Speaker 1: Do you want to be a consultant? Here are the three frameworks that can make or break your future career. My name is Davis Nguyen, and I'm a former Bain consultant and the founder of MyConsultingOffer. I've helped over 1,000 consultants start their careers by teaching them these three frameworks. The great news is that these frameworks will not only improve your career, but also your personal life. The first framework is called a two-by-two matrix. It's called a two-by-two matrix because it has two sides of it. It has an x-axis and a y-axis, and together it forms four different quadrants. This framework is used to categorize items or ideas into four different quadrants to sort out items according to the dimensions that you decide. So for example, let's say that your client is trying to prioritize four different types of projects to figure out which one would have the greatest impact on their profits, and they're asking you to figure out which one they should do. You might use this two-by-two matrix along two different dimensions. The first dimension is you might want to categorize it by the level of impact. So you might want to sort things on the y-axis by how high the impact is or how low the impact is. On the x-axis, you might want to think about, well, how difficult is it to implement? Is it something that's going to take years to implement, or is it something that we can have up and running in weeks? So you might have difficulty to implement on one side and easy to implement on the other side. So together, you'll have these four quadrants. And then what you can do is map out each of these quadrants. So for example, let's say that project one, it's going to be high impact. That means it's going to bring a lot of profit, but it might take years to implement. On the opposite side, you might have project two, which is also high impact, but it's easy to implement. You can probably implement it in a couple of weeks or months. Then you might have project three, which is difficult to implement, which might take months to implement, and you don't think it's going to bring that much profit. Or you might have project four, which you might determine, for example, is easy to implement. In fact, we can probably get project four up and running by next month, but it won't bring that much profit. So now, now that you've mapped each of the projects out, you can quickly determine which one the company should work on. Well, first off, you notice that project three is difficult to implement, which is it'll take a lot of time. And also it doesn't bring that much profit. So it's actually not a good project. So we might exit that out. So we might reject that proposal. Next, you might see that project one does have high impact. It's going to bring a lot of profits, but it's difficult to implement. So if the client wants to implement something really quickly, you're then going to eliminate project one. That leaves project two and project four. Well, project four probably shouldn't be the first one you start off with, because even though it's easy to implement, it's low impact compared to project two. So then you might go with project two because it's quick to implement and it's going to bring a lot of profit. So you went from having four different proposals to recommending one. And that's the power of a simple two by two matrix. Of course, you can also apply this to your personal life. And I love to use this two by two in my personal life as well. Let's say, for example, you got your consulting offer and you got to move to a new city, but you don't have that many friends in the city. Well, you probably want to make some friends and you're trying to figure out, well, what activity should I do to make new friends? So you might decide the different axes. So for example, you might say that the y-axis is going to be, well, do I enjoy this activity or do I not enjoy this activity? And then on the x-axis, you might say, well, is this going to give me a high chance to meet people or is it a low chance to meet people? And from there, you have your four quadrants and then you can map everything out. So for example, let's say that you had four different activities you were thinking about. Let's say that you're thinking about going to the movies. Well, you enjoy watching movies, so that's high enjoyment, but you're probably just going to sit by yourself and there's not much talking, so low chance to meet people. Second, you might join a book club, which, well, you enjoy reading books and talking about books. And let's say that because there's a lot of talking and a lot of people, there's a high chance to meet people. Then you might have activities that, such as, for example, camping by yourself. Let's say that you don't enjoy camping. Well, that's low chance to meet people and it's low enjoyment. Let's say that you also went on meetup.com and saw that there's a knitting class. Well, let's say you don't enjoy knitting, but there is a high chance of meeting people. You might place that in the lower quadrant. So similar to our business example before, you can start eliminating things. Then you might eliminate going to the movies or camping by yourself because, well, there's a low chance of meeting people. And then, between joining a book club and taking a knitting class, well, let's say that you don't enjoy taking knitting classes. You'll reject that idea. Then your activity then becomes joining a book club, which is something you would enjoy, and it gives you a high chance of meeting new people. So that's the two-by-two matrix. The second framework is the must-have, nice-to-have. This framework is used to quickly eliminate options that you're considering by clearly listing out what is a must-have and what is a nice-to-have. And any option that fails to meet all of the must-haves are immediately eliminated as an option. So for example, let's say that you're working on a merger and acquisition case, and your client's thinking about acquiring one of three companies. And you work with the clients to determine what their must-have criterias are. So it could be, for example, that the company has to do over $10 million in revenue. The CEO of the company has to stay on because, well, you don't have anyone to replace the CEO or to operate the business. And third, it has to cost less than $10 million to acquire. Then you can quickly go through each of these and determine if it meets your criteria. So for example, let's say that all three companies meet the $10 million threshold. So then you can move on to the next criteria, which is the CEO will have to stay on. And let's say that company one, the CEO, one of their conditions is that they want to have an exit. They don't want to continue with the company. Then company one is automatically eliminated from consideration, leaving company two and