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What are technical tools and framework management consultant use ?  


kha
Posts: 8
 kha
(@kha)
Junior Consultant
Joined: 6 months ago

Hello, 

I have studied finance & economics for most of my curriculum at university and am now in my last year. My interest changed from finance to consulting but i had very little courses on this and want to self-educate a bit. What are some good frameworks/ theory I can learn to prepare cases?

Thank you

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Tushna Vevaina
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 Tushna Vevaina
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(@Tushna Vevaina)
Joined: 5 months ago

A shift from finance to consulting is actually very common these days since knowledge from both fields complement the other. Assuming you have gained financial modeling knowledge, have an idea of Python and Java, similar knowlege corresponding in the field of consulting would be knowledge of the subject 'Strategic Management' when you're looking from an academic PoV. You can pick up any course or book on SM and gain access to the basic and most important models and frameworks like the GE-McKinsey framework or BCG matrix which you should always talk about and apply during your interviews. In terms of case interview prep, you will find dozens of YouTube videos and that comes with practice when you apply these models to each case. When it comes to tools, I would say Power Bi and Analytics are definitely growing and you may want to up your tech/SAP knowledge as well.

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Tushna Vevaina
Posts: 6
(@tushna-vevaina)
Junior Consultant
Joined: 5 months ago

Hello Kha,

A shift from finance to consulting is extremely common these days, the reason for being the complementary nature of know how in both fields.

Assuming you have gained good knowledge of financial modeling, python, java through your studies, the corresponding knowledge to be gained for consulting would be in the subject 'Strategic Management' from an academic PoV. You may pick up any book or course in SM as will be able to learn about the basic and most important models like the BCG matrix or GE-McKinsey framework which you should definitely talk about and apply to your cases in interviews. There is a lot of material you will find on the internet to prepare for case interviews. You may also watch YouTube videos but the key to cracking a case interview is practice through application of these models to your case.

When it comes to tools, knowledge of Power bi and analytics is always handy. In addition to that, if you work with big clients Tech/SAP skills may come to use.

Regards,

Tushna Vevaina

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kha
 kha
(@kha)
Joined: 6 months ago

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Ryan Raut
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 Ryan Raut
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Hi Kha,

Hope you're doing well. I am MBA Finance and have recently started working as a Risk Consultant. I would suggest you go through the book 'Management Consulting' by Milan Kubr. It has everything about consulting you would want to know. 

As far as frameworks are concerned, Consultants use hypothesis driven approach when it comes to defining a problem. By doing this, Consultants recognize possible causes to a problem. Then by drilling through each branch, they try to get to the bottom of each possible cause to either identify as a cause for the problem or eliminate it as a reason. 

There are a few defined frameworks that Consultants often use such as Porter's five forces, 80/20 rule, competitor benchmarking, business insights (based on business acumen), value chain analysis, SWOT analysis, McKinsey 7s framework, BCG matrix and many more. 

Hope this was useful. 

Please do reach out in case you want to understand more about consulting. 

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Kha
 Kha
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(@Kha)
Joined: 6 months ago

Posts: 3

Hello Ryan,

Thank you for your answer, this is indeed really helpful. I will definitely check the book!

K

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