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

Excel
New answer on Apr 13, 2022
2 Answers
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Anonymous A asked on Apr 12, 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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Ian
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replied on Apr 13, 2022
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

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
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replied on Apr 12, 2022
Unearth your spike & get the offer |ex-McKinsey | 120+ coachings & interviews @ McKinsey | ESADE MBA | Transition Expert

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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Ian

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