Intro
I am working as an IT consultant. And I often got touch points with McKinsey staff or Ex-McKinsey employees. When you work with ex-consultants you tend to notice some patterns.
Notes
- Start with a hypothesis and try to prove it right.
- McKinsey got different techniques to gather facts (MECE, Forces model...)
- 80/20 rule is important. Focus your effort on the part that gives you most kickback.
- Don't boil the ocean. Focus your efforts on some data. Not all of it.
- Focus your efforts on key drivers
- Make sure you pass the elevator test and can explain your solution in 30 seconds
- Pluck the low hanging fruit
- Make a chart every day. You may want to use it later.
- When interviewing never accept a "I have no idea". People always have ideas.
- McKinsey does not sell but market. Partners know important people (golf club, societies etc)
- About team bonding: Most people, even very hard-working people, want to have a life, to be with their families. I think that’s more important than going out to the circus.
- maintaining your morale is critically important
- On interviewing: At the end of every interview ask:"Is there anything else you have to tell me".
- Use silence in interviews. Usually your counterpart will talk.
- Listen. Do not talk in interviews.
- Always write a thank you note for interviews. It helps.
- If you do presentation make sure there are no surprises. Brief everyone before.
- You have to sell your answer to the clients.
- If you are an outside consultant then you'll never get the praise for your solution. Others will get it.
- The Firm reject brilliant people that are jerks. (No asshole rule)
- Wall Street Journal test: Would you be happy with your decision when it ends up on the frontpage of the WSJ?
- There is a good summary of the techniques at the end of the book
Verdict
Recommended. Gives good insight how McKinsey works. Some good takeaways for consultants.
More
- Rasiel, Ethan M.; Rasiel, Ethan M.. The McKinsey Way (p. 55). McGraw-Hill Education.