Case Interview Preparation & Management Consulting | Strategy | Critical Thinking

We receive many emails with questions about how to be productive. In this podcast, which builds on other points about this topic we have previously made, we discuss 6 other areas to consider. (1) Time management, (2) Managing obstacles, (3) 90% rule, (4) When to work, (5) Focus and (6) Why to work. Point 6 is particularly important. Many of the things we do at Firmsconsulting are never started with the intention to generate profits, and some never will. We maintain 3 iTunes channels, more than most firms, and we do it because we enjoy it and want to share our vast knowledge as partners. That is one of the most important lessons, which we will discuss today. SIGN UP FOR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING COME HANG OUT WITH US: Facebook / Twitter / LinkedIn  

When I was an associate and had just joined the firm from a boutique firm, many of my colleagues from the boutique firm were also looking for new roles. Some of them were outstanding and others were terrible. Shortly after I joined the firm it was announced that some of the terrible consultants had been made offers to join the firm.  In this podcast I explain why I resigned, how the firm reacted and what both actions tell us about how we should make career choices.  It is never ever about the money. If you choose money in the short-term, you will be less wealthy in the long-term, and vice-versa.​ SIGN UP FOR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING COME HANG OUT WITH US: Facebook / Twitter / LinkedIn  

Have you ever applied to a firm that wants you to interview with 7 to 12 people? They will tell you this is because they are careful or because everyone must have a say in the decision. None of that is true. In this podcast we explain why the need for multiple interviews is a symptom of a firm that does not know what it wants and therefore cannot make a decision. Increasing the number of interviewers simply removes the accountability from any one person for making a decision, because, with no clear guidelines, no one can or wants to make a decision. It is easier to be part of 12 people making a decision versus being the sole arbiter whom will be accountable. No one wants that burden when the goalposts keep moving.​ SIGN UP FOR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING COME HANG OUT WITH US: Facebook / Twitter / LinkedIn  

When Booz was acquired by PwC, many consultants joined rival firms. BCG Middle East was a major recipient of Booz employees. In this podcast we explain a promotion tenure limit imposed by the BCG Middle East practice, which we believe was driven by the hiring of so many Booz consultants, and, with greatest respect to BCG, hurts the firm and its culture. We discuss the policy, why it defeats the principle of demonstrated competency and why it implies that BCG Middle East values the opinions of another firm disproportionately. We feel this policy should change. SIGN UP FOR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING COME HANG OUT WITH US: Facebook / Twitter / LinkedIn  

Too many clients panic when they are managed out of McKinsey, BCG or Bain. They assume the worst and imagine a tattered reputation. This could not be further from the truth. In this podcast we explain why it is in McKinsey’s and BCG’s best interest to never disclose you were managed out. It is part of their business models that the market never knows you may have been the world’s most ridiculous consultant. So, if you are being managed out, relax.​ You will be ok. SIGN UP FOR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING COME HANG OUT WITH US: Facebook / Twitter / LinkedIn    

In this podcast we discuss the most recent experiences of Sveta, a scholarship holder in our Emerging Fellows program. Sveta hails from a tiny village in the far north-east of Siberia. We helped her join the #1 school in Moscow, moved her to a Grand Ecole in France and she recently joined MBB. In this podcast we discuss the obligations of the Fellows to spend at least 2 months per annum in their home countries to help with critical development issues. You will find that it takes an enormous amount of influencing to make this happen, and that is normal. Sveta is like any young adult. She wants it all, and we just need to guide her along. NOTE: Please note that we always change some of the details about clients to protect their identities.  SIGN UP FOR EMAIL UPDATES HERE & RECEIVE FREE CASE INTERVIEW TRAINING COME HANG OUT WITH US: Facebook / Twitter / LinkedIn

This is an exclusive interview that Bill recently had with Firmsconsulting where he shared some counter-intuitive concepts you will not hear anywhere else. Bill was the partner who helped develop and implement the McKinsey philosophy that helped the firm pull ahead of BCG in the 1980’s and 1990’s. He was thereafter the partner who led BCG’s efforts to overtake McKinsey. Why are we releasing this on the first day of the year? We want you to take an aggressive hold of your career this year and begin investing in your future from the first day of the year. This insightful, inspiring and counter intuitive podcast explains the steps McKinsey took in the 1980’s to reposition the firm. To be exceptional, planning is meaningless unless you know what to plan. You need a point of differentiation and you need to consistently drive that difference. Related: - What is comparative advantage in your career - You can find related videos here: Strategy Library

This podcast introduces the new and comprehensive consulting business case + financial analyses + financial modelling training we are about to release. In particular I discuss my internal consulting training and my very first study leading the business case. Contrary to what you may think, the training at McKinsey and BCG can be weak and contain many flaws. This podcast explains how we built on the training at these firms to develop something far more effective. Related: - Live-blogging a Financial Service Stratey Study - You can find related video here: Strategy Library

