Whether you're an aspiring management consultant or you're already on your way to your first case interview, we hope this article helps you prepare.
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What Exactly Is a Case Interview?
In a case interview, you will be given a business problem and asked to solve it; this problem, along with the surrounding business context, is referred to as a case. Let’s start off with a McKinsey Case Interview example for more context:
“How do you design basic financial services offering for residents in remote communities in Mexico to reduce extreme poverty?”
You’ll also be given a situation description with details such as:
- The majority of Mexico’s rural population is relatively poor, relying in part on government benefits for their livelihood.
- Since they tend not to have bank accounts, they usually collect those benefits in cash from a limited number of state-owned bank branches.
As a candidate, you are expected to figure out the best ways to approach the problem and provide feasible solutions.
Types of Case Interview Questions
A typical Consulting interview usually starts off with a discussion of your CV, cover letter, and personal track record followed by the case interview. A few case types you can expect are:
- Market-sizing and guesstimates
- Math problems
- Issue tree questions
- Profitability framework
- Solution-finding questions
- Brain-teasers
- Value proposition questions
It’s important to note that the interviewers are often more interested in your thought process than in your "right answer." An effective response demonstrates your ability to divide a problem into manageable chunks and think clearly under pressure. So it makes sense to have a game plan in place when responding to this type of question, right?
Note: A perfect CV is the first step to gaining an advantage over the competition. Over 60% of applicants are expected to be rejected during the initial screening stage, and the top three consulting firms - McKinsey, Bain, and BCG - have acceptance rates of less than 5%. Click here for tips on writing an outstanding consulting CV.
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How Should You Approach Case Interviews
As with any other interview, it is critical to approach the case with a game plan. Let’s jump into the steps!
(Here’s a tip: Before the case begins, remember to look polished, smile, and engage the interviewer.)
- Listen to the Interviewer, and Ask Questions
The first thing you should do is repeat the question that the interviewer asked you. This is to see if there is anything else you should be aware of and to clarify any details you didn't understand. The last thing you want to do is make a recommendation for the incorrect scope.
Don't be afraid to ask questions as well. Inquire about any additional goals, details, or issues you should be aware of. Often, the most important elements of the question are in the details.
- Structure the Problem and Develop a Framework
After you've selected your framework, don't keep it a secret. Explain to your interviewer how you intend to proceed.
(Tip: It's easy to become bogged down in details and possibilities. Keep the original question in mind and don't deviate too far from the main goal.)
Here’s an example:
"I would suggest using the following framework:
First, I'd want to understand the market size and growth rates for ______ market and related ______ markets.
Next, I would like to explore the competition and their market shares.
Third, I would like to examine customer requirements and then, given those external conditions, look at the division's capabilities to understand how well-prepared it is to meet the needs of the marketplace."
- Evaluate The Case Using The Framework
After you've presented a well-crafted framework for investigating the problem, the next step is to evaluate it in order to generate a solution. This is where you navigate your structure systematically, identifying the key factors that are driving the issue we're addressing.
In general, this will entail diving into the most critical factors causing the client's central problem and developing potential solutions.
(Tip: The more types of cases and case frameworks you are familiar with, the less likely you are to run into a problem that stumps you. As you practice, you'll notice that you're developing this framework unconsciously as you try to gain control of a situation.)
- Draw Conclusions from Your Analysis
Once you've arrived at a solution, it's time to summarize and deliver that solution as a final recommendation. Take your time going over all the case elements and reviewing the information you wrote down, the graphs and math you performed, and the various insights you’ve noted down.
Summarize the case and share the key takeaways with the interviewer. This should be delivered as if you were briefing a busy CEO, so it should be a concise, well-structured, and fact-based account of your findings.
Wrapping Up
Case interviews are designed to be difficult for a reason, and understanding the reasoning behind the interview process will help you better prepare for your interview.
Now that we've gone over how to approach a case interview, all that’s left is for you to prepare to ace your case interviews along with an understanding of Consulting concepts in various domains. How do you do this efficiently?
By learning from industry experts at AltUni's Consulting Festival, of course. You'll work one-on-one with experts to hone your case interview skills and land your dream Consulting job!
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Program Highlights:
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