All participants have come back with enriching experiences. The students who visited Deloitte, Hyderabad had this to say.

1. Very informative and open project discussions during all three presentations, which revolved around a new medical device for Sleep Apnea (Balaji), supply chain projects of Fonterra (Mohan) and Program Management. The students were able to ask questions related to ELPs (connected to these projects obviously) and get direct answers from the consultants.
2. A good amount of time was invested by everyone. The session started with the address from Santosh, who is heading the India Strategy Practice. Most of the alums were around, despite their busy schedules, and were answering all our questions, be it about CGPA, courses, work-life balance, or nature of assignments.
3. I personally had a great day. The informal lunch at the end was great, and it truly gave us a “flavor” of what life in Deloitte is for a typical consultant. The best thing about this was how open these guys were about almost everything, their opinions were honest and made for a truly fruitful interaction. Overall, it was a great event, the three presentations were very practical, and the reception, nice and warm.The  hosts were very receptive, and shared lot of good insights with us on consulting and networking.
4. It was a great session and the forthright attitude stood out. Santosh was phenomenal in setting up the ground by explaining the Deloitte organization structure and how Indian practice is integrated with its US counterpart. Later, we had a great discussion with ISB alums of Class of 2009. The best take away for me was that I could identify what kind of culture Deloitte has and would I like to work in this organization. I was very impressed by the team culture, and how much stress they put on development of an individual.

We will post the experiences of students who visited McKinsey and ZS Associates soon.

ISB Alums from McKinsey

Mr Rajiv Lochan is a McKinsey Partner based in Chennai. He has extensive consulting experience both in US and India. He has been involved with ISB since the very beginning. It was a delight to listen to him.

Rajiv Lochan on the Art of Consulting.

He described consulting as the art and science of pattern recognition and application of these patterns to solve practical problems. The workday of a consultant revolves around the following four activities -

1. Interacting with senior executives on client site.
2. Engaging in problem solving/brainstorming sessions with internal teams or clients.
3. Trying to secure buy in on a project from the client.
4. Leveraging on internal expertise through knowledge sharing to the bring the best of the services to the client.

He then touched upon what makes a good consultant. That is, what McKinsey looks for in ISB graduates. The criterion stands on the pillars of leadership, problem solving abilities, interpersonal skills and drive. A spike on any of them with good quantities of others will be able to get you through.

Sudipto then took the stage to discuss about his induction into consulting and his first project.  He discussed McKinsey’s Urbanization Project for India. He emphasized that the projects can be very broadly scoped and challenging. It doesn’t matter if you have limited experience in the related area., the team is always very knowledgeable and diverse. That allows you to traverse the learning curve quickly. Sudipto described this project as a thoroughly enjoyable assignment, which took him to several  cities in India and abroad to explore their growth and development.

Students loved Rajiv Lochan's presentation.

Mr Rajiv Lochan then came back to stage and gave use a brief overview of his continuous involvement with ISB. He is part of the team that conceived and executed the the project that led to ISB. He ended by promising many more McKinsey events in future.

This was followed by tea and informal discussions with Alums.

Great student turnout at the BCG ELP event.

Amit started the session with some gyaan about the process of consulting. One of the most important things is getting the framework correct. A suitable framework allows you to ask correct questions and stress test the methodology. For example, one can check if the information gathered covers the different focus areas of the framework adequately.

He also stressed on consulting being all about team work. The team is not just the consultants, but also the clients. The mantra is to work with the client to define the problem, gathering data, and ultimately solving the problem.

Mr Suresh Subudhi explains the softer aspects of consulting

Suresh covered another important part of consulting profession, the client relationship management. He emphasized on the need to align your success with the client’s and to create a trustworthy relationship between the two parties. He went on to describe some of the interesting techniques to gain the respect of the clients, while maintaining that the best way to do it was to be prepared.

This session on the softer aspects of consulting was an eye opener for most of the students. The session was followed by lots of interaction with the BCG team.

