Question abt Econ/litigation consulting
I'm applying for a research analyst internship with LECG. Provided I get a finance interview, what sort of questions will they ask? Fyi, I am an accounting major(taken many econ/stats courses).
The reason I'm interested in them is b/c I am considering getting a Phd in accounting down the road. A ton of Phd's work there so I felt that I would get good research/consulting experience. Should I talk about my aspirations in this regard? Or will this turn them off since they might be looking for possible full timers (I am a junior).
Thanks in advance!
They'll probably ask about basic econ/finance/acct/stats questions, so you may want to just brush up on the basics.
Yes, talk about your desire to get a PhD. This will help you, not hurt you.
At least at my shop, there are not a lot of statistical questions. If you, however, have taken economics classes, you may be asked questions pertaining to those classes. For example, if you have any econometrics background, you may be asked to explain 'Homoscedasticity'. Beyond this, you might be asked to opine on current macroeconomics/environment. If you have completed an undergraduate thesis, this may also be something to bring up.
Echoing what Hayek mentioned, I would definitely brush up on basic economics. Mention your Ph.D. ambitions -- many senior staff are Ph.D.'s and it is a valuable attribute. You may connect on this level.
Good luck.
I have interviews coming up at a couple of econ/litigation consulting firms so I'm thinking about all this as well. Could you guys be a bit more specific about what "basic economics" includes? I feel like I've taken a smattering of different classes and so I'm not sure what I should really be expected to know. From talking to a recruiter I was also told that I could be given a "mini case" but nothing like management consulting interviews. Any idea what that could look like?
Thanks!
If you are an economics major, you'll be asked to explain your experiences in those classes, how you've use them in any research experiences/theses, and in previous internships (if applicable).
If you're not an economics major, we're looking for demonstrated quantitative aptitude and research skills, either through coursework or work experience.
Since you have a "smattering of different classes" you should be able to at least talk about the quant-focused ones and display genuine interest in economic consulting.
No idea what a mini-case would look like beyond a brainteaser or an explication of some economic concepts (if it seems like you should be able to from coursework). For at least a few of the big shops, expect mostly fit screener interviews and cases when/if you come in for second rounds.
How difficult is it to get your foot into the door at some of this economic/litigation consulting firms at an analyst level?
Is it extremely competitive? What types of things do they look for (beyond economics backgrounds)?
Specifically, for litigation consulting, does having a JD at all help?
I think it can be on the level of getting into top management consulting firms in terms of looking good on paper -- you just have to do it in a different way.
First we look for a good GPA in a quant major (finance, economics, mathematics, other sciences, etc.). If you're not a quant major, you should have taken some quant elective courses and done well in them as well as have a compelling story as to why you want to do econ/lit consulting. There is no minimum GPA required, but most successful candidates I've seen have a 3.6+ tending toward a 3.8.
Like all other jobs, good experience is a must. We look for large dataset manipulation, use of programming (SAS, Stata, etc), or other internships that demonstrate quantitative/analytical aptitude and research skills. Research experience (working with a professor over the summer, etc) is equally as valuable. I'd think that extracurriculars and leadership, while a plus, isn't make or break -- in my opinion less heavily weighted than at typical mgmt consulting shops.
Econ litigation shops tend to recruit on-campus at a variety of places ranging from ivy league to strong local schools to top liberal arts colleges.
A JD can't hurt but it's not nearly as valuable as an MBA or a Ph.D. At my firm I can't think of anyone off the top of my head that holds one. The lawyers we work for handle the law, lit consulting shops do the damages calulations, liability calculations, market definition, opining on monopolization/antitrust, etc.
Chron, thanks so much for your input thus far.
One last question (which I can think of off the top of my head), is it extremely difficult to break in from a non-target? For instance, IBs usually recruit from targets only; non-target students usually have to rely exclusively through networking (and even target students must rely on networking as well). Would you say econ/lit consulting firms have a similar policy of recruiting? Is it practically unheard for a non-target to be at such firms?
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