Strategic Management and Consulting

Transcription

1 STUDENT ROADMAPS CAREERS IN Strategic Management and Consulting Classes, Research, and Resources Available to MIT Sloan Students > The Financial Times ranks MIT Sloan #1 for top salaries in consulting. Approximately one-third of MIT Sloan graduates have historically chosen a strategic consulting career after the MBA. > Strategic Management and Consulting deals centrally with these two issues: deciding what to do, which is the heart of strategy formulation; and making it happen, which is the concern of strategy implementation. Arnoldo Hax, Alfred P. Sloan Professor of Management

2 ?What Is Strategic Management and Consulting? In today s global, technology-driven economy where the basis of competition is always shifting managing change is the central challenge faced by businesses. MIT Sloan prepares students to be disciplined generalists in the face of this change, capable of assuming leadership roles in strategic consulting, corporate analysis, and frontline management. Life as a consultant is in many ways quite similar to my experience as a student at MIT Sloan. First, to succeed as a consultant, you need both a strong analytic curiosity and the ability to see the broader implications of strategy. At MIT Sloan, there is no doubt that we master the method of answering questions through analysis and data collection, but we also learn how to evaluate a company s high level strategy and how it fits within the context of the industry and market. Second, at both MIT Sloan and at Bain, knowing how to work in teams is indispensable. At MIT Sloan, I worked with students from all over the world coming from a wide range of backgrounds. That experience prepared me for a similar work environment at Bain. MIT Sloan gave me an education that I draw upon daily in my life as a consultant. Liza Debus 02, Consultant, Bain & Company, Inc. JOB SEARCH The job search begins early in the first semester as consulting firms, Fortune 500 companies, and smaller corporations come to campus for their recruiting presentations. Applications, resumes, and cover letters are due in early December, with interviews in late January and early February. Successful candidates often receive offers within a week of their interviews. Many consulting firms select interviewees based on past experience and academic excellence. All students selected to interview in the first round are evaluated on behavioral and case interviews. Students are presented with actual consulting problems and must gather information from the consultant, analyze it, and make recommendations within a twenty-minute time frame. Therefore students are encouraged

3 to begin practicing cases as early as possible by seeking out the many resources available: the Management Consulting Club (MCC) case book, the Career Development Office (CDO), the Web, and mock interviews with alumni. Students pursuing jobs in industry may interview through a similar process orchestrated by the CDO. However, not all large companies come to campus. Students are encouraged to be proactive in contacting prospective employers, and the MIT Sloan and MIT Alumni network is a valuable resource for seeking out these opportunities. Although the numbers vary from firm to firm and year to year, between 50% and 60% of MIT Sloan interns receive full-time offers after summer employment. Interviewing for full-time positions begins in the second fall and continues throughout the school year. The interview process for full-time positions is often more rigorous and may require more rounds of interviewing. Every company has a specific style and corporate culture. Students should thoroughly research targeted companies and create an application that highlights their fit with the firm. The CDO provides many resources to help students understand how to approach a particular firm. Management consulting is a demanding profession: challenging problems, the need for significant teaming, rapid change management and, of course, long hours. The MIT Sloan experience provided me with significant experience in all of the areas that have proven invaluable in my career. Looking back at my two years at MIT Sloan, I probably derived the most value outside of the classroom. First, I developed a strong network which has helped me get up to speed when working in a new industry or city. Second, having had the chance to lead or co-lead several entrepreneurial endeavors, such as Orientation and the first MIT Sloan Classic (MBA Golf Tournament), helped me to develop critical leadership skills. With a uniquely small class size and a culture of teamwork, I was able to better prepare for my career in management consulting. Brian Slobodow 95, director of North America contract manufacturing, Johnson & Johnson, former principal, AT Kearney

4 > Inside the Classroom Although MIT Sloan has a variety of courses in strategy, consultants and CEOs recommend that students complement their program with courses in fields such as finance, accounting, operations, quantitative mathematics, and leadership. Strategy Industrial Economics for Strategic Decisions Statistical Consulting International Management Global Markets, National Policies and the Competitive Advantages of Firms Operations Strategy Marketing Strategy Strategic Management Corporate Strategy and Extended Enterprises Technology Strategy Managerial Economics Applied Macro- and International Economics Competition in Telecommunications J The Airline Industry Operations Research and Statistics Decision Technologies for Managers Organization Studies and Human Resources Management Leadership and Change in Organizations Strategic Human Resource Management Negotiation and Conflict Management Management of Technological Innovation and Entrepreneurship Managing Innovation and Entrepreneurship The Software Business Corporate Entrepreneurship: Strategies for Technological New Business Development Global Entrepreneurship Lab

5 Finance and Finance Theory I and II Advanced Corporate Finance Accounting Management Accounting and Control Business Analysis Using Financial Statements Mergers & Acquisitions: The Market for Corporate Control Operations Management J Supply Chain Planning Operations Strategy J Product Design and Development Marketing New Product Development Consumer Behaviour Marketing Models PROSEMINARS Strategic Management and Consulting Proseminar: Current Strategic Challenges for Global Enterprises Strategic Management and Consulting Proseminar: Practical Applications Careers in Major Corporations MIT SLOAN INNOVATION PERIOD During the MIT Sloan Innovation Period (SIP), which occurs for a week during each mid-semester, students attend seminars and interactive sessions on research and leadership topics. Students are eligible to take courses throughout MIT or Harvard University. Fellow classmates are often a good source for information on interesting and relevant classes. In addition to taking classes, students can participate in research, or write strategic management and consulting-related theses.

