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How to enhance excel & modeling skills (for consultants)?

Excel
Neue Antwort am 15. Okt. 2023
3 Antworten
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Anonym A fragte am 12. Apr. 2022

Before starting my new role, I would like to enhance the excel & modeling skill set that consultants need to master. I seldom use them in my previous roles so I'm a bit anxious. 

I have never seen excel models built by consulting firms, and I'm not sure how to prepare this skillset from scratch. Could you provide some color on the common models that need to be built in consulting firms (such as P&L forecast, market sizing, etc), and how can I prepare the core skill needed? 

I've found several sources for “financial modeling” courses for investment banking, but I haven't found excel courses specifically for management consultants. Ideally, I am trying to find excel courses that provides case studies. Really appreciate your advice!

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Benjamin
Experte
Content Creator
antwortete am 15. Okt. 2023
Ex-BCG Principal | 8+ years consulting experience in SEA | BCG top interviewer & top performer

Hi,

Sharing my perspective having started consulting with zero excel skills, and having also done numerous models across my time in consulting.

  1. You'll pick up whatever you need to learn on the job
    • Sure you can take basic excel courses, but the best way to learn is to actually learn by doing, and based on real/practical applications
  2. You will be faced with situations where you don't know what is the best / most efficient solution
    • Google and your colleagues are your answer here - don't be afraid to ask for help when you need it
  3. Modelling is as much about logical thinking as it is about understanding how to use excel
    • Anyone can understand how to create a formula or a function
    • However the value a consultant brings is in the logical thinking behind those assumptions and numbers

Hope this helps to clarify!

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Ian
Experte
Content Creator
antwortete am 13. Apr. 2022
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

Hi there,

You have a few options here:

  1. Learn on the job
  2. Ask your colleagues
  3. Do the online/internal trainings
  4. Find online tutorials/trainings (there are a million)
  5. “Create” you own training by playing around with a big dataset or modelling our your own scenario

In terms of skills, you will need to be quite proficient at Excel, depending on the client/project. This does not mean knowing VBA! Just as an example, you'll need to know functions like indexmatch, pivot tables, data cleaning/manipulation, modeling, etc.

Helpful Prior Q&A

https://www.preplounge.com/en/consulting-forum/free-online-resources-to-learn-excel-basics-6946

https://www.preplounge.com/en/consulting-forum/what-excel-prep-course-do-you-recommend-9795

 

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Moritz
Experte
Content Creator
antwortete am 12. Apr. 2022
ex-McKinsey EM & Interviewer | 7/8 offer rate for 4+ sessions | 90min sessions with FREE exercises & videos

Hi there,

Good on you for trying to get ahead of the game! However, my big advice is to relax

This is a challenge that many people face and is therefore expected by your future employer. Once you join, they will generally provide you with plenty of training. Most of it on the job but also good formal training for Excel or other modeling software (depending on firm).

There's no standard models and people build models very differently, even for the same purpose/problem. Hence, wait until you can look over the shoulder of your future colleagues who have a bit more seniority and learn from them.

If what you're saying is that you have no clue how to use excel in the first place, then I can point you in the direction of some resources. However, that would seem a little odd considering your career choice.

Hope this helps a bit. Best of luck!

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