Startup experience vs. Consulting internship
I have a few questions about my chances with consulting (and other) firms in this year's recruitment.
First, I'll be a senior at a top 10 school, bad GPA (3.4 because I didn't do anything as a freshman), studying Industrial Engineering and Economics with a minor in Math.
I've had one summer internship with an engineering firm (after freshman year), but I needed to take classes last summer to get my majors going (because I switched very late).
This summer, I started an operations and management consulting firm with 3 graduates to get some experience in the consulting field.
Its been relatively successful so far (~4 clients, including a large hospital and law firm), and I'll probably keep it going during the school year.
My question is this: Will anyone care about this experience? I would like to think that recruiters would see this as evidence that I'm self starting, motivated, etc., and was able to start a successful small consulting firm myself, but will it mean anything compared to a normal consulting/IB/etc internship?
Also, since this is what I've got to work with, any ideas how I might leverage this experience to get interviews?
Yes, it will look good. But don't expect it to be better than MBB internships
I'm curious as to how were you able to get clients as a college student?
I don't imagine too many firms would want to take advice from someone with only one internship worth of experience, much less pay for it.
What was your sales pitch?
Our marketing/sales strategy targeted small to medium sized businesses, some family-owned, who wouldn't normally start an expensive consulting engagement. Our sales pitch was that in a few years, we would be the analysts working for large consulting groups (not necessarily MBB, but above what they could afford), and while we couldn't offer the reputation or experience of a larger firm, we had most of the analytical tools needed to solve many of their problems. We have dealt primarily with scheduling, inventory management, supply chain management, and some management/strategy work. One selling point that went over well was that we linked compensation to results, which also encouraged us to rigorously establish a benchmark to improve upon. We also did our first engagement for free to get a reference-able engagement.
My experience is that especially in IB having a brand-name internship is seen as more valuable, despite the fact that you'd gain more from the start-up experience.
My personal experience both getting into consulting and then working in recruiting is that name brand internships generate automatic attention and relevant experience is a nice to have for advancement once placed.
The name brand internship is a better door opener and the actual experience serving clients or flexing entrepreneurial muscles is more likely to help you if/when you actually land your role (assuming you are as driven/creative/motivated to succeed at large firm vs. your own college practice).
My advise to you is to NETWORK, NETWORK, NETWORK. If your previous experience was actually helpful, you may be better suited to "talk the talk" or at least ask the right questions with the right people. Check out the link below for a much more tactical conversation on networking for landing positions in banking/consulting.
http://managementconsulted.com/consulting-questions/networking-to-get-a…
Enjoy!
I'd differ a bit from the advice you've seen here so far. I think the consulting business you started is VERY compelling and would really distinguish you from peers. As you indicated, it demonstrates initiative, passion, problem solving, and sales skills. Those are all key attributes consulting firms look for. This will be a very rich story you can tell in your resume, cover letter, and in interviews. Make sure to quantify impact wherever possible. We've landed X number of clients and generated $Y. We've worked on these types of assignments and had X impact on our clients. Consulting interviewers will want to hear about the projects, how you structured them, what type of analysis you did, and your recommendations. It's perfect if you communicate it appropriately. Your gpa is not great, but it's not horrendous for a tough major at a top school. Your consulting company is what will differentiate you.
Take a look at this written by a McKinsey consultant
5 things strategy consulting firms are looking for - http://bit.ly/17iUQb
Gotta Mentor www.GottaMentor.com Connecting You to the Advice and People You Need to Achieve Your Career Goals
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