Fundamentals of Management Consulting

Key critiques of management consulting

"Borrow your watch to tell the time" 1. Watered down/ broad techniques: criticism is techniques don't really work in the real world they just are management consultancy hype 2. Perception of value rather than value added 3. Invoke fear in clients and raise hope & greed (Impression Management)

In brief, what is the movie about?

"Up in the Air" follows the story of Ryan Bingham (George Clooney), a corporate downsizer and frequent flyer. He travels across the U.S. to lay off employees on behalf of companies. Ryan relishes his perpetual travel, staying disconnected from regular life and commitments. The film captures his journey as his company decides to ground him, his philosophy gets challenged, and he begins to form connections that make him rethink his way of life.

What are the two approaches in staffing "the mckinsey way"

**Intellectual Horsepower **Specific Experience

what does it mean " don't make the facts fit your solution?"

-Avoid temptation to view your initial hypothesis as the definitive answer Example: Consultant truly believed leakage was the main cause of insurance problem in profitability sorted through tons of data found nothing

what meant by saying "be careful what you promise"?

-Don't bite off more than you can chew -Set milestones that are definitive and can be met -Deliver on Tangible Results

Some problems you just can't solve ... solve them anyway:

-Don't keep pounding on a brick wall tougher than your head Redefine the problem: problem is not X it's Y Tweak way to solution: give an implementable solution work around politics and other barriers

what is meant by "find the key drivers"? in consulting

-Drilling down to the core of the problem -Identifying what really matters and focusing on main factors or variables that have the most influence on business problem -many factors affect business focus on important ones (X,Y,Z.)

Benefits of hiring management consultants:

-Specialist knowledge -Independence and impartial thinking (no bias) -Validation, Assurance -Blame , find where internal work goes wrong Implementation External perspective, specialized expertise, access to best practices across industries, ability to handle complex and cross-functional problems, and temporary utilization without long-term commitment.

what are the typical project types in management consulting?

-Strategy Consulting -Turnaround or Transformation -MRA, Mergers & Acquisitions -Organizational Design

Why does consulting keep doors open?

-The phrase "consulting keeps doors open" refers to the perception that a career in consulting, especially early in one's professional journey, can lead to a wide array of future career opportunities. -Consultants are trained to tackle a variety of business problems, requiring them to develop skills that are transferable across industries and functions, such as problem-solving, analytical capabilities, project management, and effective communication. -Exposure to Various Industries: Consultants often work across multiple sectors and functions, giving them a broad view of the business world. This experience can be valuable if they decide to specialize later.

What does "don't boil the ocean" in consulting mean?

-Work smarter not harder -Be selective

Sometimes you have to let the solution come to you:

-You will not always be able to form an initial hypothesis every time -sometimes client won't know the problem just that there is one -Get facts, do analyses, the solution will come to you

Consultancies Comeuppance 5 options consultants have?

1) Alexandra: Past successes 2) Tannenbaum: Future vision for the industry 3) John Castle: Relationships, get to know Maloney more 4) Jane: Show how work is done, show how Flynn Fuller differs from other firms 5) Jim: Show Maloney the ROI of having Flynn Consulting

7 core values of Mgmt Consulting

1. Confidentiality 2. Transparency 3. Integrity 4. Reliability 5. Objectivity & independence 6. Expertise and competence 7. Professionalism

Seven tips for successful interviewing:

1. Have interviewees boss set up the meeting 2. Interview in pairs 3. Listen, don't lead 4. Paraphrase, Paraphrase, Paraphrase, 5. Use indirect approach 6. Don't ask too much 7. Adopt the Columbo Tactic

What core principles did Marvin Bower Outline? What else did he do for the profession?

