You May Be Interested In Reading→ Interesting Summer Interview Questions Asked By Management Consulting Firms
In addition, asking questions is a terrific approach to establish a rapport with your interviewer right away. Consider the case as a dialogue in which you must solve a problem, rather than an exam. Ask for extra information when you need it, clarify your assumptions as you go, and walk your interviewer through your strategy with this mindset. All of these factors will contribute to a fruitful chat, and you'll most likely find your interviewer to be really helpful, especially if you feel stuck.
You should pay attention to tiny indications and guidance because he or she may steer you in a different direction or advise that you think about things differently. The more you involve your interviewer in your thought process, the more chances you'll provide him or her to assist you in solving the challenge you've been given.
Read Now→ How Baahubali Wowed Users | A Case Study and Other Case Studies
The key to succeeding with a case is to have a decent framework. It's more essential than your answer and the knowledge you bring in
So, when you're asked to answer a problem, take the time to think about it and gather your thoughts. Then bring your pen and paper out and start writing. In the following 30 seconds or so, sketch up a logical structure that will aid you in working through the case's primary concerns.
A good structure deconstructs the problem into its constituent parts. If you're asked about profits, for example, you can break it down into two parts: "growing income" and "decreasing costs." Then you can break each of those down even more—increasing income means "raising your price" or "growing the number of items you sell," while decreasing costs means "lowering fixed costs" or "lowering variable costs." If you were asked about expansion, on the other hand, you could divide your response into "selling more of what we have now" and "selling new items," or "selling in our present markets" and "expanding into new markets."
Describe your structure to the interviewer after you've written it down. Then, and only then, should you consider how you might raise the selling price, lower manufacturing expenses, or expand into Asia? The advantage of this method is that you have an outline to fall back on if you become stuck on one path.
Here's a little secret: You'll only be given a few different case "types" to work with. Entering a new market, producing a new product, growth plans, pricing strategies, beginning a new firm, are all examples of these methods. Turning a firm around and coming up with a reaction to a competitor's actions are also options, although they're rarely inquired about.
As a result, prepare ahead and have clear structures in mind for each "kind." There is no one-size-fits-all framework, and you should modify your structure to the case at hand. Even if strange jargon is thrown your way, thinking through frameworks ahead of time will help you keep focused on the key concerns during the case. Structures also provide a foundation for organizing and discussing your data
You should test and enhance your structures as you practice cases. Examine whether they assist you in covering crucial information and leading you along the path to solving the problem; if not, alter them as needed.
When it comes to the quantitative component, many folks become paralyzed. The finest piece of advice is to practice as much as possible. Here are a couple of suggestions:
As you're doing your arithmetic, jot down your formulae and thought processes. This will allow you to determine whether you need to ask for further information in order to answer the question. If the interviewer is aware of what you're attempting to accomplish, he or she will be able to assist you in getting back on track more quickly.
Recommended For You→ How To Solve Guesstimate Questions In Your Interviews - InsideIIM Placement Prep Series
You never know what industry will be the focus of the case you're assigned. However, the more industry-relevant your questions and answers can be, the better. There are two things that can aid in this situation. To begin, keep a running list of specific industry characteristics as you practice Second, keep up with current events.
There's no alternative for discussing cases aloud. It's fine to read cases on your own or perform them online to help you practice your structures and numbers, but nothing beats having to communicate your thought process in real-time. Make it easier on yourself by replicating the interview atmosphere ahead of time—grab a friend and trade cases. The experience from these interactions will be astounding for you.