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).
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I always liked the classic, "The Goal". Helps to put a problem in a clearer perspective under adversity. It takes place in a factory but can be applied in a services industry (concept of bottlenecks... constraints). I recommend getting an audiobook and listening during your spare time.
I actually read "The Goal" for one of my classes. It's a very, very easy read and has some good general concepts.
In terms of general reading (Not explicitly related to consulting): Freakonomics Outliers The Power of Habit The Economist (Magazine)
I like the HBR top 10 collections. There's a top 10 HBR of all time (good place to start) Then top 10 on strategy, top 10 on leadership, etc. These would be good for general business knowledge.
Reading the economist every week, as someone already suggested, is always a good idea.
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.
Good to Great: Why Some Companies Make the Leap...and Others Don't by Jim Collins
The Witch Doctors
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.
You do know Kahneman won a Nobel Prize in Economics for that theory, right?
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.
Best Books For Prospective Consultants? (Originally Posted: 10/15/2010)
Just curious about what the best books for prospective consultants are to read for business strategy, management strategy, etc.? Would valuation books (like the ones that bankers recommend) be useful for consulting as well, or is it best to stick to general business strategy?
Thanks!
Oh PS: please no case study interview book recommendations. I'll search for those on my own.
Valuation is worthless for consulting. The only type of books on strategy are interview prep/textbooks
Actually, I would recommend Valuation, by McKinsey and Wessels. Spent my summer with McK and this is a highly regarded book with great insights on value creation and growth.
On top of that, Porter's classics (Competittive Strategy and Competitive Advantage). Also Blue Ocean Strategy
the bible, so when you feed your clients bull shit lies you can say at least you have jesus
Dude, these books are useless...
The closest you can get to 'useful' is probably stuff like 'Good to Great' by Jim Collins, but even there it's less strategy and more 'what is leadership' kind of stuff. Consultants I've met seem to love Collins though.
mickinsey mind/way , will give you a good idea of what the consulting life style at MBB's are like
Best books concerning consulting (Originally Posted: 07/30/2013)
Hi guys,
Trying to figure out whether I want to pursue a career in IB or management consulting atm. So I was wondering if anyone has any good recommendations for books/documentaries about management consulting? The only book I read about this subject is 'the McKinsey Way' which was so so...
Cheers
Get http://www.amazon.com/Case-Point-Complete-Interview-Preparation/dp/0971…
Lords of Strategy is pretty interesting.
Read "McKinsey's Marvin Bower." It's basically about the history of management consulting and some of the core tenets of the profession. Very good read.
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…
Fast Track by Mariam Naficy and all your problems will be solved.
You can thank me later.
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.
"House of lies" if you need a good laugh. (couldn't be further from the truth though)
I find that the McK way/mind/engagement are so-so books. There really isn't much documentation of the consulting industry.
Of all mentioned lords of strategy and the mckinsey way are the two best.
I really enjoyed Consulting Demons. The book traces the author's entire career in consulting. If I remember correctly, he started his career at BCG in the 80s.
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…
'The Firm', which is going to be published in a month could be a pretty amusing book. Or boring, you never know... http://www.amazon.com/Firm-McKinsey-Influence-American-Business/dp/1439…
Recommended reading management consulting (Originally Posted: 07/06/2015)
Hi fellas, will be applying for summer internships next year in management consulting (London) and looking for a few good books to read to understand the logistics of the industry and also prep for interviews.
I'm thinking of reading 2 books: The McKinsey Way Case in Point
Does this seem adequate?
Thanks
bump
"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.
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.
start reading the economist, or something similar
good to have general knowledge of business events. plus, the partner interviewing you probably reads this stuff, so it might give you something to chat about
preparing for consulting (Originally Posted: 11/14/2009)
What would you suggest to prepare for a consulting job?
Any particular business classes to take, or any particular books to read?
definitely read good to great. i also really like the HBR guides to marketing, supply chain management, pricing, etc. most of them are very accessible and elucidate well the basic business concepts.
Thanks for the advice.
Job not interview right?
yes, i mean the job / internship, not the interview
Reading material for consultants (Originally Posted: 01/31/2013)
I'm entering the systems integration consulting field very soon at a Tier 2 consulting firm and would like to know what literature is favored by analyst and consultants in the industry.
Booz's Strategy + Business and Economist would be some of the excellent materials.
+1 on the Economist. The Economist also has some great articles. Check them out.
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?
consulting books (Originally Posted: 10/04/2011)
anyone have any recommendations for consulting books they like?
Everybody Poops
As in, consulting books to practice for case interviews or consulting books on consulting?
Your question is very vague :)
If you're looking for case interview practice books, I'd say that Case In Point is the standard book to turn to. If you're looking into books about consulting or the industry, The McKinsey Way is a pretty interesting read.
i have the McKinsey Way on my desk right now...
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…
Consulting Books (Originally Posted: 07/16/2012)
Hey I'm looking to learn more about consulting.
Are there any sites like M&I? Any books like Liars Poker, Predators Ball, Monkey Business? Any textbooks like Rosenbaum & Pearl's?
Thanks for the advice.
Here you go
http://lmgtfy.com/?q=books+on+consulting
Good lookin out bro
managementconsulted.com
Maybe House of Lies, if you want to listen to bitter ex-Booz guy who's less funny than he thinks he is. Maybe some crappy ones, but not really, no, unless you count interview guides like Case in Point.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).
Great recommendation.
However, I would substitute McKinsey Mind for the McKinsey Engagement because Engagement goes into too much detail than what OP is looking for.
Michael Porter on Strategy is also a classic.
The Daily Drucker.
If you're looking for interview books - Case In Point is the "bible" for some people. I found it helpful, but personally don't like the way his frameworks are broken down.
I have bought two of the books and started skimming through the websites. All have been great places to for me to start.
Thanks WSO
Good books on getting into management consulting? (Originally Posted: 11/20/2013)
Hey, does anyone have any recommendations on good books? I'm graduating next year and a friend reckons his uncle (PwC) says consulting is completely different to working in industry.
I read one on Amazon called something like How to bea Big Four consultant (and whether you should want to)...and it triggered lots of thoughts, seemed like they knew what they were talking about, but wondered who else had read anything that wasn't written by a consulting firm's recruitment team....
Thanks!
Many cosider 'Case in Point' to be the bible of how to perform well in a consulting interview.
I just bought a copy of "The Firm: The Story of McKinsey and Its Secret Influence on American Business" which came out in September. Hope it's good.
These books are more of a historical view and basic understanding of the mgmt consulting industry, but very much recommended none the less:
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!
It's quite an old book, but still very valuable: "The Fast Track" by Mariam Naficy. Got me into the business :)
Ace your case and Case in point are the two i've seen in 2 MBB presentations.
Good reads for future MBB associate? (Originally Posted: 10/14/2010)
Just took a job at MBB out of ugrad, and I'm wondering if there are any good reads that could help me get a better feel for what I'll be doing, the kind of thinking these guys use, etc. I'm asking not because I'm worried about being under prepared (I know they'll give me the tools I need to succeed), but more just because I'm interested to learn more. So, not necessarily looking for "must-reads" or "how-to's," but any books/journals that might be of interest.
Thanks!
I really liked "Built to Last" by Jim Collins. I'm not sure if that's a "consulting" book, but it had good info about business management techniques and it seemed pretty legit.
The Boston Consulting Group on Strategy is a really good read. It is a compilation of a lot of the ideas the firm came up with. It gives you a good idea on things that became kind of standard business practice. Experience curve, growth-share matrix, etc.
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