This session was attended by Ashish Iyer (Partner and Director BCG),  Navneet Vasishth (Principal) along with three ISB alums, Akshit Shah (batch of 2007), Ankush Wadhera (batch of 2008) and Kanu Julka (batch of 2009). After a brief introduction of BCG and its values by Navneet, Ashish took charge of the session.

Ashish went on to discuss the causes and effect of the current economic crisis. He delved into the details of sub-prime lending and Credit Default Swaps (CDS). This led to a very interesting discussion with the audience on the underlying reasons for the crisis and how long the recovery will take. Ashish concluded the session with a discussion of the expected effects of this crisis on Indian economy.

This was followed by a separate session between the alums and the ICON (Internal Consulting Project) teams.  The ICON teams utilized this opportunity to clarify their doubts and to get some good ideas on how to approach their respective projects.

- Ravi Krishna (class of 2010)

BCG was represented by

Akshit Shah, Senior Associate (co’2007)

Jitesh Shah, Senior Associate (co’2008)

Some of my major takeaways from the session -

* Understanding the hierarchy and growth path at BCG

* CV

CV is the most critical tool to get short-listed. Alumni help during the duration of the course to help refine it. FOCUS ON THIS WELL, starting Term-3.

* Recruitment Process

BCG would get the resumes of people (~250 in co’2009) for the job-posting. The CV is critical. The BCG shall have panels to eventually shortlist 30-40 people for the interview. There are typically multiple rounds of interview and one may be rejected at any of the rounds. BCG does take into consideration your experience, undergraduate education while short-listing.

Mantra, as I understood is-

“Did you excel?”

“Did you excel consistently?”

* Spikes

It seems that spikes are essential for Consulting J Typically the spikes can fall into the categories of academics (at ISB or pre-ISB education), work experience, Co-curricular activities, and extracurricular activities.

In general I believe the non-academic Spike is a way to measure the passion and excellence one can achieve for the activity.

Some myths-

* Becoming a Club President is not a spike. What matters more is what you do as President or while being at ISB.

* Even without being President of any club there are examples of people who work hard towards activities which were well appreciated.

Some of the examples of the X-factor that could help in shortlisting-

* Enormous patents

* Doctor from AIIMS with exceptional work experience

As a thumb rule, without any spike it is difficult to be shortlisted, 1 spike is a grey area while 2 spikes can make a strong case for short-listing.

* Life @ Consulting

The typical work hours cited was 9 am – 8 pm if you are at the base location, while working at the client side this may be higher. Typically Akshit mentioned he worked for 30% of the weekends in last 2 years.

People do manage to get married and remain married J There have been instances when ISB alumni have taken 2 months off for paternal leave or 9 months off for maternal leave.

Also it was great to know that BCG attrition ratio is in single digits and most people who leave start on their own or to take up senior positions in the industry.

* Type of Projects/ Duration

The duration of the project can vary in general, and for Akshit the average seems to be ~ 4 months, and his longest being of 7 months.

* Difference between consulting firms

Typically the top consulting firms differ in terms of work culture and strengths in verticals.

* BCG operations @ India

BCG has operations in Bombay (since 1996) and Delhi (since 2002, ~30% of work force). The staffing resource pool is common between the two centers.

Related Links:

* Boston Consulting Group (http://en.wikipedia.org/wiki/Boston_Consulting_Group)

* BCG website (http://www.bcg.com/)

– Rahul Garg, Class of 2010.

What an year it has been. first the exhiliration, then stress, then tension, then worry and finally lots of relief. Class of 2009 has seen it and experienced it all. The consulting club initiated loads of activities and was clearly the most active club on campus. 

Now its up to the next batch to carry on the legacy and improve upon it. Over to Class of 2010.

Chip Greene, Partner & Asia Head

Vanessa Webb, Senior Principal

Ram Kapadia, Principal

Viren Pereira, Principal

Irina Kholkina, Associate

 

The Parthenon Group was founded in 1991 and has around 200 consultants in 4 offices across the world. Parthenon has offices in Boston, London, Mumbai and San Francisco. Parthenon has 16 members in its Mumbai office, which was opened earlier this year. Parthenon works across a broad array of industries with thrust on Private Equity due diligence and Education sector. India is Parthenon’s Asia headquarters.

