What are some good reads before entering consulting?

I'm starting my 1st job as a business technology analyst in a few months. I was wondering if there are any good books that you guys think would be beneficial, whether explicitly related to consulting or not. I'm from a technical background if that matters (computer engineering).

 

McKinsey's Marvin Bower - recommended in a podcast from a former McKinsey partner, and it was a fantastic read into why they are who they are, and a great example of how to act.

Other than that I think you need to look at reading lost of articles from Harvard Business Review, McKinsey Quarterly, BCG Perspectives, Booz's Strategy+Business. These will get you aquainted with general concepts in the industries, and when something strikes your fancy read more on each.

I'll second The Economist and Freakonomics as well.

Good luck,

TT

 

I've enjoyed "The McKinsey Engagement", which isn't too McKinsey-focused, but gives great tips on teamwork and the project dominated day to day business. Apart from that I'd delve into all consulting magazines, especially get familiar with the tech topics (strategy+business, mck quarterly, bcg perspectives etc.)

Another classic is "The mind of the strategist", but it won't give you lots of practical insights I'm afraid. It's worth reading if you want to break into strategy consulting eventually.

 

I'm not a consultant, but I am a reader. If you're interested in forecasting, predictions, critical thinking and statistics, you might be interested in Daniel Kahneman's Thinking, Fast and Slow (http://en.wikipedia.org/wiki/Thinking,_Fast_and_Slow). I linked to the wikipedia page because it's a nice introduction to the book.

I was a bit frustrated by some of Kahneman's arguments. He knocks over a scarecrow to discredit economic theory in one section, and I just wanted to throttle him. Still, mild annoyances aside, the book provides a new framework for thinking about thinking. It will improve your ability to make decisions, and you will live a more deliberate and thoughtful life.

The connection to consulting is pretty clear in the forecasting and decision-making sections. He gives pretty applicable advice, and you could use some of his examples when talking to coworkers, giving presentations, etc.

 

No, Kahneman won a Nobel Prize in Economics for his work on Prospect theory, a critique of the neoclassical view of utility: http://en.wikipedia.org/wiki/Prospect_theory. From Kahneman's Wiki page:

"In 2002, Kahneman received the Nobel Memorial Prize in Economics, despite being a research psychologist, for his work in prospect theory. Kahneman states he has never taken a single economics course – that everything that he knows of the subject he and Tversky learned from their collaborators Richard Thaler and Jack Knetsch."

I'm not arguing that this particular critique of economic theory is incorrect or uninformed. If you read the book, you'll notice that he has several throwaway potshots at the entire study of economics which seem to be unnecessary distractions from the topic at hand, included only to further his personal political agenda. He seems to want to leverage his work in prospect theory into a much broader critique of economic theory, which is unfair and under-developed in the book. It's as if he wants readers to believe that he really could discredit large swaths of economic theory and modeling if he could be bothered to work on it, but he's just a psychologist and pretty uninterested.

That's what I'm talking about. It's a minor complaint, and it might not bother people whose political views seat them on the other side of the isle from me, but it definitely left a bad taste in my mouth. I made a lot of frustrated notes in the margin ("Is that a fair claim?" "Why bring this up?"). Still a great book overall, and again, Prospect Theory is elegant and valid.

Also, I'm just noticing I have participated in a revival of a very old thread... Sorry about that.

 

If you're a soccer fan by any chance, read Sir Alex Ferguson's autobiography. I know that sounds random, but I learned a lot from it plus its a fantastic read.

 

Valuation is worthless for consulting. The only type of books on strategy are interview prep/textbooks

 

Ethan Rasiel's trilogy, which not an exact replica of McKinsey proprietary methodologies, will give you an idea of the lingo and bullshit you'll be able to spin in the industry. Not hating, by the way - I find truly impressive bullshit spinners very rare and that's why they're paid to do what they do. http://www.amazon.com/The-McKinsey-Engagement-Efficient-Effective/dp/0071497412 http://www.amazon.com/The-McKinsey-Way-Ethan-Rasiel/dp/0070534489/ref=pd_bxgy_b_img_y http://www.amazon.com/The-McKinsey-Mind-Understanding-Problem-Solving/d…

Currently: future neurologist, current psychotherapist Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)
 

I agree that Lords of Strategy is an interesting one, and would also recommend "HBR's 10 Must Reads on Strategy", or "Competitive Strategy" by Michael Porter--the latter if you want more of an academic approach to strategy consulting. Definitely "Case In Point" for preparing to interview though.

 

Most books listed here (Competitive Strategy, HBR books, and even McK Way) are about business strategy, not consulting. And Case in Point is definitely not what you're looking for.

Lords of Strategy talks about the consulting industry and how it came about. It'll give you a clear macro-level picture of what strategy consulting is, but probably still not what you're looking for.

