“I found my mentoring session with André very helpful, particularly because I came into it with very little understanding of commercial banking. My background is in life sciences and healthcare, and most of my career exploration so far has focused on consulting. Although I had become interested in commercial banking, I had not previously explored the area in any depth. I therefore needed a clear starting point and an honest conversation about what I should understand before deciding whether to pursue it.
André helped me establish that starting point. The session gave me a clearer way to think about commercial banking, how it differs from consulting, and what I still need to learn. Before the conversation, I was looking at opportunities and wondering whether I should begin applying alongside consulting applications. Afterwards, I understood that I needed to take a step back and make a more informed decision about whether the work genuinely interests me.
One of the most valuable aspects of the session was how it helped me recognise the gaps in my current understanding. I knew that I was new to banking, but I did not necessarily know which questions I needed to answer for myself. André’s guidance helped me think more clearly about where I am now, what I am missing, and what I should begin doing next. Having that direction was useful because it made the process feel more manageable. Rather than treating banking as a broad and unfamiliar industry, I now have a clearer starting point for learning about it.
A particularly helpful message was that I should first develop a better understanding of commercial banking and assess whether I actually like the work. I took away a sensible sequence: understand the area, decide whether it appeals to me, and then, if it does, commit to learning and preparing for applications. If I discover that the work does not suit my interests, I should be willing to recognise that and focus my efforts elsewhere. That advice sounds straightforward, but it was an important perspective for me at this stage.
The conversation made me realise that I should not rush into applying for commercial banking roles simply because I have found programmes that look interesting. Before the session, I was at risk of moving too quickly from curiosity to applications without having a strong enough understanding of the career itself. André helped me see the value of being more deliberate. I would rather make a considered application based on a genuine interest in the work than spend time applying to positions I cannot yet explain my motivation for pursuing.
Another important takeaway was recognising how substantial the differences between banking and consulting can be. Because consulting has been my main focus, it had become my reference point when thinking about other careers. The session helped me realise that I cannot assume banking will involve similar work, suit the same preferences, or require exactly the same preparation. I need to understand banking on its own terms rather than view it mainly as another option alongside consulting.
I also appreciated that the session was useful even though I did not finish it with a final career decision. At this exploratory stage, greater clarity about what I do not yet know is meaningful progress. I now feel better equipped to evaluate my interest, identify what I need to learn, and decide whether commercial banking deserves a more focused place in my career plans.
Overall, André was very helpful, and the session met an important need for me as someone starting with limited knowledge of the field. Its greatest value was giving me direction and encouraging a more thoughtful approach to my next steps. I left with a clearer understanding of my knowledge gaps, a more realistic perspective on the difference between banking and consulting, and a better sense of how to move forward before committing to applications.”
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Yes, financial and other modeling is part of strategy consulting
In terms of the most technical stuff you'll have to do there's a high variance. I know people who are consistently using fairly advanced analytics platforms, and I also know people who have never opened Excel except to write down lists of names. I'd say the average is a mix of Excel, Tableau, and occasion Alteryx
Is there a particular reason you're asking?
Thank you for the reply. The reason of asking is that I am still in university and planning consulting as a future option. And I was thinking whether I should learn financial modelling or not beforehand.
Knowing how to use Excel and do some modeling is never a bad idea, but you aren't expected to have any particular technical skills before you join
Some companies will use Excel type tests in interviews, but I have not heard of MBB using them
Do learn excel / take an excel course if you can. I did this before starting and it has been immensely helpful.
Don’t take a financial modeling course. I’ve taken one of these as well as preparation for a previous finance internship. They focus on the kind of modeling you would do in banking. You would use these kinds of models very rarely if at all in consulting so the ROI would be low if not zero.
In general, I found the excel course helped me much more than the financial modeling course, even for financial modeling.
Thank you a lot. Any specific course would you recommend for example?
To answer your question about the ‘most technical’ thing in consulting, we have people who do work in /with Python / machine learning / data science. The ceiling on how ‘technical’ you can get in consulting is actually much higher than it is in banking, which I feel like is rarely acknowledged in these types of forums.
If you want to do that kind of work I would learn some of it before starting so it’s easier to get staffed in roles where you would be using those skills
yes, I am aware of that consulting firm have analytics, data scientist teams. However, I am more interested in generalist path
I'd challenge the idea that these are separate paths. They are to an extent, but our more technical teams are being brought on to projects with increasing frequency. Which makes intuitive sense-if you have methods of more rigorous / advanced analysis, you would want to break those out wherever possible.
Personally, I am working to develop a more technical toolkit so my staffing can be more flexible, not less. Someone who knows Python or SQL or any other technical skill can still be staffed on a more qualitative / slide heavy project where they don't use those skills, whereas someone without those skills is more limited
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Solid argument. Can you name a list of technical skills which would be beneficial to learn?
Tough to provide a comprehensive answer given that what the tools use vary widely across companies and even across teams within companies.
Others have mentioned Tableau and Alteryx. At my company, I see a lot of ‘SQL preferred’ in our project staffing requests, and I had to use SQL on my first project despite not having a background in it. I’d bucked those in ‘I might have to use these at some point so learning them beforehand could be helpful’. But again, the preferred tools vary widely by company, so you might want to wait until you have an offer and then ask consultants at your specific firm what they use.
Learning something more complicated (Python, R, machine learning, whatever) would only be helpful if you want to do work using those skills. Unlike Tableau or SQL (or excel obviously), it is unlikely you will ever be asked to use something like Python on a project unless you already know it.
Yes, management consultants at MBB firms often do financial modeling as part of their work. This involves creating complex financial models to help clients make important business decisions. Other technical work that consultants may engage in includes data analysis, market research, and process optimization.
ChatGPT
Question: Is there financial modeling in consulting?
Yes, financial modeling is a common practice in management consulting. Financial modeling is the process of creating a quantitative representation of a real-world financial situation, typically using spreadsheet software.
Consulting firms often use financial modeling to help clients make informed decisions about complex financial situations, such as mergers and acquisitions, capital investments, pricing strategies, and cost-cutting initiatives. Financial modeling allows consultants to analyze data and make projections based on various assumptions and scenarios, which can help clients identify potential risks and opportunities and make better-informed decisions.
The level of financial modeling required in consulting can vary depending on the project and the client's needs. For example, some projects may require a basic financial analysis, while others may require more complex modeling, such as discounted cash flow analysis or scenario analysis.
Overall, financial modeling is a valuable tool for management consultants and is often used in combination with other consulting methodologies to provide clients with a comprehensive understanding of their financial situation and help them make strategic decisions.
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