495: Setting up scale: How to avoid voltage drop (with John A. List)

You have been brainwashed by every single forum and case book to assume that McKinsey wants a framework and set of hypotheses, that you have stopped listening as carefully to the interviewer and simply providing hypotheses even when the interview is not asking for them!   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

3 Helmi 9min

For this episode, let's revisit a Case Interview & Management Consulting classic where we discuss consulting firm's training.   Too often clients ask the wrong questions when it comes to assessing training at consulting firms: do smaller offices have poorer training, should I attend training as soon as I join, does BCG have better training than Bain etc. When considering training you need to both consider formal and informal training. As we show, formal training is very useful, but not at all for the hard/technical skills it purports to impart on attendees. Informal training, also known as training on an engagement, is most effective when consultants can practice under diverse conditions. In other words, the more you travel and work with foreign teams, the better will be your training. Some firms encourage more global staffing and others far less. That counts.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

29 Tammi 13min

For this episode, let's revisit a Case Interview & Management Consulting classic where we discuss the economic impact of poor business judgement.   The economic impact of poor business judgement, is a topic we managed every day as partners. Each time an associate made a poor “common sense” decision we needed to explain both the potential reputation and economic damage done to the firm. The former is well-known, but the latter is less known but just as important. In thinking through why consulting firms look for business judgement, it helps to consider the economic impact to clients and the firm.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

27 Tammi 8min

For this episode, let's revisit a Case Interview & Management Consulting classic, building of our technique to develop hypotheses, this podcast explains a clever way to generate creative hypotheses. In essence, the podcast will be useful to candidates who have already seen how we brainstorm and generate hypotheses, since this podcast expands on that thinking. The core of this idea is that if more than one structure can be brainstormed for a case, each of those structures can be used to develop a new type of hypothesis. This is a very, very simple technique as well.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

22 Tammi 7min

For this episode, let's revisit a Case Interview & Management Consulting classic where we share a networking success story with a McKinsey senior partner.   We always ask our clients, especially those from weaker schools, to network with the most senior partners of consulting firms. This is a podcast about a PhD client, from a weaker school and no existing consulting relationships, who painfully followed this advice over several months to network with a member of McKinsey's worldwide leadership and obtain interviews for his office of choice. It is not easy, but can be done. It works.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

20 Tammi 10min

For this episode, let's revisit a Case Interview & Management Consulting classic where we discuss why you should bring energy to the interview.   Lots of candidates leave it to the interviewer to determine the energy levels, tone and mood of the call. That is a bad idea. In our experience, the best candidates always bring a light mood to interviews. Seriousness can hurt you as it is confused for anxiousness. Delegating the mood to the interview is bad idea since it means the energy of the case will be largely out of your control. Moreover, unless you practice controlling the energy, it is unlikely you will have this skill to deploy in the case interview itself.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

15 Tammi 6min

For this episode, let's revisit a Case Interview & Management Consulting classic where we look at how to make estimations when calculating smaller values or working with enclosed spaces like restaurants, the importance of sensitivity analyses and a new limitation of demand-driven cases. This is a very important technique which can significantly improve accuracy and efficiency in case math.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

13 Tammi 5min

For this episode, let's revisit a Case Interview & Management Consulting classic where we discuss bonus versus salary resume.   Bonus versus salary resume is a very simple test we do on resumes. This podcast explains the test. We basically look at whether or not a bullet point explains an action which earned you a salary or would have resulted in a bonus. The latter is vital and the former should be purged from your salary. McKinsey looks for things on your resume which earned you your resume. It is important to understand that merely doing your job is not an achievement in itself.   Here are some free gifts for you:   Overall Approach Used in Well-Managed Strategy Studies free download: www.firmsconsulting.com/OverallApproach   McKinsey & BCG winning resume free download: www.firmsconsulting.com/resumepdf   Enjoying this episode? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

8 Tammi 8min