Transcript Case Interviews

The Case
Interview
Source: Boston Consulting Group
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WHY ARE CASE INTERVIEWS GIVEN?
To Test Two Things
How much will you like
consulting?
Expose candidates to case
situations and the kind of
work consultants do
How much will consulting
like you?
Give the firm a sense of
how you might approach a
case situation
Firms generally do not expect an extensive business background
• Most companies try to give cases that do not require
business experience or knowledge of business jargon
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WHAT ARE CASE INTERVIEWS?
Two Main Types
Brain teaser
or market
sizing
Business
problem
• How many pencils are sold annually in the United
States?
• How many dogs are there in California?
• What are the chances of rolling double sixes three
times in a row?
• A pharmaceutical company is trying to decide
whether to manufacture its drugs in-house or
outsource; how would you help?
• The company that owns Vail mountain has seen a
decline in revenues over the past five years; what
should it think about?
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WHAT DO COMPANIES LOOK FOR?
Not “The Answer”
Creativity
Poise
Analytics
• Apply a unique
perspective to
business situations
• See the big picture
• Draw conclusions
from partial info
• Make
assumptions, see
patterns, generate
hypotheses
• Appear excited by
the kinds of issues
consultants face
• Not intimidated by
process/problems
• Assimilate info
quickly/effectively
• Ask insightful
questions
• Provide structure
to unstructured
problems
• Break problems
into components
• Apply transparent,
logical thinking to
each component
• Synthesize
discussion into
solution
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HOW DO I ATTACK A CASE?
Creating a Logical Structure is Key to Success
Framing/organizing
• Ability to identify key issues which he/she needs
to deal with in order to solve the problem
Prioritizing issues
• Ability to assess the issues, prioritize them and
form a coherent plan of attack
Identifying relevant
information
• Ability to dig deep enough to find the detailed
information which leads to a meaningful answer
Drawing conclusions
from facts
• Ability to use information given and manipulate it
accurately into a logical conclusion
- identify the key displays or data dimensions
needed to reach a solution
- derive relationships among different
dimensions of data
Identifying key
implications and next
steps
• Ability to predict relationships and outcomes
based on sound reasoning
- clear logic to conclusion
- delineation of alternatives
Framing
Analysis
Conclusion
Communication skills tested throughout interview
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INTRODUCTION TO THE CASE
• Our client owns and operates an
independent “mom and pop” gas station
– Sells gas for $1.01 per gallon
– Operates at break-even profitability
• Exxon opened a gas station across the
street twelve months ago
– Sells gas for $0.91 per gallon
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DEMONSTRATION OF CASE
INTERVIEWING #1a:
FRAMING
Interviewer
Interviewee
Discussion and Q&A?
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WHAT IS A FRAMEWORK?
Description
– Models, tools or maps that provide a systematic, logical way of
analyzing a problem
– Show cause and effect relationships to focus on
– Distill a complex, ambiguous problem to the relevant issues
Benefits
– Guides intelligent questioning of the interviewer
– Lays out your analysis in a logical, coherent manner—paints a
picture of how you think
– Allows you to apply your experience to an unfamiliar situation
Examples
–
–
–
–
–
–
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SWOT analyses
Familiar frameworks—5 forces, 7 Cs, 7 Ss, 4 Ps
Matrices—2x2, more sophisticated multi-dimensional
Value chain analysis
Comparative economics
Product/technology life cycle
Decision trees
Key is application of, not simply
stating, a framework
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DEMONSTRATION OF CASE
INTERVIEWING #1b:
FRAMING
Interviewer
Interviewee
Discussion and Q&A?
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FRAMING
Do’s
 Use one to structure your
answer
 Explain insights derived
using framework
 Creativity is key
 Get buy-in from interviewer
 Use analogies if possible
 Practice, practice, practice
Don’ts
 Force fit a framework
 Overuse buzzwords (e.g.,
Porter’s 5 forces)
 Try to apply a framework
that you do not know well
 Ignore direction from
interviewer
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DEMONSTRATION OF CASE
INTERVIEWING #2:
ANALYSIS
Interviewer
Interviewee
Discussion and Q&A?
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ANALYSIS
Don’ts
Do’s
• Scratch your analysis on
paper—even stream of
consciousness thoughts
•Use facts provided to develop
support for your conclusions
•Ask for more data, clarifying
information
•Keep your framework in mind
(tie back)
•Do math on paper
•Use round numbers
•Start over if needed
•“Think out loud”
• Overly
worry about basic math
mistakes—yet, don’t make too
many of them
•Worry about decimal-point
precision
•Lose sight of the issue (get lost
in the details)
•Lose contact with your
interviewer
•Ignore when analytics disprove
original hypotheses
•Keep your thought processes
to yourself
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DEMONSTRATION OF CASE
INTERVIEWING #3:
CONCLUSION
Interviewer
Interviewee
Discussion and Q&A?
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CONCLUDING THE CASE
Do’s
Don’ts
•Summarize your analysis
•Provide a clear
recommendation or hypothesis
derived from your analysis
•Highlight any additional
information you would need to
know
•Identify any implications of
your recommendations (e.g.,
competitor response, client
reaction)
•Forget to conclude the case—
regardless of progress made or
time constraints
•Waffle or be indecisive—have a
point of view and confidently
support it
•Ask for feedback
•Forget the original question
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HOW DO I PREPARE?
No Magical Formula
– With classmates, friends who interviewed last year, and people
at your school’s career services
Practice
– Look on the web for firm-provided practice questions (bcg.com)
Decreasing performance impact
– Case interview guides (e.g., WetFeet)
– View the interview as an opportunity, not a hurdle
– Remember, most questions have no “right answer”
Prepare
mentally
– Familiarize yourself with frameworks
– Don’t forget about your conclusion
– Wall Street Journal
Read, read, read
. . . and think
– Financial Times
– New York Times business section
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PRACTICAL TIPS FOR
SUCCESS
Bring a pen/pencil and a pad of paper
• Feel free to pause, particularly at the beginning
• Don’t panic—ask questions to clarify facts, learn more information
• Structure your analysis before you begin
• Think out loud
• Be clear about your assumptions
• Silence can be golden
• Do what makes you comfortable—approach with your personal
style, not what you think is expected
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