"Day in the life of.." forum posts are really the only written source looking into the everyday aspects of the job: http://managementconsulted.com/consulting-jobs/day-in-the-life-of-a-man… http://www.flyertalk.com/forum/trip-reports/372595-consultants-life-tal…

 
Best Response

"Case in Point" is good practice for interviews, but to get the full benefit it would help to go through the cases live with a partner. They are representative of interview questions, but you don't get the full benefit by reading solo.

"McKinsey Way" introduces some of the concepts, but I would guard against thinking you can drop some buzzwords and gain an advantage. Interviewers are looking for the underlying structured thinking - best done without management buzzwords - rather than a sign that the interviewee has memorized some basic frameworks.

Since internships are such a significant opportunity to get into a career/firm full time, I'd do some broader reading about management consulting itself - what the culture and work is really like. McDonald's book "The Firm" does good job of capturing the internal culture at McKinsey. McKenna's "The Worlds Newest Profession" does a nice job about explaining how and why management consulting emerged as a profession and the story of how the industry structure evolved to what it is today.

 
Emous:

Reading various firm whitepapers is also good

With the exception of the one I wrote, I have not once read a whitepaper from beginning to end. Even when they're in a field that I'm really interested in, they're just too technical and boring. It may be worth scanning a couple just to get a feel for them, but I don't think reading white papers is going to do a whole lot for you in applying for jobs.

 

Don't know of any books that thoroughly explain the industry and even if they are any I doubt whether reading them would improve your performance on the job or even secure a position at any firm. I would say basic knowledge of the major players / firms and their organisational structures is sufficient as industry knowledge.

The insights and thought leadership articles that some of the big firms publish on their sites can be an interesting read. As interview prep probably not extremely useful but they can be helpful in understanding trends in industries and functional practices in your firm. Or if you are targeting a firm for its particular expertise in a certain function or industry those articles can shed some light on what the major developments are.

Consulting, particularly at the intern/entry level is purely about logical problem solving and sharp analytical thinking. That is what the firms will hire you for: your ability to apply logic and strong analytical thinking to business challenges. The best way to hone those skills is through LIVE 1-on-1 case practice. How much practice you need can vary depending on your background; for example I have an engineering background and did about 30+ hrs of live case practice before my first internship interviews. I think those with business / economics backgrounds might need less since the concepts are fairly well known to them.

Finally books like case in point function as good training wheels early on in your practice but be sure to discard them quickly (within a couple of weeks of practice) to avoid becoming a framework monkey. Firms are aware that there are a ton of these frameworks floating around so they will make sure you are able to truly problem solve without relying on a pre determined framework. Showing that you can apply hypothesis based problem solving, test your hypotheses and make good conclusion and recommendations is how you will ace your interviews.

 

Hey all, thanks for the insights.

What do you guys think of this?

"Management Consulting: A Guide for Students (Biggs)"

I know that you can never prepare fully for these things, but I am genuinely interested in the industry so even if it does not help me interviewing, I still want to know what I'm getting into!

Thanks

 

Management consulting is the best for a career making because many sectors are connecting with it. You are thinking right about it is consulting career. You can achieve more opportunities in this career. Nowadays, many consulting firms are increasing our business services area in all over the worlds so your decision is good.

 

Bain insights are probably my favorite. They contain lots of details - if you need those. I can generally get a good handle on the topic in less than 2 minutes due to the accompanying illustrations. I also highly recommend McKinsey Quarterly and BCG Perspectives. Articles are great and concise. Deloitte review and Booz S+B can be skimmed through without detailed reading.

 

Thanks for the tips everyone! How about any books for systems integration consultants, such as those that can provide ideas, broaden understanding, etc? I checked out Amazon, saw a large number of them, but wasn't sure where to start. Any good introductory reading?

 

Hi there,

Books that I have read on Consulting:

The McKinsey Way The Mckinsey Mind The McKinsey Engagement

They were interesting, informative.

On case prep I would recommend:

Case in point by Mark Consentino Case interview secrets by Victor Cheng ........(ex. Harvard, Wharton, MIT, etc.) Consulting Club Case Book (use Google)

Some comments:

I found case in point extremely helpful on estimation questions, just to get a sense what they are. On my interviews with McKinsey I had no trouble how to tear questions into small pieces, which I could handle.

On the other hand if I wouldn't have purchased Victor Cheng's book, I would NOT have been able to open and close a case. Case in point gives you detailed examples, what is really going on at case interviews through mini conversaition between an interviewer and an interviewee. But Case Interview Secrets, tells you exactly what to do in the first 5 minutes, and after you come to a decesion what is the root of the problem, how to interpret it in a CEO-friendly way. (Executive summary).

My last advice, never ever underestimate how important mock interviews are for your success. Contact your local Consulting offices for upcoming events, arrive early, chat with Consultants, ask for business card, and ask help in case preparation. I did this, met 7 Consultants from office of my choice, including Managing Partner, asked for help, and scheduled 3 interviews with 3 different Consultants, before even sending my resume...

Good luck.

