How to best prepare for a consulting job after receiving the offer?

Hi there,

First, congrats on the offer!

In terms of things you can learn/do to prepare beforehand:

1) Daily Reading

• The Economist, The Financial Times, BCG/Mskinsey Insights

2) Industry deep-dives

• Learn, in-depth, how the industries/companies your office advises, work. (PM me for an industry overview template)

3) Analytics tools

• Alteryx, Tableau, etc.

4) Excel

5) Powerpoint

• Best practices/standards
• Different layouts
• Quickly editing/updating slides
• Thinking in PowerPoint

6) Presentation skills / sharp communication

• There are some online/virtual classes for this

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In terms of doing well in your role when you're there:

1) Understand the context/prompt (what role are you in, what company, who's watching, etc.)

2) Understand the objective (what, specifically, is expected from you...both day to day, and in your overall career progression)

3) Quickly process information, and focus on what's important - Take a lot of information and the unknown, find the most logical path, and focus on that.

4) Be comfortable with the unknown, and learn to brainstorm - think/speak like an expert without being one

In summary, there will always be a flood of information, expectations, competition etc. and not enough time. Find out which ones matter when. (i.e. be visibile and focus efforts on the things that people care about)

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Here are some great prior Q&As for you!

https://www.preplounge.com/en/consulting-forum/what-makes-a-good-consultant-how-to-get-a-good-review-6790

https://www.preplounge.com/en/consulting-forum/how-hard-is-it-to-excel-in-top-consulting-firms-6762

https://www.preplounge.com/en/consulting-forum/how-to-become-an-engagement-manager-and-partner-quickly-6722

https://www.preplounge.com/en/consulting-forum/need-to-learn-skills-in-the-ample-free-time-before-starting-at-an-mbb-what-should-i-do-6774

Hi there,

Congratulations on the offer!

Below you can find what I usually recommend to prepare for a consulting job:

• On the technical side, Excel will be the most important technical thing to master at the beginning, in particular for VLOOKUPs and Pivot tables; you could also review PowerPoint if needed. It seems you are already fine with that and you will likely receive training on this once you start anyway.
  • Tip for Excel: learn how to use the keyword as much as possible and relegate the touchpad to the minimum – this will skyrocket your productivity in the long term.
• For better communication, two great books are:
  • How to Win Friends and Influence People - Dale Carnegie (classical on how to manage relationships)
  • Never Split The Difference - Chris Voss (great negotiation book)
• For mindset, some great books are:
  • The Compound Effect - Darren Hardy (great book on long-term planning)
  • Tiny Habits – BJ Fogg (excellent, science-based book on habits formation)
  • The Mediations – Marcus Aurelius (written ~ 2000 years ago but incredibly actual – the personal diary of the most powerful man in the world at the time)
  • The 80–20 Principle - Richard Koch (very smart life tips from one of the founders of LEK)
  • Peaks and Valleys – Spencer Johnson (crisis management tale – from the same author of the famous “Who moved my Cheese”, I personally found this book a lot more interesting and applicable)

Below you can also find a list of things that could be useful to practice during your first weeks:

1. Take notes when your manager tells you something – this will help you to remember details and will show you care about them to the team.
2. Always double-check. The first impression is very important in consulting (and in any industry in general): if you show you are reliable from the beginning, you create a reputation of a reliable person. Double checks should be done on expectations for your job, your Excel analysis, your slides – basically everything.
3. Define priorities before starting any set of tasks. The majority of the results usually come from a subset of activities – this is true also for your tasks in consulting. You have to identify which they are and prioritize them – the application of the so-called 80-20 rule or Pareto Principle. Alignment on priorities and expectations is particularly important with your manager at the beginning of the project.
4. Socialize with your colleagues and start to build a network. Consulting (most likely also your new industry) is a people business and you should build a good network both within and outside the company. A good start is key to develop good relationships long-term. More difficult to do during COVID – but there may still be opportunities for virtual gatherings. Try to take advantage of as many as possible to build connections.
5. Organize your private life activities. You want to organize your calendar to leave some space for personal activities (sport/ friends/ family). This is not easy but can be managed if you organize well, and long-term will be critical to keep a balance between work and private life. Also, it is better to align with your manager/teammates from the beginning on your core needs, so that there are no surprises later­ on.
6. Ask for feedback every two-three weeks – this will show you are proactive and willing to learn.
7. Ask for help when you don't know what to do – better to let know you are in trouble with meeting a deadline than missing the deadline.
8. Be social and respectful with the support staff – these people are great and influential as well in the company.