1. Put the clients interest before those of the firm 2. Engagements should only be undertaken when the clients value is expected to exceed that of the firms 3. The firm's ownership should be restricted to active partners

Choose 3 mini cases and share key takeaways

1.Kyle over charging/over billing the clients for certain positions and glamorizing their title to bill the clients more $150000 value vs. Kyle $2,000,000 2. Smoking example , Blake's morals didn't condemn smoking and he had project on e- cigarettes and this made him uncomfortable. He tried to get his Dad to quit smoking as well 3. To retreat or to not retreat, Samantha was hosting a retreat event in Thailand where a high official has recently passed, she is left with the decision of to host the event in Asia or cancel on the 900 + people attending

What is the 80/20 principle according to the "McKinsey Way"

=80% of your sales come from 20% of your sales force This means 20% of your efforts give you 80% of your results. focus on the critical few the 20%

Marvin Bower's core principles for management consultants:

Always put client's interests ahead of the firm's. Never disclose client information. Only perform work which is both necessary and that the firm is competent to perform. Marvin Bower is also credited with professionalizing the field of management consulting and establishing a strong culture and set of values at McKinsey.

"The Life and career of a senior consultant" In a nutshell, what is the case about?

An engineer out of Virginia Tech decides to pursue his MBA and become a consultant, not believing in himself entirely he aces his MBA. After graduation Schill works for Mckinsey in Cleveland and Eventually works internationally in Japan Worked 100 hour weeks, has 2 kids wanted to adopt a daughter , gained 30 lbs, got fit then began his Odyssey to bike across America Crazy stories, fascinated by kindness of strangers underestimated people Got back and took a break from consulting and pondered starting his own business and staying around family more

what are key roles in consulting and their responsibilities?

Analyst / Associate Consultant: Responsibilities: Conduct primary and secondary research, analyze data, create presentations, and support the consulting team in day-to-day tasks. (Create Fact Pacts) Duration: Usually 2-3 years, after which they might be promoted or pursue further education (like an MBA). Consultant / Senior Consultant: Responsibilities: Manage individual workstreams or projects, interface with clients, develop models, and guide analysts in their work. They play a key role in formulating and presenting recommendations to clients. Duration: 2-3 years or more, depending on performance Manager / Project Leader: Responsibilities: Oversee multiple projects or workstreams, manage client relationships, ensure the delivery of solutions, and mentor junior team members. They're often the main point of contact for clients. Principal / Senior Manager / Engagement Manager: Responsibilities: Develop and maintain strong client relationships, ensure the success of multiple engagements, and play a significant role in business development by identifying opportunities for new projects or expansions. Presents final PowerPoint to client. Partner / Director: Responsibilities: Lead the practice or a significant portion of it, drive business development, maintain high-level client relationships, and ensure the overall success and growth of the firm. They are also involved in strategic decisions of the firm. Senior Partner / Managing Director: Responsibilities: Play a crucial role in setting the firm's direction, strategy, and priorities. They are often industry thought leaders and represent the firm in public forums, conferences, and media.

Typical stages in applying for a job in management consulting:

Application Submission: Sending in your CV/resume and cover letter. Problem-solving tests: Firms like McKinsey use tests like the PST (Problem Solving Test) to assess analytical capabilities. First round of interviews: Often a mix of behavioral questions and case studies. Second round of interviews:(or final) round of interviews: More in-depth case interviews, possibly with senior partners or directors. Offer & Negotiation: If you pass the interview stages, you'll receive an offer, which you can accept or negotiate.

Rubber Stamping

Automatically approving or endorsing a decision, recommendation, or strategy without having critical analysis or understanding

how are partners compensated in consulting?

Base Salary: Like other employees, partners receive a fixed base salary, but it's typically much higher due to their seniority and the responsibilities they bear. Bonuses: Performance Bonus: Partners often receive bonuses based on their performance, the performance of their team, or the performance of the firm as a whole. Origination Bonus: Some firms offer bonuses to partners based on the amount of new business they bring in, known as "originating" business. Profit Sharing or Equity Stake: In some consulting partnerships, partners might receive a share of the firm's profits, known as a "profit share" or "equity stake." The size of this share can depend on factors like seniority, tenure, and performance. Some larger consulting firms that are publicly traded might offer stock options or shares as part of their compensation package. Deferred Compensation: To incentivize long-term commitment and performance, some firms offer deferred compensation plans. This might involve setting aside a portion of a partner's annual earnings to be paid out at a future date or upon retirement. Non-Monetary Benefits: Partners often receive additional benefits, which might include better pension plans, health and life insurance, larger allowances for expenses, and other perks that aren't typically available to junior staff. Retirement Benefits: Given the demanding nature of the job, some consulting firms have structured retirement benefits or buyout plans to provide financial security to partners when they decide to retire. Client Development Expenses: Given the importance of relationship-building in consulting, partners often have budgets or allowances to entertain clients, attend industry conferences, or join relevant associations and clubs.

