Management consultancy

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Many Oxford students, undergraduates and postgraduates alike, are drawn to consulting: the salaries are attractive, the work sounds stimulating, friends may already be working in consulting companies, there’s a chance to travel and work with a wide variety of organisations. But what is management consulting? Is it for you? Is it a ‘real’ job? What can you, as a new graduate or postgraduate, be able to tell seasoned managers in established organisations?

This Briefing will try to answer these questions and show you how to get more information on consulting, and then how to apply and prepare yourself well.

Overall the attractions are readily identifiable: varied, challenging, well-paid work, which offers privileged insights into a range of businesses, the chance to travel, working at all levels in organisations on issues that can be critical to their survival, and working cultures which are usually genuinely dedicated to the training and development of their staff.

Overall the attractions are readily identifiable: varied, challenging, well-paid work, which offers privileged insights into a range of businesses

The downside is the level of competition, as well as the very demanding selection criteria that firms apply to recruit people of the quality that their work and clients demand. Consultants are often expected to work long, sometimes unsociable hours and to travel to different locations to carry out their work, though many see this as a plus.

What types of jobs are there?

Large consultancy firms will claim to offer a full range of services encompassing all the different roles identified below. However, firms do vary in their relative strengths, and there are many smaller niche players, who predominantly focus on particular market sectors for clients and offer a more limited range of services.

The main types of consultancy firms are:
•    Generalist firms offer a wide range of services from strategy consulting and human resources to IT and outsourcing on a global basis. Many of these firms grew out of audit firms or IT companies, e.g. Accenture, PwC, and Deloitte.
•    Strategy Consultancy firms; the majority of these organisations are American, and offer strategic advice to companies on a project-by-project basis, e.g. McKinsey, Boston Consulting Group (BCG), Booz & Co, and Bain.
•    Human Resource Consulting offers specialist HR advice on areas such as personnel policy, job evaluation and industrial relations, e.g. Towers Perrin.
•    Information Technology firms offering specialist advice on a range of areas, from defining information needs through to implementing computer applications, e.g. CAP Gemini, IBM.
•    Financial consultants offering specialist advice in areas such as the installation of budgetary control systems to office reorganisation and administrative arrangements.
•    Niche firms are smaller practices with up to 100 consultants, specialising in certain industry or business sectors. Often set up by an experienced consultant with an area of expertise.

Some firms seek only undergraduates, others are happy to accept postgraduates. The size of the firm may matter too:

•    A large, global firm might offer a broader range of opportunities in terms of projects, team size, and location; however, for the new recruit these might be constrained to one area for some time.
•    A smaller firm might perhaps have more localised opportunities and new recruits would possibly sample a wider variety of assignments.

Remuneration packages can vary enormously, depending on the size of the practice, the level and experience of the consultant and so on. Salaries for the UK are generally 12%-15% lower than salaries in London. New entrants can earn £25,000-£35,000 (some in the region of £40,000) rising to over £50,000 within a couple of years. The sector is attractive because the partners in firms can achieve seven figure salaries.

What skills do I need?

Some typical skills that consultants look for, and which are often identified in their selection criteria, are:
•    A high level of academic achievement, usually 2:1 is the minimum requirement.
•    Analytical, problem-solving and quantitative skills.
•    Ability to think in a logical, structured way but also open to new knowledge and interpretations, entrepreneurial business sense.
•    Excellent communications skills, the capacity to work effectively in teams and to get on with a wide range of people.

What are the entry points and how do I get experience?   

Consultants work on projects in teams; new consultants will be managed by a Job or Engagement Manager (someone with two to three years experience) and a partner (7+ years experience) will have overall responsibility for the project and client relationship.

Typical tasks are to gather and interpret data, build computer analysis models, support the work of more senior colleagues and gain a general understanding of different methodologies. Many firms hire analysts with the expectation that they will work with them for two or three years, and then leave to go to a business school, often on a sponsored basis, or to employment elsewhere. The largest consulting firms have strengths in all areas of work, but smaller firms often command the highest fees in their areas of expertise or sector knowledge. Consultancy is a relatively small area of work, and it is not hard, using the resources referred to below, to establish the leading players and recruiters in each segment of the market.

