Management Consulting Interview Preparation Guide
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Management Consulting frequently Asked Questions by expert members with experience in Management Consulting. These questions and answers will help you strengthen your technical skills, prepare for the new job test and quickly revise the concepts

39 Management Consulting Questions and Answers:

1 :: What is management consulting

Management consulting is the practice of helping organizations to improve their performance, operates primarily through the analysis of existing organizational problems and the development of plans for improvement. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice and access to the consultants' specialized expertise.

2 :: What is the Function of Management Consulting?

The functions of consulting services are commonly broken down into eight task categories. Consultants can function as bridges for information and knowledge, and that external consultants can provide these bridging services more economically than client firms themselves.

3 :: What is Specialization in Management Consulting?

Management consulting refers generally to the provision of business services, but there are numerous specialties, such as information technology consulting, human resource consulting, virtual management consulting and others, many of which overlap, and most of which are offered by the larger diversified consultancies. So-called "boutique" consultancies, however, are smaller organizations focusing upon a few of such specialties.

4 :: What types of consulting firms are?

► Large and diversified organizations
► Medium-sized management consultancies
► Boutique firms that have focused areas of consulting expertise in specific industries, functional areas, technologies, or regions of the world
► Strategy consulting branches

5 :: What is Revenue model?

Traditionally, the consulting industry charged on a time and materials basis, billing for staff consultants based upon the hours worked plus out-of-pocket expenses such as travel costs. During the late 1990s and early 2000s, there was a shift to more results-based pricing, either with fixed bids for defined deliverables or some form of results-based pricing in which the firm would be paid a fraction of the value delivered. The current trend seems to favor a hybrid with components of fixed pricing and risk-sharing by both the consulting firm and client.

6 :: Tell me simply about yourself?

The simplest and yet the most dangerous of them all. 120% likely hood of getting this question in every interview round. I dread this question, mostly because I never know how to answer it. I mostly combine with a brief personal & resume based history leading to why I want to go into consulting.

7 :: Why do you want for McKinsey/BCG/Booz/Bain etc?

What I really wish I could say - Because it is McKinsey/BCG/Booz/Bain etc. DUH!!
What I end up saying (and I honestly, personally, sincerely do mean all of my points below)
I know I want to work in the consulting industry, and "Firm Name" is one of the best management consulting firms in the world today.
I personally thrive in an environment which promotes intellectual curiosity and a zest for success.
"Firm's" international presence gives me a chance to work in a global environment and scope.

8 :: Why do you want to work with us as opposed to "Other Firm"?

Because "Other Firm" isn't hiring me!! =) Generally, I believe it's the smaller firms that ask this question. I would like to take it as a compliment. You are so good that this small firm can't believe you would think of joining them as opposed to a McKinsey!!
I personally work in a small consulting firm. Definitely not my first choice, but now that I am here, I can see why someone would want to work in a small firm as opposed to a large firm. Some reasons are -
► I have an entrepreneurial streak. I want to work in an environment where I can experience all aspects of a business' operations.
► I want to be a part of the company's growth.
► The relatively flat organizational structure.

9 :: Why do you want to do consulting?

Sometimes this seems like a no-brainer. I mean why else would you be giving the interview right?
The thing is, most people don't know what they're in for when they choose to go into consulting. This is more so for students who aren't business majors. The employer wants to know if you really know the consulting industry. Are you getting in just for the money? Or because it sounds cool? Or you don't know any better?
Even if the above is true, you should appear to be a well researched individual who knows what he/she wants. A lot of consulting is about marketing yourself/your company/your skills - take your pick. And this starts at the interview level.

10 :: Explain exposure?

The learning never ends. You tend to gain a wealth of industry knowledge and business issues depending on the project you are working on. You interact and work with the most talented and brilliant minds in the business.