How are big 4 different from MBB? what about IT firms?

Big 4: Firms: The Big 4 typically refers to the four largest international professional services networks, namely: Deloitte PricewaterhouseCoopers (PwC) Ernst & Young (EY) KPMG Audit and Assurance: Tax Advisory Consulting: technology, and strategy consulting. Diverse Services: They offer a plethora of services, from M&A advisory to risk management. MBB: Firms: This acronym stands for: McKinsey & Company Bain & Company Boston Consulting Group (BCG) Primary Focus: Strategy Consulting: MBB firms are primarily known for high-level strategy work, advising on critical decisions for the world's largest companies. Management Consulting: Apart from strategy, they also delve deep into operations, organizational structure, and other facets of management consulting.

Three keys to an effective message:

Brevity Throughness Structure

what is the mice example "the mckinsey way" ?

Business problems are like Mice, they go unnoticed until they start nibbling your cheese People won't be interested in a new mice trap until the mice show up Be there at the right time and make sure people know who you are.

What happens if your initial hypothesis turned out to be wrong? in consulting?

Change your storyline and hypothesis Make the hypothesis fit the facts test new hypothesis

Two approaches to brainstorming. what are their advantages and disadvantages?

Come w/o Solution "A Blank Slate In the consulting world, the term "clean slate" typically refers to an approach where consultants start with no preconceived notions or biases about the problem they're tackling.. Come w/ initial hypothesis advantages: gives fresh perspective, formlates thinking disadvantages: sticking too close to initial hypthesis

Which Major Moral Theories condemn Mckinsey involvement involvement in the opioid cases?

Deontology (Kant): Mckinsey used individuals as a means to an end at the expense of human lives Util: Considering the number of people affect by the opioid crisis this is was not the best decision for the most amount of people

Johari window

Designed by Luff and Ingram Use adjectives to describe what they felt was know to others and then unknown to others Formed Two Quadrants of the arena or public self and the facade or the hidden self Reveal four quadrants and the increase the public self, seeking feedback from others to reveal blind spots Enlarge the public self and reduce the blindspots, the hidden self and also encroach upon the unconscious or unknown self A psychological tool used to help people better understand their interpersonal communication and relationships. It's divided into four quadrants: open, hidden, blind, and unknown.

Main phases in the development of management consulting and its key drivers:

Early advising roles in the late 19th and early 20th centuries, focusing on technical and engineering aspects. Post-WWII expansion, with firms advising on corporate strategy and organization. The growth of IT consulting in the late 20th century. Recent trends include digital transformation and specialized niche consulting. Key drivers include globalization, technological advancements, and increasing business complexity.

Important to have in your CV:

Education: Your degree(s) and any relevant courses. Professional experience: Relevant job roles, internships, and the impact you had. Skills: Analytical, communication, and other relevant skills. Extracurricular activities: Leadership roles, volunteer work, or other initiatives you've been a part of. Achievements: Any notable achievements or awards.

What is the selling process in consulting? how do partners do it?

Firm doesn't sell they market -By publishing the Mckinsey Quarterly -A steady stream of books and articles -Inviting a lot of coverage by journalist -Attending events (charities, fundraisers, games)

Types of interviews in consulting:

Fit or Behavioral Interviews: Assessing your background, experiences, and whether you'd be a cultural fit for the company. Case Interviews: Problem-solving exercises where you're presented with a business problem and asked to solve it. (Interviewer Led or Interviewee led)

McKinsey's involvement in the opioid crisis:

From a deontological perspective (duty-based ethics) and virtue ethics, McKinsey's involvement could be seen as unethical.