 

I'd agree with pretty much everything eszk2012 said above about cases. As far as things to read about consulting in general, here are some lists that I've been dabbling through that should spark some ideas.

Management Consulted: http://managementconsulted.com/consulting-jobs/must-read-books-and-peri… Steve Shu: http://steveshu.typepad.com/Steve%20Shu%20Crash%20Course%20Consulting%2…

 
historiclegend:
Are there any sites like M&I?

managementconsulted.com

historiclegend:
Any books like Liars Poker, Predators Ball, Monkey Business?
Maybe House of Lies, if you want to listen to bitter ex-Booz guy who's less funny than he thinks he is.
historiclegend:
Any textbooks like Rosenbaum & Pearl's?
Maybe some crappy ones, but not really, no, unless you count interview guides like Case in Point.
One of those lights, slightly brighter than the rest, will be my wingtip passing over.
 

Thanks. The website is just what I was looking for. It would be nice to read a book about the day to day stuff, to get a better understanding of wether or not it would be a good fit as a career. I'll look into House of Lies.

 

http://www.Amazon.com/CONSULTING-101-Tips-Success-Consulting/dp/0983026… ^ actually more useful than people give it credit for; lots of on-the-job tips. Some of it is obvious, but he includes a lot of examples and you'll start thinking about things in different ways.

In terms of textbooks, there isn't anything like Rosenbaum because consulting is a much more diverse industry -- so many different types of consulting, and each deal you work on is going to be different (as opposed to something like i-banking where every deal is going to be some form of capital raise, divestiture, M&A, LBO, etc. so it's a lot easier to describe a "template" methodology). That said, I'd suggest you look into books like McKinsey's Valuation (always useful).

Currently: future neurologist, current psychotherapist Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)
 

The McKinsey Way and The McKinsey Engagement are good books.

McKinsey Engagement does a decent, if light, view of managing an engagement from start to finish (assessing, building, implementing etc.) although McKinsey sticks more to Assess/Design in anecdotes I've read.

The McKinsey way goes more into their day to day lives, tips, and their problem solving method (iterative approach).

I know some people have gotten confused about how they fit, so: - Engagement: Overall Project - Way: Solving problems within the overall project

Boston Consulting Group - Strategy is supposed to be a good book (I have it, haven't gotten to it) that covers a lot of frameworks.

Make sure you're familiar with the basics of all business: - Operations / Lean / Supply Chain / Management, Performance Management etc. - HR Side of things - Marketing / Branding - Strategy - Finance (even just understanding how changes in assumptions in inventory can change everything, valuating items, ROI, etc).

I just suggest reading lots of Harvard Business Review, Strategy+Business, McKinsey Quarterly, The Economist (in particular their EIU), articles.

 

These books are more of a historical view and basic understanding of the mgmt consulting industry, but very much recommended none the less:

  • Lords of Strategy
  • The McKinsey way
  • McKinsey's Marvin Bower: Vision, Leadership, and the Creation of Management Consulting
  • The Boston Consulting Group on Strategy: Classic Concepts and New Perspectives

And books for preparing for case interviews:

 

Skim the books but don't follow them like a bible (some general advise is useful, but remember, +80% of serious applicants read them and only a small percentage get offers, so they are not enough to differentiate yourself).

Google PDF versions of Case Workbooks of the consulting clubs of top business schools. Use those to guide your case prep with your peers (absolutely essential, more important than reading books).

Also, be sharp on your math, arithmetic, percentages, rates, etc.

Good luck!

 
McKinsey's Marvin Bower: Vision, Leadership, and the Creation of Management Consulting

Hands down the best book you can read for understanding what makes an outstanding consultant and firm. You'll notice on the other post with BCG's CEO's letter to the firm (about the Booz/PwC Merger) that he talks about it being BCG's values that have driven their success. Great consultants and firms are driven by values, values for what is best to your client, the firm, and in many cases the long-term effects on the industry and society.

While consultants will be part of making hard decisions (I've personally been a part of 5 restructurings) ultimately you are doing it for the benefit of the client, and you go to great lengths to make sure that what is happening is based on the best possible analysis given the contraints. And when you are making those business cases, the only thing that you can really rely on is that you did everything to the best of your ability, and aligned to the values of your firm.

Or maybe that is just a little bit of my age coming through...I did find a grey hair or two last week.

Beyond that challenge your thinking with broader case questions like those in HBR - one's that require critical thinking and not applying simple frameworks. I haven't been on a project yet that used a B-School framework, and have to create approaches, frameworks and models for what I do. We have a common for all projects to make sure we don't miss critical items, but they are high level (i.e. Have you considered the legal governance for this recommendation; use the following resources to compare legal structures....).

Lastly, work on your soft skills, in particular verbal and written communication (active tense, storyboards, effectively displaying information in charts, reducing jargon) as these are skills that will be vital to your career success regardless of whether or not you get into consulting.

TT

 

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