Consulting is one of the most competitive careers in the world. For example, McKinsey, one of the big three consulting firms, only accepts about 1% of applicants, which is lower than Harvard's MBA program acceptance rate. Despite this, the industry is still hiring and looking for bright and eager new graduates. As a new consultant entering the industry, it's important to understand the professional consulting and job search process.
Group case interviews help companies assess their ability to coordinate and influence people, which is essential in a consulting environment. Additionally, there are case studies where solving a particular problem is required. The three most prestigious firms in management consulting are McKinsey, BCG and Bain (MBB). In addition to fundamental attributes, consultants also need business acumen and sometimes technical knowledge (for example, in boutique firms).
It's important to note that while there are more opportunities available, you still need to work hard and smartly to become a consultant in MBB or the big 4 firms. To stand out from your colleagues, focus on developing skills that set you apart from them. Every year, consultants from McKinsey, BCG and Bain review tens of thousands of applications but less than 1% are accepted. It's beneficial to find someone who can help you explore your career as a consultant and develop strategies on how to find better job opportunities in consulting.
Consulting positions are highly sought after due to their attractive salaries and benefits. Consulting involves offering a third party experience in a particular matter in exchange for fees. All successful people in the consulting industry agree that it's vital for new entrants to be equipped with relevant consulting skills and knowledge. If you're not good at mental mathematics, especially with large numbers, it's good to practice before looking for a consulting job.