Generalist vs. Specialist Firms

Generalist Firms: Broad Focus: These firms offer a wide range of services across multiple industries. For instance, they might consult in areas like strategy, operations, finance, HR, and IT, spanning sectors from healthcare to banking to retail. Diverse Clientele: Due to their broad service offerings, generalist firms cater to a variety of clients across different sectors. Larger Teams: Typically, these firms have larger teams with a mix of experts from various domains, which allows them to serve diverse needs. Examples: McKinsey & Company, Boston Consulting Group, and Bain & Company are considered generalist firms as they provide a wide array of consulting services across various industries. Flexibility: They can pivot to different industries or functions based on market demand. Specialist Firms: Niche Focus: These firms specialize in a specific domain, industry, or service. Their expertise is deep but narrow. For instance, a firm might focus only on digital marketing for e-commerce businesses or supply chain optimization for the manufacturing sector. Targeted Clientele: Their clients are usually firms seeking very specific expertise that generalist firms might not delve into as deeply. Deep Expertise: Given their specialized focus, the consultants in these firms usually have deep knowledge and experience in their chosen domain. Examples: Gartner (IT and technology research), ZS Associates (sales and marketing), and Roland Berger (mostly in Europe, focused on strategy and operations) are considered specialist firms. High Value: For companies that have specific, deep-seated challenges, a specialist firm can provide more nuanced and expert insights.

Dealing with "liability" team members:

Get "Liability" members off the client team if you can other work around them

Very Good Project v. Very Bad Project

Good Project: client paid, client is satisfied with after and 3 years later, continuation Bad Project: Client Didn't pay, Project has to be extended due to errors,

Just say "I don't know"

Have professional integrity Be honest with your clients, team members,& yourself Admitting you don't know is less costly than bluffing

What was the Epilogue? Why this way? "The Life and career of a senior consultant"

I worry a little bit about the values of consulting. Most people in most businesses, in fact, take on a set of values that they judge other people by, and I don't agree with them any more. I think that's probably the biggest change of the trip. Maybe you're required to do it to be successful, because you do have to judge people and make quick decisions and relatively rash judgments with little information. What I've realized is that that mav work in business. but for individuals, it's a big At the end of his bicycle odyssey, Shill still wondered about where his path would take him next: I worry that I will fit right back in... that the lessons learned and the experiences gained will be shoved aside by the rush and pace of suburban life and professional imperative. How can I preserve this sense of journey-of exploring, seeing, smelling, and sensing the world around me? Can I remember how useless the stereotypes were and how ashamed of my judgments I was? Can I continue to smell the corn and cows? Can I taste again that pure, sweet air of the high Rockies? Can I ride in my mind once again up Belt Creek on that serene Sunday morning? Can I remember and feel for Debbie and her courage and her healing?

Get buy-in:

If solution is to have a lasting impact on your client, you have to get support for it at all levels of the organization

what is meant by "make your boss look good"? the mckinsey way

If you make your boss look good you look good (Quid pro quo hierarchy)

Model of permanent/temporary jobs

In the context of consulting, consultants often work on temporary projects but can have permanent roles within their consulting firms. The flexibility allows companies to bring in expertise for specific projects without long-term commitment.

what is low hanging fruit according to the "McKinsey way"

In the middle of the problem-solving process opportunities arise to get an easy win. Opportunity to make immediate improvements before overall problem has been resolved.

what was the example with EM "the McKinsey way" following the previous question

In this example Raisel had come up with a brilliant presentation and wanted to present He was just an analyst at the time "too green" Raisel made his boss look good by making him a knowledgeable as possible on the research His boss killed it made him look goof and Raisel look good as well

7 core values of management consulting

Integrity, professionalism, client's interests first, confidentiality, value delivery, respect for individuals, and adherence to law.

What should you take to an interview?

Interview Guide: GUIDED QUESTIONS A well-prepared list of questions. Any relevant facts or figures you might need. A method for recording answers, like a notepad or recording device (with permission).

In what form would draw a mece chart?

