What’s the process?
Whether you apply as a student or as an experienced professional, you need to have great academics. To tick that box, you first need to have studied at a target university. You can check this by reviewing consulting firms’ websites—if your university is listed and the firm attends the campus to host recruiting events then the university is a ‘target’. If that’s not the case, the odds are against you, but it’s not impossible.
You need to prepare well for the interview
If you study or studied at one of the very best universities, one that sends a large contingent of students to McKinsey, BCG or Bain, then graduating in the top half of the class could be enough. If you study or studied at another target university, where the top firms only recruit 1-3 students a year, then you’ll need to be in the top 5-10% of your class.
Key Takeaways
- Discounted cash flow (DCF) helps determine the value of an investment based on its future cash flows.
- The present value of expected future cash flows is arrived at by using a discount rate to calculate the DCF.
- If the DCF is above the current cost of the investment, the opportunity could result in positive returns.
- Companies typically use the weighted average cost of capital (WACC) for the discount rate, because it takes into consideration the rate of return expected by shareholders.
Some tips for the research phase:
- There’s nothing worse than applying to the wrong recruiting channel at the wrong time of year, and maybe even at an office that works with very few industries you’re interested in.
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- To avoid these mistakes, it’s good to do some research first! You can use Google, attend recruiting events, and speak to current and former consultants.
- You must put the time and work into developing the skills you will need to demonstrate in consulting interviews
What else?
The case interview is a condensed simulation of a real client case where your skills as a potential consultant are tested in real time. This means you can’t simply read a case book and rock up to your interview hoping for the best. Although raw skill and aptitude is important, nobody is born knowing how to crack a consulting case interview. You must put the time and work into developing the skills you will need to demonstrate in consulting interviews.
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