Unique Business model: Parthenon combines Traditional Strategic consulting with At-Risk consulting and Strategic Value consulting. Parthenon charges its client on the basis of the quality of advice delivered and the enhancement in equity value of the client. It has pioneered a unique revenue model of taking up equity instead of charging a fixed fee. Professionals have the flexibility of working with a broad range of companies. Due to the niche operational space, Parthenon offers superior compensation to its advisory professionals.

Its three major revenue streams are Private Equity, Education (for-profit and not for profit companies) and Corporate Strategy. Most of the work done in Asia is focused on growth strategy. In Private Equity space, Parthenon focuses on due diligence on investment opportunities + strategy & performance improvement for portfolio companies. In its Education practice the focus is on growth strategy, business development and profit improvement.

The bulk of Parthenon’s professionals are graduates from Tuck, HBS, Sloan and Stanford. Parthenon had recruited 2 professionals from ISB last year.

Selection Criteria:

Parthenon looks for smart, nice and driven professionals having an entrepreneurial spirit. The firm focuses on building and preserving its relationships with clients and provides them with customized and actionable insights. The highly analytical nature of work demands that Parthenon recruit and retain extremely bright and intellectually curious individuals.

Pro-Bono assignments: Andre Agassi Charitable foundation, London Music Masters and Action For Kids

Charitable Donations: MESCO, Excel Academy Charter School and The Women’s Union

Volunteering: Action For Kids, INSPIRE

Career Track: 

The following are the positions and responsibilities in Parthenon’s hierarchy:

Principal: Execute & Manage

Case Team Leader: Execute, Manage and Lead

Senior Principal: Manage, Lead and Develop

Partner: Lead and Develop

How is Parthenon different?

Focus is on strategy formulation. The focus will predominantly be on strategy projects and not on operations and implementation

Responsibility: Consultants get a broader set of analytical, managerial and client responsibilities early on in their career

Opportunity: The opportunity to influence the direction of a growing entrepreneurial firm

Learning: Learning at an unparalleled rate with better access to firm leadership with a two-case model. Non-hierarchical structure

Compensation: Premium compensation driven by a unique mix of consulting and investing

Culture: Develop relationship with members for life

Timelines:

Resume submission: 15^th December

Interview: 17^th Jan

   

McKinsey & Company was represented by the following people at its pre-placement talk delivered at ISB on 25^th November:

Rajiv Lochan – Partner

Tilman Ehrbeck, Partner

Rohit Kapoor, ISB Alum Class of 2006

Rahul Sankhe, ISB Alum Class of 2002

Abhijeet Kulkarni, ISB Alum Class of 2008

Amit Jain, ISB Alum Class of 2008

Rishi Raj

Vikramjeet Singh

Ananya

McKinsey started its Indian operations in the year 1992. Around 22% of the professional staff is made up of M.D.s and PhDs. McKinsey had partnered with ISB (world’s youngest FT 20 business school) starting from 1996 to roll out and design the MBA program. McKinsey has worked on 120+ pro-bono assignments over the past one year.

People development is heavily focused on apprenticeship and mentorship.

Buddy – An experienced “buddy” in the office who can help each new hire integrate into McKinsey.

DGL – Every-one across tenures has a mentor to guide and help professional to perform better.

Engagement Directors/managers (ED/EM) – enable performance enhancement through timely and constructive feedback.

McKinsey holds structured training sessions that are mandatory at every tenure for all the consultants. McKinsey invests $ 150 million on knowledge development. McKinsey provides unmatched flexibility in terms of working lifestyle.

Application process

McKinsey looks for the following characteristics in the applicants:

Problem Solving – People who can think conceptually, logically, creativity

Leadership – Take initiative, seize opportunities, help build teams

Drive and Aspiration – Set high aspirations, achieve outstanding results

Personal impact – Interested in positively influence, listen to, understand and respond well to others

Important Dates:

30^th November – deadline for submission of resume

10^th December – announcement of shortlist

December – informals and interview preparations

17^th Jan – Interviews – 2-8 interviews (Case + personal) lasting around 45 minutes.