company three. And then let's imagine that from company two and company three, you ask for the price to acquire, and company two is asking for $20 million, while company three is asking for $9 million. Well, in that case, you don't have to do any more diligent, well, at this point, you can already determine you don't need to do any more research on company one or company two because company three is the one that has the must-haves. So now you can look at the nice-to-haves. This could also apply to your personal life as well. So for example, let's imagine that you did move to that new city, and you're thinking about what apartment you should rent. And let's say that you have three considerations for apartments, and you have a couple of must-haves. It could be a lot of conditions. Let's say you have three for simplicity. First is that it has to be 10 minutes walking away from a public transit, it could be a bus or a metro. Second, it has to be within your budget. And third, you really want an elevator in the building, you don't want to have to climb stairs. Well, let's say you look through each of the conditions and you say, well, let's figure out where the closest public transportation is. And then you realize that apartment one and two are within 10 minutes of public transit, but apartment three is not. So now you can eliminate apartment number three. Next, with apartment one and two, you want to make sure that they're within budget. So you ask for the rent price, and you realize they're both within budget. And then you look at the actual elevator, and you realize, ooh, apartment two doesn't have elevators. So now you're down to apartment one. So if you're looking at three apartments, at least apartment one will be the only one that you're gonna consider for the next step. That's how you use the must-have, nice-to-have framework. The third framework that I use very often is the MISI framework. MISI is a framework for organizing or dividing things, such as ideas, peoples, and objects, into groups that are both distinctive and comprehensive. You can think of MISI as like a perfect filing system. The M-E in MISI stands for mutually exclusive. That means that every file or item goes into exactly one folder in only one folder. Remember, perfect filing system. So no file is split between two folders or is duplicated. That's like, for example, if you went to school, and you had a different folder for every single subject. You have one for math, one for English, one for science, and so on. That means that all your math homework will never be in the English folder. That's what mutually exclusive means. It's in one folder, but not multiple. Second is collectively exhaustive. That means that your system, or all your folders combined, should include every single file. So you shouldn't have any files laying around that you don't have a folder for. So for example, all my homework should fall into one of these folders and only one of these folders. So in short, MISI is like organizing your files into particular folders in such a way that every file belongs to one folder, and all files are accounted for. Nothing's out of place, and nothing's left out. And MISI is very helpful when it comes to business. For example, one of my projects that I had at Bain was I was in charge of putting together a bonus structure for the end of year bonus. And so the client wanted to make sure that everyone got paid, but no one got paid multiple bonuses because, well, then everyone else would feel cheated, but everyone also got some sort of bonus. So in order to know who would get a bonus and for what contribution, you can break it out. So for example, I might decide to break out the company into its different departments. For example, in this case, this particular company had four departments. It had the marketing department, the sales department, the service department, and the operations department. And you kind of see that within each of these, I also listed out who was in the marketing department, who was in the sales department, who was in the service department, who was in the operations department. So at the end of year, everyone got a bonus for their contributions. No one was left out, and no one was actually paid twice. And you can also use the MISI framework into your personal life as well. So for example, let's imagine that you're about to move out to that new city that we talked about, and you're about to go visit the apartments. Well, you're gonna travel for the week, and you need to pack. And so how would you pack? You'd probably make a list, but it's probably hard to make a list of listing out random things like clothes, phone charger, laptop, passport. It's out of all the order. So you might risk either missing something or double packing something. So instead, you can use a MISI list to try to break out the different categories. So for example, you might have a category for clothing, one for toiletries, one for gadgets, and one for travel document. And then within each one, you might list out the particulars. So for example, within clothing, I might have casual wear, active wear, night wear, formal wear, weather specific wear, footwear, accessories, and innerwear. And you can do this for each of the categories to make sure that you're packing in a way that has every single item you need, and nothing is left out. So those are the three frameworks I recommend to anyone who wants to become a great management consultant. So which framework was your favorite? If you comment below your favorite framework and your email, I'll email you additional frameworks that we didn't have a chance to cover in this video. And if you're serious about becoming a management consultant, I'd love to help you. My team and I are former consulting recruiters and interviewers from McKinsey, Bain, and BCG. We have a 90% success rate. That is nine out of 10 people who work with us land at least one consulting offer. We've helped over 1,000 people start their careers in management consulting, and I'd love for you to be our next success story. All you have to do is click the link below to book a free call with our team to find out how we can help you. Booking this call could put you one step closer to landing your consulting offer at a top management consulting firm. But you don't have to take my word for it. I actually hear from Ray, who landed three offers, including at McKinsey, where he ultimately signed. Before working with us, Ray had no consulting experience, was worried if he could even get the interview, let alone pass it. And in his video, Ray shares how he managed to land three consulting offers, including why he decided to sign with McKinsey. I'm excited for you to hear Ray's story, and I'll include that video on this page right here. And I wanna wish you good luck, and I'll see you in the next video.