Recruiters for roles in management consultancy may not be too concerned that applicants have not had a specific management consultancy internship, and not all consultancies offer work experience placements. However, you do need to show business awareness, and this can often be gained by getting some related commercial experience. Demonstrating business or project experience, however acquired, will always increase your appeal. Check CareerConnect for advertised internships, as well as the other sites listed in the online resources section below. You may also consider taking part in The Student Consultancy run by the Careers Service.

How do I get a job?

You will need to show that you understand the nature of the work, the firms that do it and how you meet their selection criteria. In addition to the reference resources below, make sure that you:

  • Attend the Management Consultancy Fair on Wednesday 19th October, 14.30-18.00.
  • Attend a ‘How to Tackle a Case Study’ session at the Careers Service
  • Prepare your CV. Use our How to create the Perfect CV for Consulting guide
  • Attend firms’ presentations in Michaelmas Term. Talk to their reps.
  • Read firms’ own literature and websites.
  • Use the Oxford Careers Network, or other means, to identify and speak to alumni.
  • Browse The Financial Times and The Economist.


Most firms advertise in Michaelmas Term and select in the period October to January. Many firms start accepting applications from 1 September onwards and closing dates can be as early as the end of October. Some firms will recruit only during this time, whilst others keep their application process open all year round. It is important to check individual firms’ websites so that you can apply accordingly.

THE SELECTION PROCESS
This is typically in three parts: the written application, first interview(s) and the case study interview / assessment centre. At the Careers Service we have a wealth of written materials on all of these elements as well as, in many cases, feedback forms on individual firms’ files from previous applicants who have been through the process. You need to be aware of how you are expected to present yourself at each stage, and what the recruiters are looking for. Firms try hard to explain their procedures to you: they genuinely want candidates to show themselves in the best possible light, so read the brochures and other literature carefully. Many firms have representative examples of case studies, which are a key element of assessment days, on their websites. Practice of case studies is known to improve performance. You need to show you can think about business problems like a consultant. There are many resources at the Careers Service to help you tackle case studies, including the Case Studies information leaflet.

Postgraduate students

Several of the large consulting firms do target DPhils, and have special training programmes (and even special recruiting events) for them. If you are an interested postgraduate, a visit to the Management Consultancy Fair in October will help you identify the firms that most value your skills. Also check on the University Skills Portal as this will highlight specific skills sessions aimed at DPhil students and researchers.

International students

As many of the management consultancy firms have offices across the globe, they are often well placed to accommodate international students, either in the student’s country of origin or within the UK operation. A number of consultancy companies will assist with work permits. Others will require that applicants have the right to work in the UK (see below). Applicants (both UK and international) can sometimes specify the worldwide offices that they are interested in working in on their application form, and it is also advisable to provide some concrete reasons for selecting these choices in your cover letter (or application form). These applications may be dealt with via the UK office in the first instance, before being sent to the relevant global office for the final stages. Many companies though will direct applications straight to the appropriate overseas office for the entire process. Alternatively you may have to apply directly to the office and country in which you would like to work. Visiting the Management Consultancy Fair in October and attending presentations will give you the opportunity to find out how each firm views applications from international students, and the correct procedure for applying.

There are frequent changes to the rules affecting international students and recent graduates wishing to work in the UK. Until April 2012 the Tier 1 Post-Study Work category of the Points-Based System to work in the UK will be in operation. Under this scheme, international students can apply for leave to live and work in the UK for a maximum period of two years, provided they meet the eligibility criteria. In April 2012 this will be replaced with a new route in Tier 2 which will require a job offer, a minimum salary and students will need to apply within the UK. It is recommended that, for the most up-to-date information, you check the UKCISA: UK Council for International Student Affairs website which offers independent information and advice about immigration, finance and working in the UK, and also the UK Border Agency website. Please refer to our Diversity files at the Careers Service for more information, or consult the University's Student Information and Advisory Service.

EMPLOYMENT RIGHTS AND EQUALITY
For information about your employment rights, including the National Minimum Wage, please visit: http://www.direct.gov.uk/en/Employment/Employees/index.htm and http://www.direct.gov.uk/en/Governmentcitizensandrights/Yourrightsandresponsibilities/DG_10014458

Relevant events

For full details of events, check the What’s On section of our website and log in to CareerConnect.

