159: What is Analytic Thinking Vs Mathematical Thinking
The first podcast discusses a common challenge new consultants face: how to show strong analytic skills on an engagement. Here I discuss one of my earlier engagements as a principal where I managed a very introverted lawyer. Despite her non-quantitative degree, reserved demeanor and being placed on a piece of work which was not, at first, open to much creativity, she developed an eminently analytic way to solve a significant problem impacting the entire engagement. This is probably one of the most concise, tailored and innovative pieces of analyses I had ever seen in my career. What makes a consultant analytic, is not the type of work that lends itself to analytic reasoning, but the way you approach what may seem to be a mundane problem. In fact, no sector or engagement is boring if examined appropriately.
4 Okt 201320min
158: US Postal Case Coaches Detailed Feedback
This podcast answers the questions raised below, by a client trying to understand how to develop hypotheses in a fairly difficult case. The case looks at ways to increase the US Postal Services market share and profitability. The client has graciously allowed this one detailed response and his notes to be shared in our public section. “A big overarching question I have with the answer first approach is I don’t know if my initial hypothesis should be broad (in which case they cannot be tested with data unless the hypotheses are first refined and narrowed, so I could only ask what areas I would explore to do that) or alternatively to make my initial hypotheses narrow and precise (in which case I can ask for data to test them but if my hypothesis are wrong then I will be stuck). Any thoughts?”
28 Sep 201329min
157: How to Influence Your Interviewer
In this podcast we will discuss a client who is very good at influencing the way interviewers work with her, and the subtle danger of her approach. A counter-point to this is another candidate who initially completely mismanaged his image, and we discuss the impact of his actions and what happened when he changed.
22 Sep 201323min
156: Key Differences in Bain FIT Questions
In looking through our database of over 240 former clients and speaking to Bain partners we know, we see two unique ways a Bain fit interview differs from a McKinsey PEI. The first relates to way in which you interact with the interviewer as you deliver your response, and the second relates to a very specific attribute that Bain seeks in your fit responses. Both differ substantially from a McKinsey or BCG interview. In fact, EVERY single client we placed at Bain strongly displayed these two characteristics. It is uncanny how close a correlation exists.
16 Sep 201313min
155: Bonus vs. Salary Resume Editing
Bonus versus salary resumes, 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.
10 Sep 20138min
154: 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.
4 Sep 20137min
153: Generating Multiple Creative Hypotheses
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.
29 Aug 20137min
151: Read Exhibits as Maps For Insights
In this podcast present a clever technique to treat graphs as “maps” when reading them. Corporate Finance candidates will like this. The key to this technique rests on the simple idea of ignoring the data plots and first trying to understand what the type of graph is saying. Once this is clear, the data is then examined within the graph to understand its meaning. The podcast explains this with an example and is a very effective tool we use for teaching clients.
23 Aug 20136min