Issue Tree Diagram: This is a hierarchical structure that breaks down a main category (the "trunk") into subcategories (the "branches") and then further into specific elements or items (the "leaves"). This method helps visualize a top-down decomposition of a problem or topic. Refer to MECE Sleep example

Engage the client in the process:

Keep others engaged by keeping them involved -Supporting your efforts -Providing resources as needed -Caring about the outcome

Keep information flow:

Keep team up to date Information is to teams is like "gas to a car" leave no one in the dark, "mushroom example"

Make sure your solution fits your client:

Know your client, their strengths, weaknesses, and capabilities and tailor solutions with this in mind to deliver tangibles mountains of research and promising profits are useless if they can't be implemented

what is "The Elevator Test " about? "The McKinsey way"

Know your solution or product so well you can explain it to the client in 30 seconds P&G 1 page memos New script Director asking to put it in bullets

Rigorous implementation:

Making change happen takes a lot of work Be thorough Make sure someone takes responsibility for getting the job done

What is a team temperature check "the mckinsey way"

Making sure you know how your team feels and maintaining team morale.

Consultance Comeuppance In a nutshell what is the case about

Maloney is questioning the efforts of consultants after a recession and lets them know that they need to prove themselves For the first time in Jeffs life Jeff has to prove his and his teams worth to stay around as Flynn fuller consultants for Globank

What are the main phases in the development of management consulting? What are its key drivers?

Marvin Bower & the way he shaped the industry 1. Put the clients interest before those of the firm 2. Engagements should only be undertaken when the clients value is expected to exceed that of the firms 3. The firm's ownership should be restricted to active partners Glass-Steagall Banking Act- the act prohibited banks from collaborating with brokerage firms or participating in investment banking activities. Banks couldn't control auditing so now it was in the hands of consultants Academics and colleges have a been a driver

Name 10 major consulting firms

McKinsey & Company Boston Consulting Group (BCG) Bain & Company Deloitte Consulting Accenture PricewaterhouseCoopers (PwC) Advisory Services Ernst & Young (EY) Advisory Services KPMG Advisory Oliver Wyman AT Kearney

Founding of the firms:

McKinsey: Founded in 1926 by James O. McKinsey. Initially an accounting and engineering consultancy. BCG (Boston Consulting Group): Founded in 1963 by Bruce Henderson. Pioneered business strategy consulting. Bain & Company: Founded in 1973 by Bill Bain. Emphasized loyalty and "results, not reports." Booz Allen Hamilton: Founded in 1914 by Edwin Booz. Initially focused on technical and engineering aspects and later branched into IT and government consulting. Kearney: Founded in 1926 by Andrew Thomas Kearney, initially as a part of McKinsey, and later split.

What do you think about Natalie? Did she improve efficiency in her firm? Why?

Natalie Keener (Anna Kendrick) is a young, ambitious woman who proposes a new system where layoffs can be done via video calls, potentially saving the company money on travel costs. Initially, it seems her system would improve efficiency. However, as the movie progresses, it becomes evident that the remote layoff system lacks the human touch necessary during such emotional moments. It's efficient in terms of cost but not effective in terms of human compassion and understanding.

What is wrong with Nepotism/Cryonism?

Nepotism- You're using sex for political gain Cynicism- Involves preferred treatment of friends as opposed to blood relatives both aren't fair or ethical and it's using personal bias to make decision

Contacts/networking help:

Networking can help you get insights into the firm's culture and interview process. Referrals from employees can boost the chances of your application being reviewed. Networking can lead to opportunities for informational interviews, which can be invaluable for preparation.

The problem is not always a problem:

Often, what clients perceive as problems may just be symptoms of deeper underlying one. Consultants are trained to dig deeper to understand the real root causes.

Don't reinvent the wheel ... but every client is unique

Part 1) Go through consulting firms library and database to find the best practices Part 2) chances are that someone, somewhere worked on something similar , find them

A preferred way for team bonding "the mckinsey way"

Preferred way of team bonding is through "work" in which teaks spend 10-14 hours with each other and go out for meals. Involve teams "significant others" when you can

Definition of management consulting:

Providing external advice to organizations to help them solve industry-specific or general business challenges and improve their performance.

Consultance Comeuppance: Why did they get in this situation

Recession hit and Maloney questioned the value of consultants for Globank

How to avoid "reinventing the wheel":

Research in consulting libraries and databases and reexamining best practices from these findings

What do you think about Ryan's personality and life? What does his talk about the backpack tell us? Up in the AIr

Ryan is an individualist, prioritizing his own freedom and detachment from commitments. He enjoys the solitude that his traveling job provides. His talk about the backpack is a metaphor for his life philosophy. He tells people to imagine life as a backpack and to fill it only with essentials, suggesting that relationships, commitments, and material things weigh people down. This reflects his aversion to commitments and relationships, as he believes they complicate and burden life.

