What is Consulting? Beginner's Guide to Management Consulting | Lifestyle, Hours, Salary | McKinsey
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- Опубліковано 10 лип 2024
- Ready to dive deep into the world of Management Consulting? Join me in this eye-opening journey where we unpack the secrets, strategies, and successes of the consulting universe! Whether you're a budding consultant or just curious about the industry, this video is your backstage pass to the dynamic world of problem-solving and strategy. Let's get started!
Whether you're a student exploring career options or a professional seeking growth, this video is your guide to mastering the art of Management Consulting! Don't forget to hit subscribe for more expert insights.
00:00 My background
00:45 Questions I’ve Received
01:28 Misconceptions about Consulting
02:43 What is Management Consulting?
03:35 Why are 22-year-olds consulting?
04:12 What is a consulting project?
05:54 What do I do starting off?
10:30 How do you grow in consulting?
12:08 What’s the career progression?
14:48 Tell me about the money
17:28 The luxury lifestyle
18:55 Week in a consultant’s life
19:53 Hours a consultant works
20:26 Pros and Cons of Consulting
20:53 How do you get into consulting?
23:20 Why people don’t stick to consulting?
My social media handles:
Instagram: / priyacray
LinkedIn: / priya-chatterjee-ray-3...
#mckinsey ##ManagementConsulting #bcg #bain #ConsultingSuccess #CareerDevelopment #BusinessStrategy #ConsultingInsights #ProfessionalGrowth #StrategicThinking #CareerAdvice #WorkLifeBalance #ConsultingJourney #Consulting #consultant
Disclaimer:-
A portion of this video can be sponsored but the thoughts shared are my own.
Copyright:-
Everything you see in this video is created by me (Priya Chatterjee Ray) unless stated otherwise.
Please do not use my photos, videos or any other content I post without permission.
7451
Much needed one.
Thank you for doing a video on this topic.
Glad it was helpful!
Thank you for the video Priya!! I watched some other videos as well but this has given so much of clarity. Thanks again:)
That's so good to hear!
Thank you for creating such a detailed video.
You're most welcome
Definitely need more videos on Consultancy. Great video indeed 👍
Thank you! Will do!
Such an insightful video!!
It would be great if you could make more such videos on topics that you discussed and also share some insights about things you followed during your MBA to back a good placement being a fresher!
Thank you! Will do!
Thanks for doing video in detail.
Glad it helped
Indeed. You've Made A different Through Your Video.
You have utilised this UA-cam Plateform At Its Best.
I'm more than happy to Say that I loved your informative content.
Wow, thanks for taking the time out to share such nice comments
Best video on UA-cam I ever seen ❤
Omg so sweet!
Would love to know about the complete interview process and resources too
Perfect Video
Thank you!
Wow what a explanation mam. I saw so many videos, every one saying clients fortune 500 companies, but your said ratan tata, mukesh ambani with example easy to learn super mam.
waise you can always google mckinsey + fortune 500 company and you'll get some news item saying who is hiring
Hey Priya, great video. Would love for you to make videos on the other bschool professions as well.
Will do soon! What profession would you want to see next?
@@priyacray Maybe professions like HR from tier 1 clgs such as Xlri (since I think these roles are way different from what the tier 2/other clgs offer), global banking roles, and finance roles.
Top notch content. Could you do a preparation video next
Will do!
Do we need be be from top ug college(iits, nits, bits, srcc etc), to match into consultancy??
We need more videos on consulting, Preparing for interviews , shaping your profile and can someone like me who has a 7/7/7 in their profile Non-engineer get into MBB
Yes to the last question and i will surely make some more consulting related videos
Hello Priya,
Thankyou very much for giving such valuable insights about this industry. I had a request, can you please cover finance sector as well, or maybe invite someone who is working in this sector.
Working on this!
Hey you talked abt the consulting books that you referred for the preparation for yourself and suggested to your friends. Can you list down the resources? Can't find it. Thankyou!!
IIMA, B, C, XL casebooks are a good starting point
Thanks
This is so sweet of you! You're most welcome
Currently preparing for CAT 2024. What certifications or courses we can do to gain a rough insight on Management consulting and also to build our profile for admission interviews?
Certifications/courses don’t help much. Focus on getting your grades up. And getting work experience. Learn how to navigate excel and ppt
Hi priya, thanks for the wonderful insights would be delighted to know much more in consulting. Also personal question, being a CA/CFA will it be possible to get into consulting without pursuing MBA??
Yes, a very dear friend of mine works at Bain and Company now. He got in through the CA route
Thank you for the information,
Ma'am I have completed MCA, data analyst course and I am a fresher. I wanted to get a job as a management consultant. I didn't know how to make professional resume for this role. Can you make a video on it.
