Hello my fellow monkeys,
I got an idea here which I would like to get some feedback on.
I am currently working in finance and got a couple of years experience, but I am interested in moving into consulting in one of the MBBs or an elite boutique. A couple of online applications did not get me an interview, so I am looking into ways to improve my resume by getting more relevant consulting and strategy experience.
My idea is to do some not-for-profit consulting for companies that are too small to hire the big (and expensive) guys, but still face the same uncertainties and need advice just as much. This could either be by doing some strategy based volunteer work for an existing company, or perhaps by starting something up by myself.
Now, I realise it is relationship business and there is a lot of trust involved in consulting, so it could be hard to convince someone to give me consulting work without any prior experience in the field. I have worked in finance for 4 years, have a M.Sc in Economics and passed all the three levels in the CFA, but no strategy experience. Most companies I find require prior experience before you can work there. As always, you need experience to get experience…
I would like to ask you guys what you think my idea. Will it work? What are my chances? Have other people done this? Will it give me a better chance of getting an offer? Am I just smoking crack and/or had too much coffee?
Let me know.
This is a good idea for sure! In my city they have a student run consulting firm for smaller companies and mom and pop shops that can't afford a regular consultant. I'm going to apply there myself as it is a great way to learn a thing or two about consulting. I would definitely recommend you approached some consulting firms and pitched your idea. You should ask them for some help. I know that Roland Berger offers training to the student consulting company in my city and a AT Kearny consultant actually meets with your team and helps you during your project (I think this will make the trust issue less of a problem). Also a lot of students went on to secure offers at AT kearny. I know this isn't MBB but I guess it shows that this could be a good start to get into consulting.
Check out Education Pioneers (educationpioneers.com) - they're a non-profit organization that places young professionals (most are former consultants and finance folks - MBB, Deloitte, Accenture, Goldman, JPM, etc.) into schools and school districts to advise them on pressing issues in education. Think of it like a TFA, but it's not teaching, it's "outside the classroom" consulting to principals, teachers, administrators, etc., on higher-level issues (teacher morale, student performance, allocation of funds). The program also heavily focuses on data analysis - so they're very heavy on data-driven recommendations, insights, and decisions (lots of excel).
I was accepted into the Sept. 2013 class but deferred to next year because of some prior obligations. Note that I'm already in consulting, but I think it could give you the experience to understand what consulting is like and how to think like a consultant (frameworks, roadmaps, strategies, etc.). It may give you the opportunity to "rebrand" yourself as well.
If it sounds interesting, I'd make sure your excel and presentation skills are above average. EP screens applicants by making candidates do a mini-excel case (10-15 questions) as a first/second round and for a final round, a group presentation based on a case that involves some excel work as well. I think EP's mission is something that many people will focus their time on in the next decade or two, so it'd be good to get on the ground floor of this initiative.
Btw, it's a 10-month obligation (but it's paid!), so it's not a permanent position but, the program does a lot to place alumni into management/executive level positions in education afterwards.
Mods: I'm not affiliated with EP other than accepting a position for 2014, so please don't think this is spam/advertising. I do think this is a good cause where a lot of smart people on WSO can help out.
Thanks for the comments guys!
I am glad that you think it is viable, and it is some interesting suggestions you come up with. I was hoping to hear that there are people already doing this, so I am pleased you have confirmed this.
I am looking to move back to Scandinavia in 2014, so I will have to investigate the local market there for opportunities.
How would you determine what "above average" is? I work in banking, so I would say I can do Excel pretty well. One of the main responsibilities in my current role is to run workshops, so I have a lot of practice in presenting as well.
Education Pioneers looks interesting, so hopefully I will be able to find something similar in Europe.
Nothing that would require VBA, though they do ask if you know it. If you know: if statements, countifs, sumifs, concatenate, logic functions (and, or), and pivot tables then you should be ok.
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