Consultant internship interviews

On campus recruiting for juniors and sophomores are in full swing.

Some of our readers have reached out to us with questions on how to stand out in a pile of resumes. Moreover, they want to know what additional characteristics firms like McKinsey and Bain look for in their candidates in the summer internship rounds.

The summer internships at McKinsey, Bain and other consulting firms are notoriously difficult to land. This is due to the limited number of spots: at certain offices in their system, McKinsey or Bain will only have 2 to 8 interns at each office every summer.

So, cutting to the chase, what common threads can be found among those who were fortunate enough to have a summer internship offer at a top management consulting firm?

• Strong academic credentials: At one of the most competitive offices of MBB, summer interns boasted an average SAT of 1540 on Math and Reading. The average GPA was over 3.8.

• Significant and prestigious campus leadership: Some students were on the lower end of the academic performance curve. However, they stood out by being class presidents, university representatives on boards, and the like. MBB look for these "class captains" because after their summer internships, they return to campus and serve as ambassadors for the firm -- they are the big people on campus and often convince their network of friends and classmates to apply for full-time.

• Other outstanding accomplishments: Beyond the buckets listed above, those who land summer internships may stand out for other reasons. Some were star science researchers in undergraduate / postgrad labs, had done policy research in developing countries, designed afterschool curriculums for disadvantaged students, or have done other significant experiences that catch recruiters' eyes

That being said, it is certainly possible to get an internship or job in consulting without being extraordinary on all of these fronts. When it comes down to it, a resume needs to be well-written, polished, and make you memorable during the interview screening. Having the above experiences will no doubt help, but there are other ways to merit favorable consideration - by doing common tasks (your academics, some extracurriculars, and networking very well).

Last, an interest in consulting is a must. Consultants often pass on stellar resumes when they don't feel that an applicant really understands what the industry, job and firm are all about.

Feel free to keep those questions coming.

Case Interview pet peeves

We recently conducted interviews at target schools for first and final rounds. After seeing thousands of resumes and nearly 50 interviews, we noticed the following case interview mistakes coming up very frequently (even among the best candidates). The aim of sharing these tips is to help many of you who are still interviewing for consulting gigs.

1. Students who force fit frameworks -- if you recite Case In Point, you'll get the ding.

2. Students who ramble on and on with no structure -- as a business analyst or associate, you'll need to communicate your thoughts when you're walking with a client to a conference room. If you can't communicate the most important messages under pressure, you won't get the offer.

3. Students who communicate creative, but impractical, strategies and solutions -- the main job of an entry level consultant is to get the analytics right. By trying to be too creative, students' recommendations become unfeasible for clients. And you only have 30 minutes or less to impress the interviewer with strong business insights. Overly florid strategy recommendations may detract from the "test" of the case interviews.

Good luck with the recruiting season!

And the positive results are in

"Just wanted to say thanks to the whole team for helping me out with my resume/cover letter. I already landed 2 interviews (one BB and one Boutique) making it 2/3 on applications so far with many more responses coming down the line." --- Student at a target school

"Feeling a lot more confident now! Thank you and keep up the good work. Will definitely refer your service to my friends in the future." --- International student who broke into a bulge bracket

"I applied unsuccessfully for internships my sophomore and junior years. Finding your site was a gold mine: the insights were dead on. I incorporated your thoughts to my cover letters and resumes. Not only did I land 5x as many interviews, but I also made my resume appeal to my interviewers. I'm fortunate to say that I'll be working at Goldman Sachs IBD next summer! Keep up the stellar work!" --- Student who broke in from a non-finance background

"As you already know, I'm a career shifter, interested in either research/IB or MC. I feel that I have the skill set, acumen, but not the ideal pedigree. I came specifically to you so that you could help reposition my past experience in the most favorable light- you have done a fantastic job, and I can say that you have far exceeded my expectations." --- Experienced candidate who used our services to make the transition

Cold Calling

(1) Is there an ideal “plan of attack” for cold calling?

Be professional and persistent in every interaction. First exhaust any personal connections through family/friends/classmates/professors/alumni. You have a much higher success rate working through your existing network. Then turn your efforts to cold-calling. Also, don't give up if you aren't able to get through to a recruiter/hiring manager at a firm that you're excited about -- you can always try to talk to a banker (someone working in the position you want) and then keep asking for referrals until you get to the right person. Be flexible with your plan of attack because firms operate differently. Would be best to start as soon as you can.

(2) An American BB has an office located a few floors below in my building. I was thinking of developing a short elevator speech. Is this a good idea or should I stick to cold calling?

If you run into a banker at your building, make some small talk with them about something other than work. Once you've made a personal connection, then it becomes more appropriate to talk about your interest in banking.

