533: Starting a business from scratch (with Jeff Lerner)

I have had many people emailing me the Goldman Sachs letter to tell me that, "Michael, this is exactly what you teach us." It is not. I fundamentally disagree with what Greg Smith did. It goes against the consulting culture, values and ethos, at its very fiber. Here is why, and I would welcome your comments on this.

18 Dec 201129min

Based on offers made to our candidates in the Fall 2011 full-time recruiting, we present the ranges of packages offered. The sample size, 48, is large enough to offer a good approximation of all offers extended. Listeners are cautioned not to extend these numbers outside the USA, where salaries differ significantly. As expected, Accenture and Deloitte dramatically out-offered Bain, BCG and McKinsey.

12 Dec 201114min

An earlier podcast discussed a fairly labor-intensive case where we needed to literally roll-up our sleeves to find and extract data. This is the opposite engagement. It is the glamorous engagement all aspiring consultants dream about and imagine consulting is about. In this engagement, we worked for the largest company in the world, in its sector, to understand how to increase its share price. We were based out of The City in London and had to change conventional wisdom about value creation. I had the good fortune to lead this engagement.

6 Dec 201143min

Many, many see fit as just 15 minutes of the full case. That is a dangerous myth. You are always being assessed for fit, even when the formal fit portion has ended. Provided you understand this, you will be fine in cases. Moreover, do not memorize answers. The main part of the fit is not the initial answer you provide, but the cross-examination which will follow, especially with McKinsey, and you can never be prepared for that.

30 Nov 201113min

This podcast addresses some of the common misconceptions candidates have, and the mistakes they routinely make for this McKinsey path. Many of this mistakes commonly arise due to the nature of the work done in BTO. We advice applicants to focus less on "what" is done and much more on "how" it is done. This is also one practice we have been most successful in placing older candidates.

24 Nov 20117min

A continuation of a podcast series we regularly update which looks at new traits and examines some in greater detail. In this posting, we spend more time looking at experienced candidates. Experienced candidates face unique and material challenges such as being out of an university recruiting cycle (out-of-cycle), having to prove their analytic skills, having to prove their ramp-up rate etc. We discuss how successful clients in our program have met these challenges and thrived.

18 Nov 201118min

This podcast provides some behind the scenes numbers about MBA program in the Great White North, as well as some tough questions candidates should ask themselves before applying. The headline is that the traditional power-house schools like Ivey and McGill have essentially fallen dramatically behind and largely rely on their alumni success versus any real weight in the current placement numbers.

12 Nov 201118min

This podcast looks at the profile of an older MBA candidate who has extensive oil and gas expertise. We offer some counter-intuitive advice to this candidate for their career and planning. While we use an oil and gas profile, this advice is relevant to any experienced hire and we caution candidates to think very carefully about the quality of their backgrounds when applying this advice to their own needs. The quality is what matters - not the time spent in a sector.

6 Nov 201110min