Before I worked at McKinsey, I didn’t really understand why companies in industry really valued former consultants.
I knew they did, but didn’t really appreciate why until I worked in industry for some time.
The answer is simple.
Ex-consultants are able to think through a problem in a way that 99% of people in industry simply can’t.
This skill isn’t inherently difficult to learn.
However, it’s not customary to learn these skills in industry.
What is the skill that I’m referring to?
There are actually two skills.
The first is the ability to make decisions based on historical data, rather than just guessing or using intuitive hunches (which are often wrong).
The second is to do scenario analysis of the mathematical implications of one or more proposed courses of action.
The first skill uses math to look at a problem historically.
The second skill uses math to look at the future under one or more proposed solutions.
If this sounds familiar, it’s because this is what takes place in the case interview.
Most people completely miss the point that the case interview simulates the day-to-day work of a consultant.
We are constantly analyzing historical data in Microsoft Excel.
We are constantly creating financial models to look at multiple future scenarios.
Except for in the finance department, this skill set is rare.
It’s rare to see it in engineering departments.
It’s rare to see it in marketing departments.
It’s rare to see it in sales departments.
THIS is why ex-consultants are so valued in industry.
When you have even one person with these skills, a company makes much better decisions and avoids expensive mistakes.
While working at McKinsey, Bain, or BCG is one way to learn these skills, there is another way.
I’ve put together a financial analysis and modeling toolkit to help non-consultants learn the Microsoft Excel skills that management consultants use the most.
This instructional toolkit has two key areas of focus.
First, it includes video tutorials on how to import data from a variety of corporate systems and convert them into a format that’s easier to work with in Excel.
Second, it includes video tutorials on how to build a “what if” scenario analysis model.
If these skills aren’t typical in your area of career focus, you can learn these skills in just a few hours.
To learn more, click here.