MBA Careers Workshop. Consulting Skills. Fiona Salzen February MBA Workshop - Consulting Careers 1

Transcription

1 MBA Careers Workshop Consulting Skills Fiona Salzen February 2014 MBA Workshop - Consulting Careers 1

2 Workshop Objectives 1.Insight into the industry 2.Consulting skills 3.Career structure and entry points 4.Consulting as a career option MAKE THE MOST OF YOUR YEAR MBA Workshop - Consulting Careers 2

3 What is a consultant? Management consulting is the practice of creating value for organisations, through improved performance, achieved by providing objective advice and implementing business solutions. (MCA) Someone who sells their time and expertise to advise or assist in solving business problems. MBA Workshop - Consulting Careers 3

4 Why do companies use consultants? Solving business problems by buying in: Objective expert advice Specific functional knowledge & experience Temporary resource for specific projects And sometimes: to outsource the blame for tough decisions! MBA Workshop - Consulting Careers 4

5 Demand Drivers -Managing change Increasing revenues Reducing costs MBA Workshop - Consulting Careers 5

6 Drivers of demand Managing risk Crisis management Forensic Communications strategy Bid defence Cash management External changes Regulation Government Policy Competition IT security HR structures MBA Workshop - Consulting Careers 6

7 Who is a consultant? Professions/technical consulting High functional knowledge content Advisors and contractors IT, legal, financial, engineering etc Management Consulting firms Address general business problems Overlap with specific functional/industry skills Internal consultants Central function for large corporates Support divisional management Programme management Advisors not contractors MBA Workshop - Consulting Careers 7

8 What is the role? Advising High value Low volume Strong relationship Designing On client side Builds work Implementing High volume Commoditisation MBA Workshop - Consulting Careers 8

9 Consulting universe Large Integrated firms (Deloitte, PWC) Strategy Consultants (eg Bain, McKinseys) Global specialists (eg HR- AON, Mercer) IT Consultants/ implementers (IBM, Accenture, Tata) Boutiques/national firms MBA Workshop - Consulting Careers 9

10 Consulting Sector - specialists Organisa tion Benefits HR Reward Training Employee relations MBA Workshop - Consulting Careers 10

11 Specialists Example Global mobility 1 Talent mobility strategy What do we want to do? How does it benchmark against our competitors? Policy design & review How do we implement this in the business? How do we make it attractive to our people? Mobility admin & cost management How much will it cost? How do we manage it to optimise costs and staff careers? MBA Workshop - Consulting Careers 11

12 Specialists Example Global mobility 2 Implementation uses products: Data benchmarking for salaries/cost of living/allowances etc Software & systems cost tracking, career tracking Training cultural training & preparation Outsourcing services - Expat support such as financial advice, tax planning Programme management implementing new policies, employee communication & buyin MBA Workshop - Consulting Careers 12

13 What do they have in common? People businesses Partnership type ownership/reward structures Global..in some ways Asset light Products and structure flex to market needs MBA Workshop - Consulting Careers 13

14 Consulting Sector - trends Globalisation Consolidation Growth of One-stop shop Emerging markets high growth Big data analysis & interpretation Commoditisation of knowledge MBA Workshop - Consulting Careers 14

15 The Consulting Assignment Analyst s view Identify the problem Problem structuring Data gathering and analysis Develop solutions Present recommendations MBA Workshop - Consulting Careers 15

16 The Consulting Assignment Partner s view Sell the job Build relationships Identify the problem Problem structuring Data gathering and analysis Develop solutions Present recommendations Get paid Sell the next job MBA Workshop - Consulting Careers 16

17 Consulting skills Process skills Functional knowledge People skills MBA Workshop - Consulting Careers 17

18 Functional knowledge Technical Specific systems knowledge Employment law & regulation Supply chain management Sector Healthcare Financial Services Energy Geography National regulation/law Business practices Language MBA Workshop - Consulting Careers 18

