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Wharton - Guide To Managing Your Career Ch7 Interviews
Wharton - Guide To Managing Your Career Ch7 Interviews
CHAPTER 7: INTERVIEWS
This chapter covers interview preparation and is organized into the following sections:
• What is an Interview?
• Interview Preparation
• Types & Format
• Execution of a Great Interview
• Difficult Interview Questions
• Follow-up & Subsequent Interviews
• Conclusion
• Appendix
WHAT IS AN INTERVIEW?
Ideally, an interview is a discussion between a job candidate and a prospective employer. It is a two-way street
where each participant has the opportunity to assess, through a variety of questions, the match between the candidate
and the position. At the end of the interview, there is the potential for an offer of employment.
Many argue that the interview is the most important part of the job search process. The interview can be a product of
self-assessment (see Chapter 2) and market research, (see Chapter 3). Your success during the interview will depend
on your level of preparation, execution, and follow-up.
INTERVIEW PREPARATION
Your preparation allows you to have greater control in the interview. Taking the time to effectively prepare is
critical; during an interview you have only a limited amount of time to make a good impression.
Most interviewers have two goals for the interview – first, to learn about your skill set/experiences and assess your
fit for the company/position; second, to sell the company/position to you.
The interviewer needs to determine if you are able to fulfill (and excel at) the job requirements. In addition, your
interest in the company and your fit with the company’s culture are being evaluated. Understanding your interest can
help the interviewer determine if you would accept an offer (many firms are concerned with yield management and
do not want to make offers that will not be accepted). If the interviewer is confident in your skill set and your fit
with the company, he/she will also use the opportunity to “sell” the position to you.
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Most candidates have two goals for the interview: to receive an offer and to learn more about the company/position.
To achieve these goals, you must sell your skills and qualifications as they relate to the specific position and
illustrate that you are the type of person the company wants to hire. At the same time, you want to evaluate the
company just as the interviewer evaluates you. The information you gather during the interview should help you
make a decision as to whether you would ultimately accepted a position in the company.
Prior to the interview, conduct company/industry/position research (see Chapters 3 & 4). Utilize this research to
demonstrate your genuine interest in/passion for the company, anticipate potential questions and answer industry-
related questions. It is helpful to gain insight into the company’s history, management and leadership, current
performance, products, customers, competitors as well as recent news. Be aware that the same job title may be
defined differently by each company – identify the specific responsibilities of the position prior to the interview.
Preparing for an interview requires anticipating potential interview questions (see list of sample questions in the
Appendix of this Chapter) and formulating meaningful questions for the interviewer (see the “Execution of a Great
Interview” section of this Chapter for sample questions). The type of questions the interviewer asks will likely be
reflective of the industry and designed to fit the format and/or type of interview. Anticipate being given the
opportunity to ask questions at the end of the interview. Take advantage of this opportunity to show your interest
and gather additional information. Interviewers often evaluate a candidate based on the questions he/she asks during
the interview.
Practice
As with any skill, the more time and practice you devote to interviewing, the more successful you will become. Too
often candidates assume that just because they well are qualified, they will get the offer. Typically, however, the
candidate who receives the offer is not necessarily the most qualified, but rather the one who interviews most
effectively. Therefore, practicing thoroughly for the interview is crucial to success.
Tips:
1) Practice out loud (repeatedly), preferably in an environment similar to what you anticipate encountering in
the interview
2) Mock interview. Ask a friend (preferably one from the industry/function/company of interest) to interview
you. Seek their honest feedback. This can also be done with two other people (triad). In the triad there is the
benefit of having an observer who can more objectively evaluate the interaction without being in the actual
process of the interview. If English is not your native language and you are applying for positions within
the United States, consider mock interviewing with a native English speaker
3) Record yourself answering questions and critique your performance, evaluating your verbal and nonverbal
behavior. Most of us are unaware of how we sound and look when we speak; viewing yourself will help
you understand how you appear during an interview
While these details may seem minor, they are important in creating an overall impression:
• Take time to choose what you will wear. Business suits are standard for interviews; think carefully before you
violate this rule. Some industries may be more casual, but erring on the side of formality is preferable. Perfumes
are not advised, as the interviewer may be sensitive to particular scents
• Bring extra resumes to the interview. You may encounter an interviewer who has misplaced your resume
• Arrive approximately 10 – 15 minutes early
• View and prepare directions, maps, public transport information, and taxi fare before the interview. You do not
want to arrive late and frazzled because you did not know how to find the interview location. Remember to
anticipate the weather – bring an umbrella if necessary
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• Plan for the unexpected! Many components to the interview process are not within your control, but do your
best to execute effectively on the things you can control. This will help you stay calm and better handle the
things you cannot control
Types
There are four main types of interviews used to assess a candidate's qualifications. The interviewer may utilize one
type or pieces of each type of interview during your conversation.