6 FACULTY PROFILES * The MIT Sloan faculty is widely recognized for including many of the world s leading experts in the management disciplines. Many of them have worked as consultants on the most demanding real-life cases of our time. Students are encouraged to seek out these experts beyond the classroom by participating in research or by writing marketing-related theses. Michael A. Cusumano specializes in strategy and technology management in the computer software, automobile, and consumer electronics industries. He works extensively as a consultant in software development and technology strategy, primarily for high-tech companies and in venture capital. Robert S. Gibbons develops game-theoretic models of organizational design and performance. He served on the board of the Citicorp Behavioral Sciences Research Council. Arnoldo C. Hax, a former senior consultant for Arthur D. Little, enjoys an international reputation in the fields of strategic planning, management control, and operations management. He has consulted extensively with General Motors, Motorola, Digital Equipment Corp., Unilever, and ABB (Asea Brown Boveri), among others. Rebecca M. Henderson, a former McKinsey consultant, focuses on problems of strategy formulation, competition, research management, and product development in hightech industries. Simon Johnson is currently looking at the role of corporate governance arrangements in macroeconomic crises, the development of new equity markets in Europe, and how new technology companies outside the US raise capital. He has recently examined Argentina, Malaysia, Russia, and South Korea. Donald R. Lessard studies international corporate strategy and finance, with a special emphasis on risk and knowledge management. He is also the faculty director for the partnership between Merrill Lynch and MIT. Gerhard Schulmeyer was president and CEO of Siemens Corporation, and now serves on several boards while teaching strategy courses at MIT Sloan.

7 > Outside the Classroom Active participation in the greater MIT Sloan community through clubs and other activities is a critical aspect of the MIT Sloan experience. It is an opportunity to further develop leadership and teamwork skills, to increase one s understanding about industries and current management practices, and to begin developing a professional network that will last a lifetime. The Management Consulting Club (MCC) is one of the many diverse and international clubs at MIT Sloan, as well as its largest professional club. MCC educates and supports students interested in pursuing a career in consulting. MCC publishes the Case Interview Handbook a compilation of interviewing tips and practice cases and offers practice sessions and mock interviews to assist in preparing for consulting interviews. MCC organizes a lunchtime speaker series, panel discussions, workshops, and various other events that aim to educate students and build relationships with leading management consulting firms and corporate strategy departments. MBA students are encouraged to seek new routes of learning. Different courses and clubs offer the unique opportunity to be involved in actual consulting engagements with companies and non-profit organizations. Case competitions challenge student teams with strategic problems to solve in a specific amount of time. Teams then present their ideas to business executives. Having (myself) a strong operational background, MIT Sloan has been instrumental in helping me transition into consulting. I am surprised by the similitude that exists between solving a case within a team at MIT Sloan and working with a client at McKinsey. You need to be an efficient team player, leverage diverse backgrounds, apply state-of-the-art frameworks, perform detailed analysis, and communicate your ideas professionally. I am grateful that MIT Sloan taught me to be fact-based in my arguments, action-oriented in my recommendations, and organized in my numerous parallel activities. MIT Sloan also gave me the confidence to believe in my potential and to develop my own leadership signature. Tanguy Catlin, MBA 04, consultant, McKinsey & Co.

8 > Typical Careers Management Consultants focus on high-level, strategic issues for their clients that require a unique, outside perspective. They also provide leadership to the junior-level analysts of the firm. A consultant may choose to specialize in a particular industry, or remain a generalist, thereby gaining exposure to a multitude of clients. Consultants are expected to provide immediate impact to their client engagements. While long hours and extensive traveling are typical of the consultant lifestyle, they are compensated with the opportunity to work on solving challenging executive-level problems for their clients. Corporate Strategists provide the same type of analysis and service as a management consultant, but are exclusively focused on their own company as a client. Typical activities for a corporate strategist include analyzing new markets to enter, examining how to grow market share in a core business, and helping to implement strategic initiatives across business units. As this role provides exposure to all aspects of a company, it is an excellent point of entry and a springboard to senior management positions. POTENTIAL EMPLOYERS Sample of firms that commonly employ MIT Sloan students: Bain & Company Boston Consulting Group Booz Allen Hamilton Deloitte Consulting McKinsey & Company General Motors Microsoft Nokia Pfizer Siemens Management Consulting This brochure, prepared by students in the MIT Sloan community, serves as a guide, and is not meant to be prescriptive. The MIT Sloan community is lively and ever evolving. Some opportunities will exist while others are subject to change. Please plan accordingly. For further information, current students should talk with their cohort advisors. All others should contact the Admissions Office at