19 Functional knowledge what do you know about? My first degree was pharmacy, I worked in a Madrid pharmacy store then in State hospital administration buying supplies Technical Pharmacy Purchasing Negotiation Budgeting Drug testing protocols Consumer behaviour Sector Health Government Pharma Retail Geography Languages Spanish, Portuguese, English Health organisation in Spain/EU MBA Workshop - Consulting Careers 19

20 What is my relevant functional knowledge? Health spending efficiencies Supply chain issues - traceability Government procurement Best practice across hospitals Procurement IT systems Process reengineering MBA Workshop - Consulting Careers 20

21 What about you? Identify your relevant functional knowledge: Education & workplace Technical skills Industry sectors Business practices/law/regulation You know more than you think you do! MBA Workshop - Consulting Careers 21

22 Consulting skills Process skills Functional knowledge People skills MBA Workshop - Consulting Careers 22

23 Consulting skills the soft skills Process Data collection Data structuring & analysis Problem solving Report drafting Preparing & giving presentations People Interviewing/listening Teamwork Establishing credibility Influencing/selling Building relationships Presenting/meetings MBA Workshop - Consulting Careers 23

24 Consulting Skills - Process Project organisation and management Rapidly absorb large amounts of data Numerical & qualitative analysis Identify key trends and issues Powerpoint and Excel Writing skills Delivery focus MBA Workshop - Consulting Careers 24

25 Consulting Skills - Interpersonal Credibility are you worth paying for? Interviewing and data gathering Building relationships Team working and hierarchies Cultural sensitivity Oral presentations/meetings Influencing & selling Resilience! MBA Workshop - Consulting Careers 25

26 Consulting Careers - Structure Director Consultant Analyst MBA Workshop - Consulting Careers 26

27 Consulting Careers Entry points Analyst Graduate + Annual process Training Generalists Consultant MBA/work experience Client exposure Role specific recruitment Experienced Functional/ industry expertise Sales capability Role specific Job titles vary always check the jargon! MBA Workshop - Consulting Careers 27

28 Consulting Careers Analyst role Base entry point Core of research, data collection, analysis Preparing output reports & presentations Flexible teams 2 years in role Client contact variable May be opportunity to specialise MBA Workshop - Consulting Careers 28

29 Consulting Careers Consultant role You need: Functional skill and/or previous experience Well developed process skills Role involves: Analysis and solutions Client contact/ credibility Increasing specialisation Developing team & job management skills MBA Workshop - Consulting Careers 29

30 Consulting Careers Why? Unparalleled exposure to clients/industry Rapid learning path Variety & intellectual challenge Working with clever people Potential for rapid career advancement Recognised brand and training MBA Workshop - Consulting Careers 30

31 Consulting Careers Why not? ohigh level of focus and stress olong & unpredictable hours omobility oproject focus may lack continuity opeople management experience limited ogeneralist skills v Functional specialism? DOES IT FIT YOUR CAREER PATH? MBA Workshop - Consulting Careers 31

32 Consulting Careers Recruitment Recruitment is role specific above analyst level Large firms formal process, small less so Identify and research target employers Tailor your approach and CV Prepare prepare prepare! Competencies - examples Use your specialisms Be flexible on specialism, role & location MBA Workshop - Consulting Careers 32

33 Recruitment process Example Typical process for experienced hire large global consultancy: Application CV screening Match with requirements Phone interview First stage Numerical/reasoning tests may be online Interview may be by phone. Assessment day Tests Case study Group case study Partner interview MBA Workshop - Consulting Careers 33

34 Recruitment - Competencies Problem solving Career dedication Ethics Team working Communication Commercial awareness Adaptability Organisational skills Decision making TESTED AT INTERVIEW - PROVE BY EXAMPLES MBA Workshop - Consulting Careers 34

35 Consulting Skills Q&A MBA Workshop - Consulting Careers 35