If you're interested in joining McKinsey, you've come to the right place. Here are some details about how to apply to McKinsey's Summer program, including the interview process and how to prepare. For post-doctoral, MD student or PhD students, there are more details about the program and how you can apply.
Recruiting process
McKinsey is one of the most stringent corporate recruitment processes. Over 200K people apply. The process is designed to narrow down the pool of qualified candidates. With an acceptance rate of just 1%, it is one of the most competitive in the corporate world. The application screening and McKinsey Problem-Solving Test are just two of the stages. There are guides available from Management Consulted and other sources to help you get ready for the test.
There are several steps in the recruitment process. It all depends on whether you are an undergraduate candidate or an advanced degree candidate. The process for both undergraduate and advanced degree candidates is the same. However, each stage has its own unique aspects. You'll first need to decide which office you wish to work in.
Interview process
The McKinsey advanced degree interview involves four parts. The first part of the process involves a two-hour interview and is centered around a case study and a personal experience question. The second round will include a case study and an advanced problem solving test.
You will need to submit the application once you have completed it. Keep your resume current with any relevant work experience. The earlier you submit your resume, the better. It is also a good idea that you double-check everything before sending it.
Requirements
McKinsey & Company offer a variety of positions in its consulting department. This includes associates, business analyst, and consultants. Each position involves being an expert in a specific field to help organizations succeed. A relevant degree is necessary to be eligible for this position.
McKinsey searches for individuals with unique problem solving skills and intellectual power. People who have a PhD and a JD or MD degree are typically well-qualified. A company values intellectual curiosity and expertise in particular industries. It also values leadership skills. A PhD might not be required in order to be considered for consultant status, but it will give the candidate an edge in the eyes and minds of clients.
Summer program
A McKinsey intern is for you if your current degree program includes a master's or doctoral program. You will be able to help clients with their problems by working with McKinsey's team. Associates and analysts can be applied by students. All students in North America are eligible to apply.
Although the program is very competitive, it will give you an edge when applying for full-time positions. In most cases, you will get a guarantee for a first-round interview for a full-time role after completion of the program. The deadline for applications is March 11, 2020.
FAQ
What is the difference in a consultant and advisor?
An advisor gives information on a topic. A consultant can offer solutions.
Consultants work directly for clients to help achieve their goals. The advisor provides indirect advice through books, magazines lectures, seminars, and the like.
How can I become an expert consultant?
First, find a subject you're passionate about. First, build relationships. You need to know what clients want and how they operate. You must also deliver results.
While you don't need to be the best at all things, it is important to be better than others. Passion is key. It is not enough to simply say, "I want to become a consultant." You must believe in yourself.
What are the different types of jobs available for consultants?
Consulting requires an in-depth understanding of operations and business strategy. Understanding the business world and how it fits into society is essential.
To be successful as a consultant, you must have strong communication skills and an ability to think critically.
Because consultants may be required to perform different tasks at different times, they must be flexible. Consultants should be able to quickly change their direction if necessary.
They must be prepared to travel extensively for the clients they represent. This type work can take them anywhere in the world.
They also need to be able to handle pressure and stress well. Sometimes, consultants may be required to meet strict deadlines.
As a consultant, you may be expected to work long hours. This could mean that overtime may not always be paid.
What are the benefits of consulting?
Consultants are able to pick when and where they want to work.
This means that you can work when you want and wherever you want.
You also have the freedom to change your mind at any time without fearing losing your money.
Finally, you have the ability to control your income levels and establish your own schedule.
What qualifications are necessary to become a consultant
Not only is it important to have an MBA but you should also have business consulting experience. You must have at least two years' experience working in consulting and/or training within a large company.
Your experience in strategy development projects requires that you work closely with senior managers. This would require you to be comfortable with presenting ideas and getting buy in from clients.
Additionally, you will need to pass a professional qualification such as the Chartered Management Institute Certified Management Consultant (CMC).
How much should you charge to be a consultant?
It depends on your offering. If you're providing services for free, there is no reason to charge anything. If you sell products or services, however, you must set prices based upon value.
You don't have any products to sell if you provide low-quality services. Why would anyone pay anything for you?
If you're providing high-quality services you might ask for a greater price. Because people are aware of the value you provide, they will be more willing to pay you a higher rate. You may also want to offer discounts to clients who buy multiple packages from you.
Statistics
- 67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.com)
- Over 50% of consultants get their first consulting client through a referral from their network. (consultingsuccess.com)
- Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
- WHY choose me: Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months). (consultingsuccess.com)
- "From there, I told them my rates were going up 25%, this is the new hourly rate, and every single one of them said 'done, fine.' (nerdwallet.com)
External Links
How To
What's a typical day like for a Consultant?
Each type of work will dictate the day's pace. However, the majority of your day will consist of research and planning, meeting clients and preparing reports.
You'll often have meetings with clients where you can discuss issues and solve problems. These meetings can be done over the phone or via email.
It is possible that you will be asked to write proposals. These documents outline your ideas and plans, and are required by clients. You will need to discuss these proposals with a mentor or colleague before you present them to clients.
After all the planning and preparation you will have to put your efforts into creating some content. You could write articles, design websites, edit photos or conduct interviews.
Depending on the scope of the project, you may need to do some research in order to gather relevant statistics or figures. For example, you may need to find out how many customers you have and whether they are buying more than one product or service.
Once you have enough information, it is time to present your findings and conclusions to clients. You can present your findings verbally or in writing.
Finally, you must follow up with clients after the initial consultation. For example, you could call your clients periodically to check how things are going. Or send them emails asking them to confirm they have received the proposal.
Although it takes time, this process is worth it. It's also important to keep your eyes on the prize and maintain good relations with clients.