Will get some thoughts across
Hi priya. Great work. This was really helpful. I wanted to know more about how to get into core management consulting. Like what kind of previous work experience or qualification would aid to land up a front end management consultancy job. Like currently I am working in a global capability centre of renowned consultancy firm, but the work is fully clerical and mandane. Will this be helpful to get a role in management consulting? Pls let me know this would be really helpful. And kudos to you for the amazing work you’re doing here on youtube.
Thank you Mehul, that's very sweet! Yes, the previous work experience really helps! If you're seeking front end consulting it currently depends on your bachelors degree tbh. Most analysts are Eco/Bcom/Btech grads. Some firms like Bain also hire engineers as consultants out of IIT. If that doesn't fit your profile, MBA/MIM etc should pave the path. Your shortlists become easier because of your experience
Just curious, why didn't u choose a career in civil services?? I think your father is a civil servant too .
Should I be scared at how you know this about my life? But to answer your questions, never say never
ah okay@@abhisheksharma1019
you mean lot of stress and less money
I've a 8.5/6.6/8.1 acads with spikes in extracurricular section only, is there anyone in your contacts with a similar profile like this who got a letter from MBB? I'm concerned about my academic profile only
Yes i know several people who made it with such profiles. But they had more than one spike in other sections
Hi Priya !
This vedio gives a lot of information about the whole consulting
Can you please help us on the hiring process the application release. Does the hiring process only happen through campus interview and refferal?
No you can also apply from their website depending on availability of positions. Will make a video on the same
It would be really helpful if you can let us know how to crack the interview, what all skills we should achieve during our MBA journey to be a consultant, a comparison of different consultancy firms and pros & cons of being a consultant.
will share soon
@@priyacray thank you ❤
Reliance industry hire McKinsey company, and Tata motor also hire McKinsey company to increase profit good explanation mam
everybody hires McKinsey
@@priyacray yes
Are Finance roles like Investment Banker, Financial Consultant equally rewarding in monetary terms?
IB yes. Financial consultant - depends on
Can you name few specific colleges(IIMs and other top b- schools) which are popular for consulting?
IIMA, B, C. ISB
for an MBA aspirant can you pls suggest any certification courses one can do to learn about consultant.
Connect on linkedin. I'll share the next masterclass with certifications when it is out
i put in 26+ straight hours 3 times. every project in its 1th hour is a mess.
What about Social Impact Consulting? Like BCG social impact sector kya summer placement me aaya tha ahemdabad me?
The top tier firms only hire management consultants from top tier b schools. For other areas, you'd have to go lower down the pole
Hello mam, does BCG /Mckinsey hire someone from top B-schools with a score of 8/8/8 during school and graduation?
They do but it's very profile specific. Your entire academic bucket is ONE possibility of a spike. If you have other spikes in your profile, why not?
Is there any age limit to join management consulting? Someone carrying experience in ERP and IT consulting, what are the scope?
No age limit. Basis experience you can join at a more senior level. So lateral entry
Hi Priya, just love your video as you delivered on point information about Management Consultant I just wanna ask as I am a graduate fresher in Bachelor's of Management Studies not from top tier college but from Mumbai University affiliated college how Can I join Top Consulting firm from basic level as a undergraduate fresher in Mumbai
Yes you can. You'll have to apply via portals/reference
@@priyacray Mam can you please elaborate
Can tier 2 or tier 3 mba grad get into mckinsey, bain ot bcg?
If yes then how
They could. But after reading your thinking in the next 2 comments I received from you. The answer to the how is as follows: NO FIRM is taking YOU till you fix your ignorance and attitude problem.
U r providing value content , respect for that , as we say if u talk to a man in a language that he understands that goes in his head but if u talk to a man in his own language then it goes to the heart. It will be Better if u speak in Hindi /hinglish so that more and more people come to your channel ,I want people to grow. All the best
Thank you for the advice! I will try to integrate Hindi into the videos
Didi can you please make a detailed vid on what profiles get accepted into consulting firms 😅
Sure, will keep this in mind
Can i become a consultant in a good firm??? But i am currently pursuing my pgdm in marketing specialisation... If yes.. Then please tell me the roadmap for it.. Like from where i should start to get there... 😊
Can you? Yes.
Roadmap video soon
Maam, I heard that the employees of the consulting firms can take unpaid leave of one month in a year without reason... So maam can someone choose the month of 1 month leave.. Or the month is previously decided by the company... Plz reply maam... Plz plz....
