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    Career Guide

    Consulting Internships: Complete Guide

    Consulting offers steep learning curves, diverse projects, and excellent compensation. Here's how to break in.

    Sproutern Career Team
    Regularly updated
    18 min read

    πŸ“‹ What You'll Learn

    1. 1. Types of Consulting Firms
    2. 2. Required Skills
    3. 3. Interview Process
    4. 4. Case Interview Prep
    5. 5. Top Firms
    6. 6. FAQs

    Key Takeaways

    • Case interviews are the core of consulting recruitment
    • Structured thinking is more important than domain knowledge
    • Practice 50+ cases before interviews
    • Big 4 is more accessible than MBB for undergrads

    1. Types of Consulting Firms

    MBB (McKinsey, Bain, BCG)

    Top-tier strategy consulting. Highly competitive, highest pay.

    Tier 2 Strategy

    Kearney, Oliver Wyman, Strategy&. Similar work, slightly less brand.

    Big 4 Consulting

    Deloitte, EY, KPMG, PwC. More accessible, broad offerings.

    Boutique Firms

    Specialized in specific industries or functions.

    2. Required Skills

    • Structured thinking: Break problems into frameworks
    • Communication: Clear, concise articulation
    • Analytical skills: Comfortable with numbers and data
    • Business acumen: Understanding of how businesses work
    • PowerPoint/Excel: Consulting tools of the trade

    3. Interview Process

    1. Resume Screen: CGPA, extracurriculars, leadership
    2. Online Assessment: McKinsey Solve, numerical tests
    3. Fit Interview: Why consulting? Why this firm?
    4. Case Interview: Solve a business problem live
    5. Final Round: Multiple case interviews with partners

    4. Case Interview Preparation

    Common Case Types

    • Profitability (why are profits declining?)
    • Market entry (should we enter X market?)
    • M&A (should we acquire company X?)
    • Pricing (how should we price this product?)
    • Operations (how do we reduce costs?)

    Resources

    • Case in Point (book)
    • Victor Cheng videos (YouTube)
    • PrepLounge (practice platform)
    • Peer practice (most important)
    Pro Tip: Practice with real people, not just alone. The interactiveness of cases is what's tested.

    5. Top Firms Hiring in India

    MBB

    McKinsey, Bain, BCG (very competitive, mostly from IIMs/top B-schools)

    Tier 2

    Kearney, Oliver Wyman, LEK, Strategy&

    Big 4

    Deloitte Consulting, EY-Parthenon, PwC Strategy&, KPMG

    6. FAQs

    Can undergrads get into MBB?

    Rare but possible. Most MBB hires in India are from IIMs. Big 4 is more accessible for undergrads.

    How many cases should I practice?

    50+ quality cases with feedback is a good benchmark. Quality over quantity.

    Consulting Firm Tiers: Deep Dive

    MBB (McKinsey, Bain, BCG)

    The pinnacle of consulting. Work on the most strategic problems for CEOs and boards. Intense but unparalleled learning.

    Intern Stipend:β‚Ή1.5-2.5L/month
    Full-time CTC:β‚Ή35-50 LPA
    Primary Target:IIMs, ISB, top IITs

    Tier 2 Strategy

    Similar strategic work to MBB. Kearney, Oliver Wyman, Strategy&, LEK. Often better work-life balance.

    Intern Stipend:β‚Ή80K-1.5L/month
    Full-time CTC:β‚Ή25-40 LPA
    Primary Target:IIMs, top B-schools, IITs

    Big 4 Consulting

    Broader range of projects from strategy to implementation. More accessible entry point. Can lateral to MBB later.

    Intern Stipend:β‚Ή40K-80K/month
    Full-time CTC:β‚Ή10-20 LPA
    Primary Target:Top colleges, diverse backgrounds

    Essential Case Frameworks

    Frameworks give you a starting point, but don't apply them rigidly. Adapt based on the specific problem.

    1. Profitability Framework

    • Revenue side: Price Γ— Quantity (volume), customer segments
    • Cost side: Fixed vs Variable, major cost buckets
    • Look for changes: What changed? When? Why?

    2. Market Entry Framework

    • Market: Size, growth, trends, competition
    • Company: Capabilities, resources, fit
    • Entry mode: Organic, acquisition, partnership

    3. M&A Framework

    • Strategic fit: Why acquire? Synergies?
    • Valuation: What's it worth?
    • Integration: How to combine operations?
    Pro Tip: The best candidates create custom frameworks for each case. Start with basics, then build intuition to customize.

    Sample Case Walkthrough

    Case: "A retail chain's profits dropped 20% last year. Why?"

    Step 1: Clarify

    Ask: Is this all stores or specific locations? When did decline start? Are competitors seeing similar trends? What products?

    Step 2: Structure

    "I'll look at Revenue (price Γ— volume) and Costs (fixed, variable). Can you share which side saw the bigger change?"

    Step 3: Analyze

    "Revenue is down 15%. Let me break down: Did prices drop or did we lose customers? Data shows customer count is flat but basket size dropped. Why might customers buy fewer items per visit?"

    Step 4: Synthesize

    "Key finding: Basket size dropped due to stockouts in popular categories. Inventory management issues are the root cause. Recommend: Fix supply chain, monitor stockout rates."

    A Day in the Life of a Consulting Intern

    8:30

    Morning Check-in

    Review overnight emails, prep for day's meetings. Consulting is client-facing, so days are unpredictable.

    9:30

    Team Standup

    Quick sync with project team. Discuss blockers, priorities, and what's needed from each person today.

    10:00

    Analysis Work

    Build Excel models, analyze data, develop insights. This is where you'll spend most of your time as an intern.