Share of what do partners want to have at their potential clients "the McKinsey way"!

Share of MIND Delivering exceptional value, and marketing so well that when a business has a problem Mckinsey is first on the clients mind.

Three specific research tips:

Start with Annual Report Look for Outliers Look for best practices

How to start an interview:

Start with general questions & move on to specific ones explaining the purpose of the interview. Assure confidentiality to the interviewee. Warm up with some easy questions before diving into more complex topics.

what is storyline development about? i

Storyline development is the process of structuring and organizing information, insights, and recommendations into a coherent and persuasive narrative or presentation. The primary objective of storyline development is to convey complex information in a clear, concise, and logical manner. Pyramid Principle: Introduced by Barbara Minto from McKinsey & Company. This principle suggests starting with the main idea or recommendation (the "answer" to the client's question) and then systematically breaking it down into its supporting arguments and details. SCQA Framework: This stands for Situation, Complication, Question, and Answer. It's a storytelling structure that provides context (Situation), describes a challenge or problem (Complication), poses a question that arises from the complication, and then provides a solution or recommendation (Answer). Storyboarding: This is a technique where ideas are laid out visually, often using slides, to map out the flow and structure of the presentation. It's analogous to the storyboarding process used in film and animation.

Look at the big picture:

Take a mental step back basic questions to ask 1. how does what your doing solve the problem? 2. how does it advance your thinking ? 3. Is it the most important thing? 4. If It's not helping, why are you doing it?

The model of permanent/temporary jobs

Temporary Jobs: Casual workers, Seasonal Workers, Agency Workers, Fixed Term Contractors Permanent Jobs Commission based workers Consultants without commission

what does MECE abbreviation stand for?

The abbreviation "MECE" stands for "Mutually Exclusive, Collectively Exhaustive." In the consulting world, MECE is a principle used to organize information or decisions comprehensively. Here's what it entails: Mutually Exclusive: This means that categories or groups should not overlap, ensuring that there's no double-counting or redundancy. Each item should fit into one category only. Collectively Exhaustive: This ensures that all possible items or categories are considered, leaving no gaps in analysis or understanding.

What can we learn from this case? "The Life and career of a senior consultant"

The case offers insights into the life of a high-level consultant and the challenges that come with it. It highlights the importance of work-life balance, the impact of professional choices on personal life, and the introspection and self-awareness required to navigate such a demanding career. It serves as a reminder that while professional success is commendable, personal fulfillment and family connections are equally crucial.

Is there any conflict between being both fact-based and hypothesis-driven?

The conflict always arises as to which method to use Best approach is to combine both starting with the facts and generating an initial hypothesis

What is the definition of management consulting?

The creation of value for organizations through application of knowledge, techniques, and assets to improve performance.

What lessons can we learn from the movie?

The movie offers several lessons: The importance of human connection and how it can challenge and change ingrained beliefs. Efficiency isn't solely about cost-cutting; the human element plays a vital role, especially in sensitive situations. Embracing change can lead to personal growth. Relationships and connections give life deeper meaning, even if they come with complications.

How long does it typically take to be promoted to the next level?

The typical timeline for promotions in consulting firms can vary based on the firm's size, culture, geography, and the individual's performance. However, there's a general pattern in most major consulting firms: Analyst / Associate Consultant: Duration at this level: 2-3 years. Promotion to: Consultant or Senior Consultant. Consultant / Senior Consultant: Duration at this level: 2-3 years. Promotion to: Manager or Project Leader. Manager / Project Leader: Duration at this level: 3-5 years. Promotion to: Principal or Senior Manager or Engagement Manager. Principal / Senior Manager / Engagement Manager: Duration at this level: 3-5 years. Promotion to: Partner or Director. Partner / Director: Duration at this level: Varies widely, and some consultants might remain at this level for the remainder of their careers. Promotion to: Senior Partner or Managing Director, if applicable.