SOME consulting firms. Sum total 1 month. Usually not at one go. Don't think you can jet off on a one month holiday.
Decided by employee.
Amazing video ! 💯 Mam
I'm currently pursuing engineering in electronics, can i crack MBB for a consulting role...? I have so much interest in business and even plan to do an MBA in future but rn after graduation I'll do a job for 1-2 yrs... Considering me as a high merit student, pls suggest any resources and advices too are much welcomed mam...🙂
Also, my most imp and first preference is pay over any other perks as of now, so should i go for MBB or big4 or other companies...
Yes. Case books already shared over Linkedin. MBB
Any courses for consulting you did or you recommend to?
Didn't do any courses nope. All the learnings came from seniors, the consult club at IIMA and friends
Hiii mam...really liked your video...i want to ask one question...i got 61 percent in my graduation....if i get admission in IIM ABC will my score affect my placement chances or can i get into big consulting firms with 61 percent...
It'll definitely be a deterrent because firms do look at college marks. Maybe in final placements if you manage to get an IR in the IIM
@@priyacray thanks for your reply...I will do my best to get 99.7+ percentile and also will give my best in my college...😊
after doing an mba in operations can we get consulting job????????
Yes
Hello i want to ask that it is necessary to do mba to get in a consulting firm or we can directly get into it after getting a degree???
Discussed this in this video itself
????
Ma'am my profile is
85% in 10th
88% in 12th
and 7.98 CGPA in BA English Literature Communication and Journalism(Tier-3 college). Unfortunately, I have no extra curriculars or any position of power.
I'm going to be a flight attendant soon and would give CAT in 2026.
Do you think I can make it in any top B-Schools? If so, do you think I can get a consultant job?
I'd be really grateful if you could help me with a reply.
a. they are not positions of power but of responsibility. First take the CAT, get into bschool then we can discuss your Consultant job. Simple answer: yes you can be one
@@priyacray I'm so sorry I mixed up responsibility with power.
Hello , i want to know if i get a degree in BAF and then i want to join a consulting firm is it possible and also it is necessary to do mba to get into these firm . Like can you do it with without getting an mba?
What is BAF?
Bachelor of Accounting and finance its actually a 3 years course
Is work experience mandatory for consulting placements?
Nope. I was a fresher
Mam i'm planning to pursue a BBALLB integrated course followed by an Mba, Do legal expertise matter in the management consulting job? or whether a normal bba would be more suitable because I'm really confuse what to choose or what will be better.
Not really. In fact a BA LLB would be 5 years into a separate profession. Whereas peers at your stage will come from 3-4 year degrees.
@@priyacray so mam can you please suggest some undergrad degrees which i can pursue in order to make career in management consulting other than BBA
And mam what would be the possible career options for me if I pursue an mba after bba llb other than management consulting
@@RamitRawal-gg3sy any 3 year degree is fine if you're looking at an MBA later. If not, Bcom, Eco both are good as direct analyst level job applications
@@RamitRawal-gg3sy your law degree becomes redundant after mba (unless you want to go back to practising). So all mba options are open. Nothing special for the ballb
Hi mam I'm currently doing MBA in general if it's good for management consulting jobs . How I'm get a internship about consulting oriented. Freshers can apply for consulting jobs . please tell me
Can you clarify what your question is? I am confused about what is a sentence and what is a question here
@@priyacray let me clear 1. How Im get into management consultant jobs . 2. Freshers can eligible ? 3. What are the course is available and helpful for management consultant.
@@kart_kn3079 1. good resume, case prep. 2. Yes, I was a fresher 3. no courses per se but knowing excel and ppt help. I've made a video on a prep tool you can use. it's called Case & Co
@@priyacray thank you so much mam for helping me.
Does acads matter if someone is going thru lateral hire .
it always matters
Is it true that top 5% of iim ABc have better opportunity to get into MBB?
If you are sitting for final placements, then yes, having an IR helps
Hey Priya Diii I am joining UPES for an MBA in strategy and consulting to pursue my career in management consulting can you tell me the scope of my MBA in this field from UPES ., it would help me a lot
I'd say look at the placement reports and see where people have gone from here after graduation. Find some profiles on LinkedIn and see their experience. should give you a good idea of the future
which MBA specialization is preferred for management consulting?
We have no generalisations here in IIMA. So can't suggest
I am a graduate and a semi qualified CA, can i get into management consulting?
what is a 'semi qualified CA'?
