How to prepare for consulting firms?

Business & Management
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#1

More students sought offers from consulting businesses than from investment banks and PE/VC firms, owing to the latter’s preference for applicants with qualifications such as CA, CFA, FRM, and some experience working with investment banks and associated firms. Most students who apply to these three institutes can do so because of their excellent academic records, which is also the first step in gaining a consulting firm’s shortlist. As a result, many persons receive consultancy shortlists even if they are not from an IIT or NIT.

Consulting businesses use “buddies,” who are usually recently graduated alumni of the same institute, to perform a structured assessment of the shortlisted prospects. These individuals conduct case interviews with candidates to assist them in preparing for the actual interview and evaluating their progress leading up to it. If you perform well on these tests, you may be suggested to interview before other candidates. If this occurs and you perform well in your interview, you may be offered an internship with a consulting firm. In consulting businesses, the ratio of PPOs to internship offers is also quite good because they tend to hire intelligent and hardworking people to impress senior management.

  • People who have been offered a consulting internship by a business that isn’t necessarily one of the most popular on campus want to be considered for a shortlist in the final placements.
  • People who were not offered a consulting internship but are adamant about getting into consulting want to make sure they are on the shortlist for final placements.
  • Everyone offered a consulting internship wants to make sure that if they don’t receive a PPO, their chances of getting into the final placements aren’t harmed.

After interning at a consulting business, some persons discover that they do not wish to pursue consulting as a final placement. Based on their interests and profile alignment, they may enter PE/VC or go into another area such as marketing, general management, or product management. As a result, several consulting opportunities arise in the final placements. Certain companies only hire for final arrangements, which opens up a few more doors. These chances are readily available to individuals who excelled academically during their MBA and were among the top 5–10 percent of their class.

#2

As previously stated, shortlisting is followed by case preparation seminars and networking meals. Even though no one knows the truth, the word on the street is that you are being judged throughout these interactions. Although the decision is not binding, the evaluating team may build an impression of you. “We just want to know that you aren’t an asshole,” one of the firms, as mentioned above’ partners (not A.T.Kearney) said during a networking dinner.

All of the interviews are scheduled on the same day. Case studies will dominate the interviews, but there will also be general interactive talks about your resume. Of course, you may be asked conventional questions such as “Why MBA?” What is the point of consulting? Why did you choose this firm?

As we progress through the rounds, the talks become increasingly dominated by instances.

These firms usually share the profiles of the interview panelists a few days before the D day. To have an interactive discussion with the interview panellists, it is highly recommended that you complete your research on them. Some of them may have a similar background to yours, which may aid in gaining a better understanding of how you may flourish in the new role and what this role has to offer in terms of long-term ambitions.

There are usually three to four rounds of interviews conducted in the order listed below.

  • Manager/Engagement Manager – 1 or 2
  • Principal – 1 or 2
  • Partner – 1 or 2

If the panellists are unsure about the evaluation in any round, they will take another round at the same level.