Consulting Domain - Overview

BASIC:

• Problem Solving:

Problem-solving can be as small as the retention of employees due to a high employee turnover ratio or as large as restoring the market share.

• For Top Management:

As a management consultant, you interact with CEO/CXO/COOs only.




In the First year you interact with middle management, then shift to upper middle management in 2nd and 3rd years and then shift to top management.

• Fast pace:

Example: Consultants can charge up to Rs. 2 Cr per month.

TOP PRESTIGIOUS CONSULTING FIRMS:

• TIER I:

M: McKinsey & Company
B: Boston Consulting Group
B: Bain & Company


• TIER II:

Kearney
Accenture
Alvarez & Marsal
Deloitte-India, USI, and Monitor Deloitte
EY- India and Parthenon
PWC- India, SDC and Strategy Consulting


• Niche:

Auctus Advisors- Operational Consulting
Infra market- Infra Consulting
An- H.R Consulting

PROS AND CONS:

• PROS:

Most Glamorous jobs are yet the toughest job which demands a lot yet gives a lot. It has a higher pay scale which does not stagnate in the future.
You remain a generalist and it is easy to switch to a specific domain in the future after knowing your interest. For example: In McKinsey, initially, you become a business Analyst for 3 years and then shift to becoming an Associate for 18-24 months and then become an Engagement manager for 18-24 months where you specialize in 2 sectors and then you become an Associate Partner under which you choose a specialization.
It gives you flexibility and pushes you to think of a post consulting career. For Example, You can choose to become a production manager, strategy team member, CEO, Chief Marketing Officer, etc.
It is a Front Office job where your only focus will be problem-solving and all other things will be taken care of either by the client or by your associates.

• CONS:

Difficult to maintain a work-life balance.
It is an Ultra-competitive domain.
For Example, McKinsey’s Rule is either you go up or out.
Involves a lot of traveling.

HOW TO GET INTO CONSULTING?

• 15% Effort:

CV to apply in consultancy is entirely impact-driven. They look for an all-rounder candidate who not only has good exposure but has also handled positions and leadership and has undertaken extra-curricular activities.

• 55% Effort:

An interview is based on case-solving. You will be given a problem to solve and you need to break it into smaller problems and then apply your solutions to them. For Example, The Interviewer asked to solve the problem regarding low profitability.

1st Step: Seek clarifications regarding the term profitability as to whether they mean EBITDA, PAT or any other adjusted revenue.
2nd Step: For how long it has been low.
3rd Step: Analyse- Whether the entire economy is down or the industry is down and if the answer to both is negative, then the issue is enterprise-specific. Then analyze the enterprise as to whether it is due to less revenue or higher cost and the analysis goes on further.

• 30% Effort:

H.R will require you to give deep answers to each question and to have knowledge of different sectors. The question most asked is why have you chosen consultancy as your domain and why this firm (both questions need to have a different answer)

COMPETITION IN MBB:

In MBB, the vacancy is generally around 45-60 candidates and candidates usually are IITians, graduates from Delhi Universities and Chartered Accountants. On an average basis around 12000 candidates apply and hence the probability of selection is only 0.5% (60/12000).

HOW TO GET INTO CONSULTANCY INDIRECTLY:

You can route your entry into consultancy through:

Financial Due Diligence or Forensic Audit (Minimum exposure required of 3 years)
Industry Route (Minimum exposure required of 7-8 years)

• 55% Effort:

SKILLS TO ADD TO YOUR CV TO BOOST YOUR RESUME:

• 15% Effort:

Undergo Virtual Training Programmes (BCG being the most famous in terms of this).
Undertake Social Impact driven activities.
For example, volunteering in NGOs, managing their finances, etc.
Participate in National competitions for case solving.
Add advantage through an additional degree for example CFA, CS, etc.

Credits:

Mentor for Consulting: CA Harsh Gandhi (IIML)
Mentor for Session: CA Shivam Palan (IIMI)
Minutes of Meeting Prepared by: Nikita Bansal