Can i become management consultant if i choose commerce without maths? In 11th
yes you can
can you please tell pros-cons of consulting
learning, exit options, salary - pro. hours, lifestyle - con
Hi Priya,
I just spent some time watching your UA-cam videos, and I wanted to know where I stand in terms of my application to any consulting firm, whether it be a big 4 firm, a boutique consulting firm, I need some critique regarding what my profile lacks, and how i can improve my skillset to be a better fit for a management consulting firm. I am genuinely very interested in the world of management consulting and I hope to join this industry sooner or later. Again, I am not asking for a referral, I just want some guidance and advice about where I stand, and how I can move forward from here. I have messaged you on LinkedIn as well, any help would really mean a lot!
Please reach out via telegram
hi! i have a bachelors in biology, have you seen anyone from my background getting into consulting?
I know a doctor but no bio folks
@@priyacray do you think the bio background thing matters in the selection process? also in top iims are there people from biology backgrounds? thankyou for replying!
do we get any laptop after joining?
Yes
23:37 what "VC" means?
Venture capital
I score 7/7/8 during school and graduation.can i go into consulting?
They're typically low for the preference of MBB firms
You didn't say anything in wrong order. 26:02 😅 Thanks for all these information.
haha thanks!
To become management consultant should I choose bcom h or bba h?
Either works. Your grades and extra curriculars matter more
@@priyacray ohh ok thank u
How can a person from tier 100 college with 8 CGPA get into IIM Ahmedabad ???
dhaasu CAT score
How a bpo employees get in to consulting?
Either via referrals or the long application route
Can u do a video about best college to apply for at 90-92 percentile in cat 2023?
Will make a percentile based video once they are released
Hi Priya
I am currently working as a payment security consultant where i work as a consultant and cybersecurity assessor. I also have 1 year of experience as a software developer. Is there any chance for getting advantage for my current role as a technical consultant to get shortlisted in management consulting.
Also, my profile looks like:
10th - 10 CGPA
12th - 75%
College (Mechanical Engineering) - 9.49 CGPA - 2nd rank holder
Also played cricket at nationals level at school.
What are my chances to get into top 3 IIMs and furher trying for management consulting.
Rellay appreciate your help. Thank you!!
None of this matters till you take the CAT and get a really high score since you are an engineer
How to join management consulting after 12th
Getting a degree first!
Can after mba in mangament peeson can own management consulting firm??? Plz reoly
sure! It'll take you many many years to reach the level of the established ones but why not?
Those who themselves cannot do business advise others how to do business.
Speaking shashi tharoor english while showing ppt does not solve any business problem.
Mostly ceo hire consultancy and pay them heavy fees and charges his commission from that fees.
Consultancy also send beautiful and attractive girls to meet ceo.
Let truth be said
If girls go without makeup then ceo or clients will ask consultancy firm to send new girls. Now acknowledge facts. And dont get bafffled
Seems like someone really embittered by their lack of Consultant job wrote this comment.
If truth were to be - In the past 6 months - we have cut a company's costs by 13% - Rs. 532 crore. No CEO was paid jack shit out of our billed hours. I am not even going to stoop to respond to the last assumption but you must be out of your mind if you think consultancy is a flesh trade. This makes you sound not only embittered at your lack of prospects but also incredibly girl deprived. Lucky for you, one of those problems can be solved fairly easily in this country. The other is never going to be solved because a PI would ruin all your chances once this thinking came forward. That said, happy Sunday man, I hope you get a job and a wife someday. Maybe you'll be less of a baby in people's comments sections.
Clearly you have never experienced or even heard of a steerco. If we were working on anything other than fumes, we'd dress up sure. But unfortunately, consultancy doesn't give you enough time or energy to care about looks, yours or others.
@@priyacray I have both job and girl. But seems you are projecting your own mental state of deprivation on me. Study psychology if did not understand this sentence.
BTW reduction in cost might be due to other factors apart from your ppt services. It's called attribution error or false causation. Please google these terms
Great sir! Coming to your for both. Pls advise tks@@Shivam-st4kq
10th 10 CGPA (100%)
12th 98%
UG Btech 8.9
No work ex General male
Cat 2023 99.6-99.7
Any chance for any of the colleges like IIM Bangalore, Ahmedabad, Calcutta,Lucknow ,Indore , Kozhikode.
Call chances look good. Maybe not Top 3/first iteration
@@priyacray can I hope for LKI or any of those two ?? Please reply
Yeah chances are great for those.@@pujarimahi1110
Any tips for GDPI like which courses to choose what to focus upon
Video release in January. PIs releasing then @@pujarimahi1110
I got removed from the group, can u add me again?
The groups have a bot installed. If you break the rules, you get removed.
what are the rules? i dont think i sent anything wrong in the group, can you add me?
@@priyacray