•    Management Consultancy Fair, 19th October, Oxford Town Hall, 14.30-18.00

•    Talk: Entry Routes to Management Consultancy, 19th October, Oxford Town Hall 14.00 (just before the start of the Management Consultancy Fair)

•    Talk: Women in Management Consultancy, 19th October, Oxford Town Hall, 16.00 (towards the end of the Management Consultancy fair)

•    Talk: Considering a career in Management Consultancy or Investment Banking? 11th October, Exam Schools, 14.15 – 15.30

•    Skills sessions at the Exam schools:
o    18 October 2011, CVs for Management Consultancy and Banking, 13.00-14.00

Resources available

OXFORD CAREERS NETWORK (OCN)

The OCN is a database of Oxford alumni who are willing to be contacted about their career. Read their case studies for behind-the-scenes insights into an organisation or occupation, and contact volunteers for more advice and information via CareerConnect.

ONLINE INTERVIEW FEEDBACK

The careers website includes access to online interview feedback forms completed by Oxford students; please see the link below to access.

https://www.careers.ox.ac.uk/auth/interview_feedback/

RESOURCE CENTRE

The Careers Service has an extensive resource centre at 56 Banbury Road, Oxford, where you can drop in to browse during opening hours (visit our website for details).

FILES
•    Employer Files: Management Consultants A-Z
•    Occupational Files: O1 Management Consultancy

BOOKS
•    Management Consulting, Biswas and Twitchell
•    WetFeet Press Industry Insider series: Guide to Careers in Management Consulting and Careers in Specialized Consulting: Healthcare, Human Resources and Information Technology
•    WetFeet Press Company Insider Guides: including Accenture, Bain, BCG, etc, and The Top 25 Consulting Firms.
•    WetFeet Press Career Management Insider Guides: Ace Your Case! Consulting Interviews and Ace Your Case! II-VI
•    The McKinsey Way, Rasiel
•    The Loyalty Effect, Reichheld
•    The World’s Newest Profession, Christopher D McKenna

E-BOOKS
The following e-books are available through SOLO (Search Oxford Libraries Online) -  http://solo.bodleian.ox.ac.uk

•    Beyond strategy: the leader’s role in successful implementation, Robin Speculand
•    Business consulting: a guide to how it works and how to make it work, Gilbert Toppin and Fiona Czerniawska
•    Management consultancy: what next? Fiona Czerniawska

JOURNALS
•    Management Today, monthly
•    The Economist, weekly
•    Financial Times, daily

DVDs
•    How to crack case study interviews, Bain & Co

TO TAKE AWAY
•    Inside Careers: Management Consultants
•    Targetjobs: Management Consulting

PODCASTS
The Careers Service has recorded a series of podcasts.  Subscribe in iTunes or find a full list here: http://podcasts.ox.ac.uk/#career-unit

Useful websites

In addition to the websites listed below, all companies and organisations mentioned throughout this Briefing can be found via a web search.

•    www.iconsulting.org.uk Institute of Consulting
•    www.mca.org.uk The Management Consultancies Association
•    www.consulting-times.com global magazine for management consultants

VACANCIES AND OCCUPATION INFORMATION
•    www.prospects.ac.uk
•    www.targetjobs.co.uk
•    www.jobs.guardian.co.uk
•    www.jobs.telegraph.co.uk
•    www.jobs.thetimes.co.uk
•    www.top-consultant.com

Social media

Twitter is a quick way to develop your knowledge about the sector and find opportunities.  You can read and search it without an account.  We’ve made 20 handy lists, so that you can see at a glance information tailored to your interests.  See http://twitter.com/#!/OxfordCareers/lists

If you’d like to join Twitter, remember to ‘follow’ us (www.twitter.com/OxfordCareers) as well as your chosen lists to keep receiving useful information to help your career.

Watch our 45 minute talk on 'The Perfect Consulting CV'

We recommend you click here to see the full screen version with searchable content (you will need to download Silverlight - around 60 seconds)


Page last edited: 19 April 2012

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