Hope this helps,

Francesco

Hey there, 

When I got the offer some years ago I did the same. I reached out to people I knew in McKinsey and people who interviewed me to ask: what can I do to make the start easier? how can I prepare?

The answer from everyone was: Relax! Enjoy your time before you start and don't think about it. You will figure it out on the job. I followed that advice and it made sense to me once I joined.

When you start at McKinsey there are 2 ways to learn:

1. Formal training. The formal training sessions/ weeks/ days in the beginning, are nice, however, they are more for networking and meeting your peers. You learn some interesting concepts and get some useful tips from more experienced consultants BUT
2. Constant and implicit learning on the job is where it's at. No matter if you are a newcomer or a veteran after 2 years, you will always find yourself on a steep learning curve. As soon as you barely mastered one skill or the skills needed for one level in the hierarchy, you will take care of things, which are expected from a more senior colleague. This cycle never ends. You are expected to learn on the job, learn from your colleagues, your mentors, sometimes even the client. So basically a newly promoted Engagement Manager has the same 'struggle' as a new-hire Business Analyst. They both need to work in a completely new environment and role.

Knowing that, if we now go back to square one in your McKinsey journey it makes perfect sense to enter the firm with a blank slate with a lot of curiosity and eagerness to soak it all up and quickly learn the ropes.

No book, no training, no coach can prepare you for your first day, your first week, your first engagement. Nothing matches the experience and the learning and this is a good thing (also the reason why ex-McKinsey are valued highly on the job market).

You will learn everything you need to master while doing it. You will be thrown in the cold water and need to swim. However, your colleagues will always be happy to help you and mentor you. And for the rest, you will figure everything out along the way. The key here is always to ask for tips, shortcuts, feedback, etc. Don't be quiet if you get stuck.

Also, for every technical problem (IT, Excel question, etc) McKinsey has a Global Helpdesk and the rule is to call them for every problem you can't solve within 5 minutes. They will fix your computer, guide you through Excel formulas, etc.

Lastly, if you have no domain knowledge about a certain industry or topic, read through the internal library of documentation (which is endless) and call some of the firm experts on the topic. Usually, they are happy to offer you a short call to get you up to speed.

Don't sweat the small stuff and enjoy the ride!

Florian

Tons of advice on Q&A forum on this question. Check these out and search the forum broadly as well:

• https://www.preplounge.com/en/consulting-forum/how-to-best-preppare-for-a-consulting-position-if-you-have-a-couple-of-months-of-free-time-7164
• https://www.preplounge.com/en/consulting-forum/how-to-prepare-for-consulting-career-3164

Hi there, from my experience in MBB consulting, three things you could prioritize prior to starting the role (congratulations!):

1. Have clarity on your near term goals - do you want to specialize (e.g., in private equity, M&A, consumer, digital)? Or do you want to take a longer random walk (i.e., generalist)? If the former, there are leaders in every sector who are "experts" in the field, and it would be good to seek them out, have a chat and "build your home" by working selectively on related projects only
2. Based on your near term goals, spend time to brush up on the fundamentals (even if you think you already know them well). For example if you'd like to do more projects in PE or M&A, re-learn corporate finance, financial accounting, understand how to build a simple 3S or DCF model. If it's digital, some online courses or certifications on Cloud, Analytics, Data Science, etc. can be helpful. Some MBBs actually pay for your training, so you might want to wait for it!
3. Use the remaining time before you start wisely (with friends and family, on your hobbies, side projects, volunteering activities, etc.). Consultants generally work long hours in MBB, so be prepared that most of your weekday nights will be spent on work (weekends are mostly protected). If you have any high commitment activities or projects that you are currently working on, try to close the loop on those early, instead of frantically scrambling after your start work. 

The above points would be what I would have done in retrospect, now having worked in strategy consulting. However many times, you learn from not knowing / through experience. Sometimes, it's best not to be too prepared!

Hi there,

Great questions! Wish I had seen it earlier. 

Sharing with you some materials you might find useful:

• How to Survive Your First Year as a Management Consultant
• The Truth About Consulting Work Hours: What You Need to Know

Best,
Cristian

I can't add anyhing more on preparation, so I'll focus on the most important one: 

Travel, do something you always wanted to do, learn to play the guitar or something similar! The firm will bring you up to speed quickly and this is the last time to do anything but work for some years to come. Use the time wisely! I've not met anybody who looked back regretting they didn't learn more excel before joining MBB, but many who regret not having travelled more before doing so.

Best way to prepare: Take a break,

You'll have enough opportunities to go for training and learn on the job when it starts. But you'll struggle to find time to take a break once you start.

Take this from someone who has spent 8+ years in consulting :)