This podcast introduces the new and comprehensive consulting business case + financial analyses + financial modelling training we are about to release. In particular I discuss my internal consulting training and my very first study leading the business case. Contrary to what you may think, the training at McKinsey and BCG can be weak and contain many flaws. This podcast explains how we built on the training at these firms to develop something far more effective. Related: - Live-blogging a Financial Service Stratey Study - You can find related video here: Strategy Library

This podcast explains how teams are assembled and the role given to consulting stars. Many assume being the manage means you are the best performer. That could not be further from the truth. Related: Learn more about consulting from our leadership publicationFirmsconsulting Quarterly

Consulting financial analyses is not at all the same as financial modeling. This podcast explains how they fit into business cases. Related: - You learn amazing details from our Live-blogging a Financial Service Stratey Study - You also learn financial modeling with videos and ppts from our Strategy Library

The CEO of LAB asked us to provide some perspective on three questions. (1) Should LAB, a bank, make coding a mandatory skill-set for new hires? (2) How should LAB position itself against other development finance banks? (3) What is the main benefits case we see in the study? Question 3 was answered in the live blog. Question 2 will be answered in the live-blog soon. This is the answer to question 3. Related: - You learn about LAB study from our Live-blogging a Financial Service Stratey Study - You also learn financial modeling with videos and ppts from our Strategy Library

This podcast explains the member changes we will soon make to the Firmsconsulting website. We are rolling out a new way to track contributions from members and reward members for their contributions and support.

This slightly humorous podcast draws an analogy to Nigerian gangsters (or is it “gangstas”) in a famous sci-fi movie and software counterfeiters to explain the problems tier-2 firms create in their obsession to replicate BCG’s analytics tools, toolkits and templates. Related: You can find previous in-depth discussion and comments on our site.

This podcast explains the common mistake all rivals, tier-2 firms, to McKinsey and BCG make: they value the wrong skills BCG has. This podcast explains the 4 capabilities a firm must have and how to use them: (1) Values (2) Strategy approach (3) Analytics (4) Ability to draw insights We can all agree that everyone is obsessed with the analytics at their peril. Tier-2 firms are truly shocked when they apply the same analytics as McKinsey but get a different result and still cannot raise their standing in a client's eyes. There is a reason for that. Related: - Interview a Deloittee Strategy and Operation Principal - Deloitte IT Strategy and McKinsey BTO

Many of us rely on titles to determine if we becoming leaders in a consulting firm. This podcast provides a more important of definition of consulting leadership: who does the consulting firm turn to in times of crises and how do they do so? In fact, you will see that a leader in a consulting organization can be as young as an analyst and a partner may not be a leader. In fact the level of candor between you and the existing leadership is the only measure that matters. This podcast explains this concept with various examples Related: - Competing with a high performing consultant - Learn all about consulting from our Consulting Offer

Those of you who follow my podcasts would know that I place an incredible amount of emphasis on not just being good at structuring issues and analyses, but also the way you manage people: consulting EQ. Learn more about the consulting EQ here Related: - Detailed videos about consulting EQ (managing, communication, motivating, coaching and mentoring clients and consultants) can be found in our detailed corporate strategy training library

What happens if you are doing a smaller study, but you identify an opportunity to sell-on a larger, more lucrative and glamorous strategy study? In this podcast I explain how the opportunity for sell-on strategy work is evolving at LAB, the financial services client whose strategy study we are live-blogging, and how an elite firm would handle the situation. It has nothing to do with sales. Related: - Learn more about strategy from our corporate strategy training - strategy library

Readers in other sectors like financial services, energy, retail, automotive etc., make a massive mistake when looking at the technology strategy study training we have up on the site. They assume that the study will not train them about corporate strategy since it is about corporate strategy for technology company. That is major flaw. This podcast elaborates on some of these reasons: 1. Every corporate strategy study must be done for a client in a sector. Therefore it is impossible to find corporate strategy training which is generic - that is, not specific to a sector. 2. The thinking, techniques and training applied to one sector is designed to be applied to any sector. 3. Even if you worked in financial services and we loaded the financial services strategy study shortly, a sector is so large, the study may not even touch the issues you want to learn - therefore focus on the techniques used versus trying to copy content across for your own studies. Do not get into the habit of simply copying analyses.

Week 1 of the financial services strategy study to enter the US retail banking sector is about done. You can see the detailed live-blogging of the day-by-day analyses, planning and insights here. This is a real study, done for a real client with a real team of consultants led by Firmsconsulting. Once the study is done, we will post the findings and detailed guide using the map format used for the corporate strategy study training. This podcast is a wrap-up of the week. We remind readers of the strategy we followed, all the goals we set for the week, our progress against those goals and our key findings thus far. We also discuss a potential scope change and how we will handle that. It is has been a great week and we wrap up things in New Mexico where the team is conducting more shadow studies / day-in-the-life-of studies of distribution financial intermediary in the border town of Columbus. Related: - Learn more about financial analysis in our strategy library