McKinsey recruits for generalists and does not recruit anyone for one particular sector/vertical.

 

Basic approach

1. The interview is a conversation not a Q&A
2. Go in with a peer mindset not a job seeker
3. Talking about yourself : focus on what drives you and how does that fit with the profession / company
4. Have a clear vision: Where do you want to be 5 years down the line? Be honest

 What does McKinsey look for?

1. Problem solving horse power : Structured thought process and incisiveness - (evaluated through CV and case interviews)
2. Leadership : Sight live instances (evaluated through CV and PI)
3. Drive and aspirations: Do you have risk appetite, have you pushed the envelope (evaluated through CV and PI)
4. Presence : Can you hold a conversation with the CEO (evaluated through PI)

On a three point scale you need to score the max on one of the top 3 above, and 2 on all others.

 Case cracking process

Problem definition, Structuring, Solution, Synthesis

-        Process is key not the solution, make the experience worth remembering for the interviewer
-        Be careful of assumptions you make when you believe you are familiar with the sector

• Problem definition

a)    Goal is to arrive at : What are you solving for ?

b)    Board level question thinking, CEO Level thinking

c)     Opening questions important

d)    Don’t spend too much time here but don’t rush through this phase too

Other pointers

a.     Be natural and curious

b.     Don’t get into why, what, immediately

 

• Structuring

a)    MECE is litmus test, have you got your hands around it?

b)    Structure is about what to look for, and not how you will solve the problem

c)    Try to understand the background of the problem

Other Pointers

a.     Don’t ask a barrage of questions like a check list

b.     Don’t fit framework

 

•  Solution

a)    Take a systemic view.

b)    Still ask questions while being creative about solving problems

Other Pointers

a.     Creativity matters. Use logic and be pragmatic

b.     Don’t be bland

c.     Get provocative ideas

d.     Ideal stage to test the boundary condition of the case

e.     Don’t get lured into giving recommendations too early into the case

 

• Synthesis is not summary

a)    Synthesis is not summary

b)    Two step process : Reframe problem, Plausible solution, Trade-offs

c)     Don’t take a laundry list approach

• Shareholder wealth creation and EVA
• Implementing “Value based management” programs

                   o   How we do it

                   o   Does it work

• Current environment and implications for Indian business
• About Stern Stewart

Although Market Value Added (MVA) is the best measure of value, it poses some challenges from a performance measurement perspective, such as

1. Can’t measure if you don’t have a market
2. Volatility due to relationship with share price
3. Difficult to link with operating and/or financial metrics

Why EVA?

1. EVA is intrinsically linked to MVA and wealth creation
2. There is no need of a market to calculate EVA
3. Does not suffer from volatility on account of short term changes in market price

MVA is equal to the PV of all expected future EVAs

Current Operations Value (COV) = Capitalized Current EVA + Invested Capital.

Enterprise value (EV) = Future Growth Value (FGV) + PV of EVA + Invested Capital

FGV is subject to expectations and fluctuations and is highly correlated to market sentiments. FGV = PV (improvements in EVA year on year). Thus the job of the management is to improve EVA (current performance) and at the same time build options and initiatives for the future and communicate it to the market (increments in EVA y-o-y). This will improve FGV and EVA and result in improved EV.

The PV of EVA is fundamentally equal to NPV of FCF

EVA can be increased by increasing NOPAT (operations/profitability) and by reducing cost of capital (financing).

Stern Stewart’s value creation framework synthesizes organization’s value by

-          Profitability – affects NOPAT

-          Prospects – affects FGV

-          Financing – arrive at the ideal capital structure – affects cost of capital

Disadvantages of using EVA: EVA is not applicable if there are period of negative EVA and taking decisions in the short term, whereas in the long term net EVA could be positive.

Stern Stewart currently has 11 professionals in its Mumbai office. It has been present in Mumbai since 1999-2000. The growth (in terms of professionals) is based on the projects under implementation. The work is highly performance driven since the success of a particular project can be measured by the client and evaluated directly. Stern Stewart recruits professionals who have a corporate finance bent of mind.