cases with classmates, others. Include 1 fit question at
McKinsey beginning of every case.
 Interviews – McKinsey, others
 Applications due –
BCG, others
 Mock interviews with classmates, career coaches
 Mock interviews with firms
 Interviews – McKinsey, others
 Mock interviews with career coaches, firms
 Interviews
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Recruiting dates approaching for APD students

Application Deadlines:
McKinsey: July 20
BCG: August 10
Others: reach out to the firms you’re interested in

Interviews:
McKinsey: August
BCG: “Bridge to BCG” workshop – June, interviews Aug & Sept
Others: Aug – Sept

Bottom line: APD recruiting can be flexible and complicated – do your homework

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Agenda

• Presentation:
• Roadmap: now to fall recruiting
• The consulting interview
• Case frameworks
• Effective preparation strategies
• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

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Panelists:

Jake Titus Katie Williams Alyssa Callister Andy Luo

2nd-Year MBA 1st-Year MBA 1st-Year MBA APD

Deloitte McKinsey Gallup McKinsey

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Agenda

• Presentation:
• Roadmap: now to fall recruiting
• The consulting interview
• Case frameworks
• Effective preparation strategies
• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

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APDCC
Organize case study small groups, networking social hour

Questions to ask others to form small groups to practice cases:

1) What are your goals

2) What firms are you interested in?
3) What time availability do you have? How much and when do you want to practice this
summer?

Optional Google doc to sign up for case interview small groups:

http://bit.ly/1mWgSCC

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Contact Info
2014 – 2015 Carlson Consulting Club
Luke Wilcox, President wilco250@umn.edu
Amit Aggarwal, Vice President aggar036@umn.edu
Mike Jennings, Vice President jenn0147@umn.edu
Dhruv Suhag, Vice President suhag003@umn.edu

https://sites.google.com/a/umn.edu/carlson-consulting-club/useful/

2014 – 2015 Advanced Professional Degree Consulting Club

Tim Pearce pearc081@umn.edu
Nic Kramer krame489@umn.edu

http://www.umnapdcc.com/resource-page/

Graduate Business Career Center

Ashley Bowes Johnson abowes@umn.edu
Michelle Moylan moyl0002@umn.edu

Thanks to Victor Cheng, Marc Cosentino, the Fuqua Consulting Club, and the Wharton Consulting
Club for providing inspiration and ideas for the content of this presentation.

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