Know Your Audience

We've spoken with readers who over the last recruiting cycle interviewed with Blackstone, JP Morgan, BoA/Merrill, Goldman Sachs, and others.

These were applicants who ranked at the top of their classes at target schools. Their resumes and cover letters were in top shape, yet they still didn't land offers.

What was the problem?

As good as these candidates looked on paper, they did not understand their audience -- the interviewers.

Here are some important insights on unsuccessful answers to the commonly asked questions in finance interviews.

(1) Why investment banking?

Unsuccessful responses:

"I want to work in an environment where I have social impact -- and given the level of capital and advisory services that your bank offers to clients, I will be in a great position to influence the financing decisions of clients."

"I like the excitement of working with smart people and contributing my background in science to conducting rigorous due diligence on target firms."

These responses, though true, do not convince the interviewers that you understand the significance of your role. Yes, banks in theory do have a social impact, but this is a macro-level view of IBD. The second answer is much more on a micro-level, but it doesn't convey a full perspective of what the IBD role entails.

In our experience, it's essential to communicate that you understand the nature of the IBD role. Here's a strong answer to the question (note that this response is more or less what we said to land offers at GS and other firms):

"As an analyst, I'm looking forward to excelling in a team culture where I get to deliver the highest-level quality in advisory and financing solutions to a broad base of clients. Moreover, from speaking with alumni who work here, I am confident that I will find the work intellectually simulating for the following three reasons..."

(2) Why Blackstone/JP Morgan/another firm?

Unsuccessful responses.

"Your firm is versatile in its specialties - from IBD to risk management."

"Blackstone is always on the top of the league tables."

If you're too broad, it becomes apparent to the interviewers that you didn't do intensive research on the bank and its reputation among those who work there.

If you're too specific, you risk the chance of being completely wrong. As the financial landscape changes, it's important to have the most current, up-to-date information on how the firm stands out.

The best way to understand your audience is to talk to people who work at the firm - get on the phone and speak with alums, friends of friends, and the like. You will pick up on what is important to employees, senior management, and ultimately your interviewers.

Preparing for Fall Recruiting

The journey to landing a summer internship at your desired investment bank or management consulting firm starts now.

There is usually a rush of students asking for help in August/September. It is better to get on the application and interview preparation process earlier. July is the ideal time to begin.

Why?

• Starting in August, bulge bracket firms have a "short list" of candidates to interview. Banks can fill up their entire classes by the end of the month.
• Many schools start in August and banks are busy preparing for on campus presentations. Their resume drop deadlines are also in August.
• If you wait to contact an alumni at a bank in August, chances are that you won't have time to develop that relationship for it to be an asset for you in the resume review round.
• For consulting, you need to practice, practice, practice! Case interviews test presentation skills, natural quantitative ability, and analytical skills. It takes time to develop and refine these skills.

Breaking in from a non-business Graduate School

From a reader:

I graduated from a top 25 public school in 2008 with a degree in Neuroscience. I will be graduating with a MS in Biomedical Science this June from a top research school (not a target). Prior to this year, I never had much exposure to the financial field. However after taking healthcare administration, management, and law courses, I found business to be much more aligned with my goals.

1. As of right now, I would ultimately like to end in finance. Does this require me to start in finance, such as IBD?

Since you will be graduating from a Masters Program in the sciences, it may be difficult for you to directly break into a finance position at a bulge bracket firm. However, alums from your undergrad are well represented at many finance firms, and it would be your best option to start getting on the phone and emailing them about your interest. The more people you talk to, the more likely it is that you will get to assess your fit for the industry and figure out exactly what part of finance (sales, trading, asset management, banking, etc.) that you would like to pursue. Once you figure that out, you will be more successful in telling your story and can begin applying anywhere and everywhere you can. Start at the local to medium sized shops, since you are graduating from a non-business oriented program. You can make the switch to banking/consulting, but you need to be strategic with how you describe the evolution of your interests and why you want to pursue those fields only now and not as an undergrad.

2. I know there are consulting firms, such as PWC, that cater towards health industries. Hopefully my experience in the medical field will help make me a stronger candidate. However will this help my application for IBD?

Yes, definitely look into consulting shops that focus on science, medicine, pharmaceuticals, and other areas that relate to your academic background. You can leverage past consulting experience in the sciences to an IBD role in technology, healthcare, or another relevant field. The transition is made easier once you have some business background on your resume.

3. How possible is it for me to get hired by top firms if I apply now?

Honestly, it's very unlikely to get hired at this moment since A. we're still in a downturn and B. most of the hiring at bulge brackets has been completed (full time hiring begins in August and finished around December). That said, if you get on the phone and tell your story to alums or your other contacts, you may have a good shot at landing positions at firms with less formal recruiting cycles. Don't just rely on submitting resumes through company websites though, as firms receive literally thousands of applications and it's difficult to be noticed that way.