Mini-MBA Building foundational business acumen and capabilities through a one-of-a-kind learning experience 1
Introduction A strong foundation of cross-functional business knowledge is an increasingly essential part of the toolkit for high-potential senior analysts, emerging managers, professional services colleagues, and future leaders especially for those with non-business backgrounds. Despite the arrival of many new offerings in the business education space from massive open online courses to new executive MBA program formats meeting this need in a manner that s both efficient (from a time and cost standpoint) and effective (in terms of building truly applied capabilities) remains elusive. Enter the Mini-MBA program: an adapted version of the highly-regarded program of the same name that McKinsey uses to onboard the hundreds of new-hire associate consultants who come to us without any prior business experience each year. Using a powerful blend of top business school and McKinsey faculty, this 3-week multi-client course (plus a 6-week distance learning pre-work phase) covers the essentials of a core MBA curriculum, including foundational topics in accounting, finance, economics, marketing, strategy, and operations. Through our unique teaching approaches and forums, the program emphasizes applying academic concepts to real business situations. Over 96% of McKinsey s own Mini-MBA participants would recommend or strongly recommend the program to their colleagues. 1
Who would benefit most from this program? What will participants gain from this program? This program is well-suited for the following people: High-potential analysts and new managers with limited business experience Individuals who have thrived in fairly narrow, functionally defined roles (e.g., Purchasing; Sales, Finance, IT), and who and are now moving into expanded roles in their organizations Recently promoted managers who need to gain a greater degree of business acumen and skills to be successful long-term Individuals in an organization s executive development, leadership development, or other rotational programs who do not have an MBA or executive MBA Mini-MBA helps participants gain a foundational set of knowledge and skills that mirror the core elements of an MBA degree. Through our unique program experience, we will build in participants: An awareness and working knowledge of the topics underpinning MBA program s core semester. McKinsey works closely with faculty from across a spectrum of top-tier universities to shape a curriculum covering the most relevant, seminal topics across a range of business disciplines. The topics we elect to cover are a direct reflection of what our own McKinsey consultants need to be effective on their jobs. Talented individuals in emerging economies Rising public sector leaders Professional services colleagues Any individuals with non-business backgrounds who need to know the language of business and apply core business concepts Any strong-performing manager that an organization would consider sponsoring to a traditional MBA or executive MBA program Individuals in emerging-economy organizations set to be groomed as future managers or leaders, but for whom access to conventional MBA programs is limited by distance or cost factors High-potential managers or junior officials seeking to better apply business concepts and tools to their role Corporate lawyers and law firm hires, doctors; certain board members; internal or external consultants Any individuals who are in professional services fields and hail from a non-business background, but who could benefit from business acumen and skills in their role Individuals with undergraduate degrees and some work experience, but no extensive business training; individuals with advanced/graduate degrees but no prior business training The practitioner s mindset and wherewithal to apply this knowledge and skills in real business situations. Like many top business schools, the Mini-MBA program makes extensive use of cases to encourage participants to apply frameworks and tools presented in the program. However, we augment the classic case approach in several important ways. Participants, for example, engage in hands-on games and simulations which bring business concepts to life. Our McKinsey faculty and coaches will also lead participants through examples of how the approaches we cover are actually implemented. And we offer an immersive, capstone 3-day McKinsey case module which asks participants to integrate thinking from across disciplines with broader business problem-solving skills to solve a challenging client dilemma. The ability to credibly engage and communicate with others in business settings. In many instances, the value of a classic MBA or excutive MBA program manifests itself in being able to credibly hold a conversation on any business topic. Recognizing this, Mini-MBA not only presents participants with the essential vocabulary of business, it also introduces participants to the fundamentals of communicating their thinking and insights in a compelling way. These are the same fundamentals we employ with our own McKinsey consultants. 2 3
The program at a glance Unparalleled faculty model: Faculty at your Mini-MBA program will consist of a collaboration of business school professors and McKinsey partners, experts, and associates. It is this collaboration that lies at the heart of what makes Mini-MBA so distinctive an experience. Business school faculty. We select professors from top-tier schools with a specific spike in teaching and a penchant for driving the real-world application of their ideas. Many of our external faculty have won multiple teaching awards; their classes are among the most sought after and heavily subscribed by MBA students. A few faculty are also McKinsey alumni. McKinsey faculty. A team of McKinsey faculty are present at every step of the program. Participants will meet McKinsey partners and experts who will share the latest thinking on topics from the front lines of our work and help ensure a practitioner s mindset is ever-present in the program. Participants will also work closely with a set of McKinsey tutors and coaches who will be there to answer questions and help embed the learning. Smart, blended learning experience: Mini-MBA makes extensive use of up-front distance learning and conference calls to cover the basics efficiently and reserves valuable in-person time to focus extensively on more complex concepts. On-site, the program strikes a balance of lecture, group work, and hands-on, experiential learning throughout the 3 weeks. The base Mini-MBA program includes a 4- to 8-week pre-work phase and a 3-week in-person phase. Sample participant experience Pre-work phase (4-8 weeks) Basics of statistical analysis, data modeling, and Excel Microeconomic foundations Accounting foundations Financial ratio and statement analysis Discounted cash-flow analysis In-person and field-based work (3 weeks in-person + optional fieldwork time in-between for custom programs) Week 1 in-person Week 2 in-person Week 3 in-person Quantitative analysis and financial modeling review Economics supply and demand theory; surplus and value capture; game theory; market power Finance and accounting Part 1 value creation and return on invested capital (ROIC) Finance and accounting Part 2 capital markets and financing structures; M&A Strategy and marketing industry analysis; company analysis; strategy creation; customer segmentation; select McKinsey topics (e.g., granularity of growth) Operations lean ops and supply chain; dealing with variability; performance transformation Business-focused problem solving (Integrated Case module) 7-step problem-solving process, dealing with ambiguity, communication, idea generation McKinsey & Company 0 Flexibility of format and ability to tailor: Though our primary Mini-MBA offering involves a multi-client format in order to foster cross-industry, geography, and functional experience-sharing, your organization may also choose to sponsor a Mini-MBA program entirely for its own colleagues. A single-client format enables tailoring of the Mini-MBA experience by customizing the context mix; including more of an industry-specific focus; or by modifying the program structure to include periods for fieldwork and self-study. Customized versions of the program are available at an additional fee. For custom programs, we require a minimum attendance of 25 participants per program and a maximum of 50. 4 5
Why McKinsey? And why the McKinsey Mini-MBA program? As a top 4 provider of global leadership training and with over 600 engagements in leadership and capability building in the last 4 years, McKinsey is uniquely positioned to deliver world-class training. Compared to a traditional MBA or executive MBA program, Mini-MBA delivers what is needed for high-potential future leaders and new or rising managers in an organization in a condensed, efficient, and highly practical fashion. And it does so at a reasonable cost--without sacrificing the benefits of in-person interaction with professors, coaches, and fellow participants. Through the Mini-MBA program, you and your organization will benefit directly from our decades of experience successfully onboarding the thousands of our own consultants who have come to us with limited prior business experience. For these individuals, Mini-MBA has been the vehicle for rapidly instilling essential business acumen and providing confidence and know-how to engage colleagues and senior clients on real business issues. Please email McKinsey_Mini-MBA@mckinsey.com for more information. 6
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