Issues with nepotism/cronyism

They undermine meritocracy, can lead to inefficiency, reduce morale among employees, and can foster an environment of favoritism and bias.

what does a hypothesis-drive approach to solving problems mean?

This means: generating an initial hypothesis that has a good overview of the industry breaking it down into key drivers making actionable recommendations regarding each key driver lastly, "kick tires on it", test your initial hypothesis

Why do consultants run projects in a fact-based manner?

Two reasons: -Facts compensate for a lack of gut-based instinct -Facts bridge any credibility gap

what does it mean in consulting "up" or "out"

Up: Consultants are expected to continuously progress in their careers, moving "up" to the next level within a set timeframe. This means they should take on greater responsibilities, manage larger teams, handle more significant client engagements, etc. Out: If a consultant does not show the required performance, growth, or potential to move up to the next level within the expected timeframe, they might be advised (either directly or indirectly) to leave the firm. The idea is that if someone isn't advancing, it might be in both the individual's and the firm's best interests for the individual to pursue opportunities elsewhere.

How would develop your storyline by using PowerPoint slides in consulting?

Use a blank slider with persuasive, eye catching narrative for that company. -keep it MECE -include where you'd include data and bar graphs -describe what studies (survey, experiment, e.g.) -use pyramid principle, start with answer, break down with supporting princples

Major moral theories

Utilitarianism, deontological ethics, virtue ethics, contractarianism, etc.

What are the major moral theories in consulting?

Utilitarianism: Great amount of good for greatest amount of people Dentology (Kantism): Duty based ethics, based on universal principles (Absolute Law) Virtue Ethics: *Building good character where moral behavior comes naturally *Practice forms a habit which becomes part of one's character *Good character is built by practicing virtuous habits Ethics of Care (Gilligan): *Develop in stark contrast that moral development is based on moral reasoning *Has feline underpinnings *Morality is about caring for people around you Pragmatism (James Dewey): *No universal rules -> the context of a problem matters *Avoiding false dichotomies, fact vs. value, theory vs. practice, etc. *Emphases the betterment of our lives *Anything that doesn't contribute to ameliorating our way of life should be avoided Rawlsian Veil of ignorance *we should develop fair governing norms for our society from behind a "veil of ignorance" - without knowing our places in the social order, gender, race, & status, etc.

Describe Walt Shill's personality? strong and weak sides

Walt Shill appears to be a determined and ambitious individual. He has a strong work ethic, which is evident from his dedication to his roles and his willingness to take on significant challenges, such as working extensive hours. He's adaptive, as shown by his various career shifts and personal endeavors. However, his dedication to work often came at the expense of personal and family time, leading to a sense of disconnection from his family. This intense focus on his career sometimes blinded him to other aspects of life, and he struggled with maintaining a balance.

Can JMU students apply to MBB (McKinsey, Bain, BCG)?

Yes, students from James Madison University (JMU) or any other university can apply to MBB firms. However, MBB firms have target schools where they conduct on-campus recruiting. If JMU isn't one of these target schools, students might have to be more proactive, such as networking or applying online.

Keeping the client team on your side:

You and the team have to work together or it won't work at all Make sure client team understands why their efforts are important to you and beneficial for them Turn their goals into our goals Team bonding really helps

Looking over your shoulder:

You can't be an effective consultant if you don't maintain confidentiality

what is the tip "hit singles" about?

You can't do everything, don't try Just do what you're supposed to do 7 get it right It's much better to hit singles consecutively, then to hit a home run and strike out "9/10"

How not to leave the interviewee naked:

You have the responsivity of being sensitive to their fears Respect interviewees anxiety , not a "military interrogation"

Don't accept "I have no idea"

You just need to probe a bit deeper they are lazy or too busy Ask guided questions there I don't know is a "challenge" "Chip away at them like a sculpture with pointed questions"

3 mini-case studies

input here

Two hierarchies of consulting "the McKinsey way"

official hierarchy: structured chain of command, directors and partners make decisions and analyst, associates, and engagement managers live with it unofficial hierarchy: one based on experience and credentials, how good you are, stellar associates can choose their engagements