Customer Reviews

The Fast Track: The Insider's Guide to Winning Jobs in Management Consulting, Investment Banking, & Securities Trading

5 star:		(24)
4 star:		(10)
3 star:		(4)
2 star:		(4)
1 star:		(2)

 

 

This book covers a huge breadth of topics, though seems to cater to an audience consisting of student at elite schools. While offering very interesting insights into the rigors, qualifications, lifestyles, etc. associated with these prestigious industries, it seems as if there was not enough "real estate" in the book dedicated to offering full coverage about careers in these industries.

In fact, there are books out there entirely dedicated to convering these industries. For instance, two of the better ones, Vault.com Guide to Investment Banking and Vault.com Guide to Management Consulting, cover these industries thoroughly.

What would have made Fast Track better, was to be a bit more focused in what it offered, much like the Vault.com books. Instead of covering, what I consider 3 disparate industries, in such a short amount of pages, it could have been more effective by expanding the book, or even breaking them into 3 complete books.

But alas, in addition to the industry specialty career books, this book is a good supplement to ambitious graduates (both MBA and college) to landing those prestigious financial and consulting positions out of school.

This book gives a good overview of the different facets of management consulting and investment banking. For those considering a MBA as a transition to these two career paths, this is a good place to start your research. As my personal interest is Management Consulting . . .

1) The culture requires teamwork, high quality and constant change. "You are only as good as your last project." (pg 44)

2) "Most people at McKinsey don't need to be managed. It is a different dynamic - we are coached. . . managers are graded on how well they coach." (pg 57)

3) Critical skills: analytical skills, individualism, interpersonal skills and intellectual curiosity. (pg 145)

4) For interview questions concerning resume, use CAR approach:
Context: Set the stage
Action: What did you do?
Results: What was the impact?

5) Good list of interview questions (pg 199 - 200). The most interesting one I saw: "Where do you think the consulting industry is headed?"

6) Five qualities that distinguish a great case interview:
- structured response, shows you think clearly
- broad perspective, shows that you cover all the angles
- concise and linear manner of thinking and communicating
- business judgment, shows you can find the high-impact areas
- creative insights, shows that you can come up with ideas on your own

Another good resource for basics of management consulting:
...

This book does a pretty good job of explaining how these businesses work and how they recruit. However, it isn't going to be very helpful if you're looking for a job. These places look for people with the right background, the right skills, and only then does it matter how many books you've read or how many case questions you've practiced. By all means, read this book, but it's more important to work on your connections and make sure your resume's content (not its form) is strong.

Fast Track is a well written book about jobs in consulting and investing. It is written by a woman who has been both a consultant and an investment banker. The book is full of valuable information regarding interviews, cover letters, resumes, and basics of the jobs. But DO NOT use this book by itself.

First of all, the directory in the back of the book is full of time sensitive information. It is also recommended in the book that you go to the company's web site before you send off an application. If you are interested in consulting, get books specifically written about case questions. If you are interested in investment banking, make sure you have a strong background it what exactly investment bankers do, because the book doesn't really give you a good idea.

A few more points:

Although the book is written by a female minority, the book has nothing about minority hiring programs. If you fit the bill, it would be worth your while to investigate that.

The book is specifically written for those who have 4.0 GPA's at UPenn, Harvard and Stanford. It devotes a little time to the "non-targeted," but it's pretty clear that if you don't have the grades, and you don't go to the right school, then you don't have a chance. Talk to your career counselor about grads from your school that may have made it in the field you're interested in.

The book is trying to entice you into becoming an investment banker or consultant. Although it tries to be unbiased, it is clear that it doesn't provide the big picture. Read books like "Liar's Poker" and "Monkey Business" if you want an honest look into the professions. Your best bet, however, is to find someone who is in your field of interest, and interrogate them. Only then can you get the full picture.

I am a top student from a solid, tiny "untargeted" liberal arts school. It seems to me that the advice in this book is for elite students who already have an enormous advantage. They are not the ones who need the insight; those who seek consulting jobs and are not from ivy league schools deserve better advice. If the school on your degree is not "brand name", you're better off seeking advice from more optimistic and realistic books. Ms. Naficy's book is depressing and her perceptions are skewed. I put down the book with the most unsatisfied feeling, and called my academic advisor (who is a consultant herself) for the best advice.

This book does have some good information about the nature of the jobs discussed, but it left me cold. The trouble I had with it was that the author seemed to be suggesting that the jobs were somehow desirable, when in fact, after reading the text and interviews, it seems a repellent line of work to get into. The long hours and the competitive and grueling nature of the interview process seem like turn-offs, and the work itself seems unfulfilling. The book would be useful to those who are convinced that they would want to work in consulting or banking, though after reading this book they may actually be dissuaded (as I was) from entering such a vile, corporate environment. I suppose the author is to be commended for writing this book, but I couldn't help thinking that it was a rather unchallenging book for her to write (given her background).

In additional to a number of glaring factual errors (such as including Grant Thornton in the Big Six while leaving out Arthur Andersen, the biggest of the group before they became the Big Five), the material in this book is totally useless. If you attend a "targeted school" (the author's term for the elite schools where management consultants and investment banks recruit), you should already know 99% of the material in this book. If you attend a lesser "untargeted" school, following Ms. Naficy's advice will have you waiting by the mailbox for those oh-so-encouraging postcards telling you how Dewey, Cheetham, & Howe has your resume on file and will call you when they run out of Ivy League types. The book is subtitled "The Insider's Guide to Winning Jobs in Management Consulting, etc..." Here's a bulletin for you: the "Insiders" already know the drill, and the "Outsiders" are that way because of "insiders" like Ms. Naficy, who's apparent purpose in life (and in writing this book)is to maintain the status quo.

I came from an Ivy school and got offers from Goldman and Morgan Stanley coming out. My junior year I was recommended this book by a college career counselor as the one indispensable book to own. I agree and have recommended the same to others asking me for advice. It won't get you the job on its own (internet research and calls with former/current employees are a must), but its explanations of management consulting and investment banking are hugely helpful for approaching the interview process. Vault and Wetfeet are fine but too specific -- an applicant who has read this book and understands the overall shape of these two career paths and the goals behind the recruiting process for each will be much better prepared for the rigorous post-college interview process.

Naficy's work is helpful for building a general understanding of these industries, the attributes sought in potential hires, and how to demonstrate these attributes.

Those serious about fast track careers should supplement their reading. This book was published in 1997 and is sorely in need of an update. To address your coverletters to Andersen Consulting would be a serious blooper (they are now Accenture). Although expensive, WetFeet and Vault publish some phenomenal in-depth reports that are more candid and current.

The book covers many intricate details about banking and consulting. It also has some sample resumes that focus towards the banking and consulting field specifically. However check the company information online. Many companies have merged and their contact informations have changed since this book was originally published. I was more interested in the I-Banking chapters. I was not thoroughly impressed. It still left a lot of confusion as to what exactly an I-Bank does. For that i would highly recommend Vault.com career guide to I-Banking.