The 8 lessons learned from the MBA consulting project

By Eric Williams, @Lucio Chen

Many MBA students wonder if taking a consulting class is worth the time and effort required. After all, it’s like taking on a part-time job while being a full-time student. The answer to this is an emphatic “yes”.

The experience is valuable not only for those targeting the management consulting industry, but also anyone who will be involved in project management in their organizations (i.e. almost every MBA). The class helps foster a problem-solving and analytical mindset which is extremely valuable in today’s business context, where uncertainty and ambiguity are prominent. It creates a valuable opportunity for students to apply what they’ve learned from class in a team format. The consulting projects are often the highlight of students' first-year MBA experiences, so many thanks to Professor Pilafidis and The Paul Merage School of Business for providing your students such a great opportunity!

The class is typically a 10-week intensive project provided by a real-life company to solve an immediate issue the company is facing. These projects are similar to internships in terms of their scope and duration. Teams of 5 to 7 members work on the project under the guidance of the professor and a technical advisor. Time spent per person typically ranges from 10 to 20 hours per week with an average of 500 hours per team throughout the 10 weeks. The process involves conducting both primary and secondary research as well as in-depth analysis before delivering a final recommendation as a presentation.

Here are some key takeaways from having taken this class: 

Maximize Your Learning Return by Having an Open Mindset

1)     It’s not about getting an A

The consulting project offers much more than just getting a good academic grade. It is one of the few opportunities where students get to work with real companies on real problems. Unlike an HBS paper case, these are “live” cases, happening in real time in an ever-changing market. It is a golden opportunity to apply class teachings in a professional business setting.

2)     Get comfortable with ambiguity

Consulting may be new to many students and the beginning of the project might seem both daunting and vague. Most of the time, clients know what they want, and it’s the student’s job to develop an approach that achieves it. Getting comfortable with ambiguity is important because sometimes there is no clear-cut path to figure out how to develop an approach that reaches their goal. (That’s part of the fun of being a consultant though!)

3)     Be an ambassador of the school

As student consultants, we are a reflection of the school to the client. Therefore, presenting ourselves professionally is critical in building trust and credibility. Be responsive and concise in communications with all stakeholders to respect their time. It may have taken the school years of effort to build the relationship with the client and our interactions with them could have profound impacts on the future of the relationship.

Focus on collaboration and teamwork

1)     Learning within the team

Just like real consultants, the team works together from the initial stages of ambiguity all the way to the final presentation. Most teams are made up of people from diverse backgrounds who bring different experience and skill sets. It is a great opportunity to learn from teammates who may be experts in certain subjects to improve your own understanding.

2)     Every voice matters

Frequent communication and expressing independent thoughts are essential to generating great ideas. Since most meetings today are now conducted virtually, it is unfortunately easier than ever to create “group think”. As Nobel Prize Winner Daniel Kahneman pointed out in his book <Thinking, Fast and Slow>, “The principle of independent judgements has immediate applications for the conduct of meetings, an activity in which executives in organizations spend a great deal of their working days…The standard practice of open discussion gives too much weight to the opinions of those who speak early and assertively, causing others to line up behind them”. Having each person write down their thoughts before someone voices their viewpoint can help harness the power of diversity in experience and knowledge.

3)     End every meeting with an action item for each person

Unproductive meetings and uneven distribution of work responsibilities are a huge hindrance to team progress. A best practice is to always have an agenda for the meeting and to end the meeting with a to-do list for each person. Once the deadline and responsibilities are agreed upon, each member should stick to it and be communicative if things change. This ensures that everyone makes the best use of the little time you have to complete the project.

Be resourceful and play to your advantage

1)     Ask for what you need

One distinct difference between school consulting projects and real management consulting projects is the lack of archived cases and in-house expertise. To overcome this, think about what types of resources are available from both the school and the clients that could help you achieve your goal. Clients are usually willing to provide additional resources so that more in-depth interviews and analysis can be conducted. Career services, employer relations, and alumni offices can also be valuable sources of information. LinkedIn is a great place to connect with people in the industry and using the student “card” can help convince them to talk. Just remember to always be honest about your end goals and why you want to speak with them.

2)     Academic research could provide invaluable insight

As business students, our courses teach us multiple frameworks ranging from Porter’s Five Forces to the marketing 5Cs. Since we may be new to our client’s industry, conducting initial analysis with these frameworks can help frame the company and competitive environment better. Throughout the project, leverage school libraries and third-party analysis research to gain industry insights. Academic research papers and business journals can also provide critical insights as well.

Final Thoughts

1)     Build lasting relationships

Clients usually look forward to working with students on projects. We bring a fresh perspective on their problem and come up with unique solutions. Try to be personable and establish a solid relationship with the client beyond just the project itself. In some cases, students were given offer career opportunities to continue working for the client after the project is finished.

2)     Don’t stress… too much

It’s easy to become stressed out while working on a consulting project. Balancing the workload from other classes while meeting client deliverable can be overwhelming. If things get tough, just make sure to communicate with your team. Most people will be understanding if you have to take a day or two off the project to focus on something for a different class. A quick break will often also help with breaking through deadlocks or creative dry spells.

3)     Have fun!

For many students, this will be their only foray into the world of consulting. Use it as an opportunity to learn about a new industry or develop a new skill that you can add to your tool bag. You only get to do your MBA once, so enjoy it!

Some useful resources:

1. 11 tips for new consultants to hit the ground running
2. Consultant's Mind Blog
3. IGotAnOffer
4. 10 Useful Management Consulting Frameworks

#MBA #Merage #Consulting #ExperientialLearning #bschool #internship #recruiting #SummerInternship