What is a case interview?
In the event that there’s one inquiry on the brain of each trying counseling candidate, it is this: what is a caseinterview ? How is it set up? What am I being made a request to do? What’s more, most essential, how would I ace it?
A case interview is the place you are made a request to test your knowledge, on the fly, with constrained data. There will dependably be math included, and you’ll be required to talk your questioner through your counts and thought and basic leadership forms. The objective of the case interview isn’t really to motivate you to tackle the business issue – it’s to check whether you can have a similar outlook as an expert, regardless of whether you can think and react quickly, if the numbers you deliver are legitimate, and in the event that you can be trusted to convey enter bits of knowledge before a CEO client.
There are four basic frameworks:
Profitability, Market Sizing, Market Study, and Mergers & Acquisitions. These are general frameworks, but do a good job of organizing the main kinds of problems consultants solve on a project-to-project basis, and thus the types of problems that are presented in case interviews.
Further reading how to ace the case interview
Benefit cases for the most part manage a customer attempting to choose what to with incomes, expenses, or general income. Market Sizing cases inspect the extent of a present market (ordinarily in income), while Market Study cases look at whether a customer ought to enter another market or not, and in addition the declining piece of the pie of a customer. At long last, there are M&A cases. These are the huge young men of case issues, as M&A cases incorporate Profitability, Market Sizing, and Market Study ideas across the board case. These cases are about whether Company An ought to converge with Company B, or whether Company Y ought to obtain Company Z. Keep in mind the one larger objective of both of these exchanges, however: expanded benefit for the customer!
Case interview is a part of many firm in recruiment process
Why do consulting firms use case interviews?
Because doing well in cases requires the same skills that consultants use:
- Understanding of basic business concepts (eg, revenues and costs, suppliers and customers, market structure, etc)
- Analytical, structured-thinking
- Business-oriented creativity and insight
- Communication and presentation
What should I do to prepare myself for case interviews?
Practice as much as possible with friends, colleagues, contacts inside counseling firms. Indeed, even practice before a mirror to survey your correspondence style, non-verbal communication, and so forth.
Audit contextual analysis particular assets – from the Vault Guides to Cosentino’s Case in Point. Try not to go over the edge (specifically, Cosentino’s guide is useful yet not an unquestionable requirement have).
Audit general business issues – get your hands on whatever number contextual analyses as would be prudent. Most counseling firms post a couple of on the web, for example, McKinsey here. The more introduction you have, the more natural each inquiry will appear. Notwithstanding when you’re perusing the Wall Street Journal, Fortune, and so forth – place yourself into the CEO’s shoes at each open door.
I’m not that good at case interviews. Can I get an offer by conquering the “fit questions” and my resume?
No. Your execution on contextual investigations represents no less than half (and typically more) of your “score” in deciding offers. It is the most underprepared region for hopefuls, however something the best candidates exceed expectations at. On the off chance that you need an offer, you’ll rehearse, hone, hone.
Case Interview Questions
I’ve heard that some companies/interviewers don’t ask standard case questions. Instead, they ask questions like “How many golf balls would fit into a 747?” or “How would you rescue the auto industry today?”
That will happen, particularly in later rounds and with more senior interviewers. They may not be prepared to run you through a standard case, or they may want to see how you handle the unexpected. One question we faced (not at McKinsey but another firm) was the following:
Can you explain why Starbucks actively promotes the construction of locations that are so close to each other that they cannibalize sales?
If this happens, don’t panic. The interviewer is still looking for the same things – how crisp and logical is your thinking; how well do you communicate those thoughts; and how much do you understand the basic business underpinnings.