Would financial modeling skills be valued for applicants with non-finance, non-business background looking into strategy consulting? I'm talking about getting courses/certifications from BIWS, FMVA or similar, followed by self-study on cases. Among the reasons, beside to get familiar with financial jargon and concepts, are to diversify knowledge and to be able to speak the same language when faced with financial-related situations with clients.
(edited)
Hi,
1) Before you get an offer: financial modeling skills would not significantly improve your chance of getting an offer. However, you should invest some time in learning corporate finance concepts (NPV, IRR, ROI, ROA, ROE, financial ratios, etc.)
2) After you get an offer: financial modeling skills is a must for any consultant and you should invest time in mastering your excel and modeling skills
Thanks,
Anton
Hi!
Talking for MBB applications: yes it is very valuable - but in a different way that you might expect.
The actual finance-knowledge is not very relevant when talking about generalist applications. However your ability to conceptualize cause-effect-chains and operationalize them by means of a quantitative model is an extremely valuable skill that will help you in almost every MBB-typical context.
Conceptualizing, operationalizing, and quantifying organizational systems into their value drivers is the bread and butter of strategy consultancy - hence mastering the corresponding techniques comes very handy. Financial modeling is just one specific application of this skill - so if you are already experienced in this, it can be expected that you will be able to transfer this skill to a broader context in relative short amount of time.
Cheers, Sidi
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Hello,
I think it's useful to familiarize yourself with basic finance concepts, but you don't really need advanced finance knowledge on most consulting projects. Even though I joined McKinsey with a master in finance, I hardly ever needed more than familiarity with financial statements. You'll learn about modelling on the job.
Best,
Réka
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Hi,
I am not sure what interview you mention here. There isn't any requirement to have a business or finance background for a role in Management consulting. Yes knowing some basics can help with prep but aside from that there isn't any reason to do so.
The only exception I can think of is consulting specific to industries in finance or where finance is important (Due diligence/PE type cases)
Best,
Udayan
Hi,
Only basics are mandatory for interviews (ROE, ROI, EBITDA, ...).
Other things could be learned during welcome trainings or over the flows during projects
Best
Hello,
I would say that is not something required but it can add value for sure. First of all it can show your willingness to learn and your interest towards those subjects. Secondly, if you will be in a financial projects, those concepts can be really useful to make your work easier.
Best,
Luca
Hi,
No, I do not think that this would be a very big differentiator in terms of applying for MBB (or other firms for that matter) and getting an interview. Although excel modelling skills are great and are useful in the role, you have plenty of time to develop those skills if you join at entry-level and there are many other more important criteria that you need to fulfil first.
-A
Hi, I confirm if your goal is getting an offer, such courses will not be important in your application as a generalist.
Best,
Antonello
Hello!
Do you mean for MBB interviews?
If so, in which position?
If so, as generalists, or specific business functions?
Cheers,
Clara
Hi there,
I think it would be useful to get a beginner/intermediate understanding of financial modeling! However, no need to go to expert level.
If you can invest a minimal amount of time/$ to feel comfortable with it, that will go a long way to making your life easier!
Hi,
It will not be a game-changer for your resume. Its just required for you to become better since financial modeling skill is a must
Best
Hi there,
it can definitely be useful if you work on due diligence or PE and possibly in the next steps of your career. However:
Best,
Francesco
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