    14:00

    Client Meeting Prep

    Prepare slides, refine messaging. Consultants spend a lot of time making complex ideas simple and visual.

    16:00

    Client Workshop

    Present findings, facilitate discussion. As an intern, you may present one slide or just observe and learn.

    19:00

    Wrap Up & Debrief

    Capture action items, plan for tomorrow. Consulting days often run long, especially during key deliverables.

    More Frequently Asked Questions

    What's the work-life balance like?

    Demanding. Expect 60-80 hour weeks during busy periods, with travel. But many consultants find the learning and exposure worth it, especially early career.

    Can non-MBA candidates get into consulting?

    Yes! Big 4 actively recruits undergrads. MBB occasionally recruits from top IITs for specific practices. An MBA from a top school is the most common path to MBB.

    What's the exit options after consulting?

    Excellent. Strategy roles at corporates, private equity, startups (often as founders or CXOs), and business development. Consulting is a great career accelerator.

    How do I prepare for McKinsey Solve?

    Practice games that test ecosystem thinking and pattern recognition. There's no guaranteed prep, but being comfortable with complex simulations helps. Take practice tests online.

    Is domain expertise important?

    Not initially. Consulting values structured thinking and learning ability. Domain expertise develops as you work on projects. Generalist skills are more important early on.

    How do I find case practice partners?

    College peers preparing for consulting, PrepLounge platform, LinkedIn groups, and WhatsApp communities. Having 3-5 regular partners who give honest feedback is ideal.

    Success Stories

    "200 cases later, I got into McKinsey..."

    "I practiced 200+ cases over 6 months. Found partners on PrepLounge and our IIM WhatsApp group. The structured practice made all the difference. Now at McKinsey Mumbai." β€” Rahul, IIM Ahmedabad

    "From Big 4 to BCG in 3 years..."

    "Started at Deloitte Consulting after undergrad. Got great project experience, did my MBA, and then recruited into BCG. Big 4 is a valid stepping stone." β€” Priya, BCG Delhi

    "Engineering to Kearney..."

    "I'm a mechanical engineer from IIT Kharagpur. Realized I loved problem-solving more than core engineering. Prepared intensively for 4 months and got into Kearney's undergrad program." β€” Vikram

    Consulting Readiness Checklist

    Understand basic case frameworks
    Practiced 50+ cases with partners
    Can do mental math quickly and accurately
    Prepared "Why Consulting?" story
    Strong Excel and PowerPoint skills
    Read business news regularly
    Have 3-4 strong behavioral stories (STAR format)
    Researched target firms thoroughly

    Common Case Interview Mistakes

    ❌

    Jumping to conclusions

    Take time to structure. Rushing to answers without analysis is a red flag.

    ❌

    Memorizing frameworks rigidly

    Frameworks should be adapted, not applied mechanically. Interviewers can tell when you're just reciting.

    ❌

    Not asking clarifying questions

    Consultants clarify scope. Asking smart questions shows client-readiness and structured thinking.

    ❌

    Forgetting to synthesize

    Always end with a clear recommendation. Don't just list findingsβ€”state what the client should DO.

    Your 8-Week Case Prep Plan

    1-2

    Weeks 1-2: Learn Frameworks

    Read Case in Point. Watch Victor Cheng videos. Understand profitability, market entry, and M&A frameworks.

    3-4

    Weeks 3-4: Solo Practice

    Practice structuring cases alone. Write out frameworks for different scenarios. Build mental math speed.

    5-6

    Weeks 5-6: Partner Practice

    Find 3-5 practice partners. Do 2-3 cases per day. Give and receive detailed feedback after each case.

    7-8

    Weeks 7-8: Simulate Interviews

    Full mock interviews with fit + case. Practice with people who've worked in consulting if possible.

    Mental Math Tips

    Quick, accurate math is essential in case interviews. Here are tips:

    Break down complex calculations

    450 Γ— 80 = 450 Γ— 8 Γ— 10 = 3,600 Γ— 10 = 36,000

    Use percentages cleverly

    15% of 240 = 10% (24) + 5% (12) = 36

    Know common fractions

    1/8 = 12.5%, 1/6 = 16.7%, 3/8 = 37.5%, 5/8 = 62.5%

    Round wisely

    It's okay to round β‚Ή487,000 to β‚Ή500,000 for estimation. State your rounding assumption clearly.

    Daily Practice: Spend 10-15 minutes daily on mental math apps like Magoosh or simple spreadsheet drills. Speed improves with consistent practice.

    Best Preparation Resources

    Books

    • β€’ Case in Point - Marc Cosentino
    • β€’ Cracking the Case - David Ohrvall
    • β€’ The McKinsey Way - Ethan Rasiel

    Online Platforms

    • β€’ PrepLounge (case practice)
    • β€’ CaseCoach (drills and practice)
    • β€’ Prepmatter (focus on target companies)

    YouTube

    • β€’ Victor Cheng (case interview mastery)
    • β€’ PrepLounge (case walkthroughs)
    • β€’ Management Consulted (frameworks)

    Start Casing

    Consulting rewards structured thinking and clear communication. Start practicing cases, read business news, and build your analytical muscles.

    The consulting interview is demanding but learnable. With dedicated practice and the right approach, you can break into this rewarding career path.

    The consulting interview is a learnable skill. Start practicing today. πŸ“Š

    πŸ“š Related Resources

    Group Discussion TipsBehavioral Interview GuideFinance InternshipsBrowse Internships

    Written by Sproutern Career Team

    Based on insights from consultants at MBB and Big 4.

    Regularly updated