1) The Traditional Interview: This approach is conversational. The potential employer asks you about your work
experiences, education, and interests. Exhibiting a strong logic/story for your career path, past and present, is
important in this type of interview.
2) The Behavioral Interview: This format is based on the belief that past behaviors are a good predictor of future
behaviors and repeated behaviors are better predictors than one-time incidents. Interviewers who use this style
are very probing and require extensive detail on your previous experiences. Exhibiting deep knowledge of each
bullet on your resume is important for this style; a general story is not acceptable. A typical line of questioning
in behavioral interviewing is: Tell me about a time when you [demonstrated competency X].
3) The Scenario/Situational Interview: This format involves role playing that directly demonstrates competencies
to the interviewer.
4) The Case Interview: This format differs significantly from traditional and behavioral based interviews. In this
format the potential employer is testing your ability to dissect a problem in a logical manner. The best way to
prepare for case interviews is to practice and understand the logic of the process. Most often the cases will be
based on topics and situations for which you have no previous experiences. You are expected to provide a
framework for the solution, and demonstrate knowledge of analytical/quantitative processes.
Formats
Some companies conduct the first round/screening stage interview over the telephone or through video conferencing
capabilities. While this format allows you to use your notes during the conversation, you cannot see the
interviewer’s non-verbal cues and the interviewer cannot see your non-verbal responses over the telephone. If you
are being interviewed by phone, make sure you have your information organized, you are in a quiet place where you
can talk without interruption and that you are concise in your responses. Whether sitting or standing during a phone
interview, it is important that you are upright – slouching affects your attitude and voice. If you are being
interviewed by video conference, you will have the ability to see non-verbal cues, but be sure to have a basic
understanding of the technology and how it works. Remain calm if technological issues arise.
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Tips:
1) Be authentic. Be yourself in the midst of all the questions, answers and formality. Do not memorize the
answers to potential questions. Interviewers want to see the real you. Being prepared does not mean
sounding robotic
2) Listen and answer the question that has been asked. Take the time to understand the question carefully
before responding. If you are unclear about the question, ask for clarification. Often candidates are overly
focused on what they want to communicate and neglect to listen to the interviewer and his/her questions. It
is quite frustrating for the interviewer when the candidate does not answer the question. If you are not sure
if you answered the question, it is acceptable to say “Did I answer your question?”
3) Demonstrate a positive attitude. Avoid saying anything negative about a previous company, employer, or
colleague. Negative comments about past experiences indicate potential negative comments about future
experiences. Think about how you can express differences in a tactful and constructive manner. For
example, when asked about a previous manager whom you disliked, it would be acceptable to say, “I think
he and I have very different styles, but I appreciated his ability to do XXXX”
4) Be confident. Companies want to hire bright, confident individuals who can make a contribution to their
organization. If you do not appear confident, why should an employer feel confident in hiring you? Your
demeanor in the interview sets the tone and influences the interviewer’s impression of you
5) Use body language to your advantage. Use a firm and confident handshake. Smile and make eye contact.
Sit up straight (do not slouch) with a slight tilt forward. Maintain an open body – avoid crossing your arms.
Keep your hands where the interviewer can see them. Use hand gestures to show animation – but be aware
of over-gesturing. Keep your legs uncrossed
6) Be enthusiastic. If you are enthusiastic during the interview, the interviewer will assume that you are
enthusiastic about the position/company. Enthusiasm can be demonstrated in many ways, both verbal and
non-verbal. If you are interested in the position, demonstrate it through your energy level. Enthusiasm is
also contagious and can go a long way towards getting the interviewer interested in you
7) Be concise. Rambling or losing direction is common during interviews, particularly for candidates who are
not well prepared. To prevent rambling, number your answers from one to three (do not list more than three
items at a time). For example, you could say, “There are a lot of reasons why XXXX, but I think the most
important one is XXXX” or “I have observed two key changes. First XXXX and second XXXX.” or
“Three changes stand out in my mind. These trends are X, Y and Z.” Being concise demonstrates you are
prepared for the interview
During the interview, while you are working diligently to answer the interviewer’s questions, you should also be
trying to gather information to address these questions for yourself:
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Opening
You will begin being evaluated the minute you step into the interview location. First impressions are very important.
Your goal in the opening of an interview is to make a good first impression and build rapport. Focus on making a
connection and building a relationship with the interviewer - not just trying to impress. Build rapport by making an
observation about something, (e.g. “I can’t believe how beautiful the weather is today”). The interview should be a
collaborative conversation (to the extent the interviewer allows). Welcome questions with energy and enthusiasm.
Behavioral/Fit
As mentioned in the “Types & Formats” section of this Chapter, interviews commonly contain a behavioral/fit
component (see the Appendix of this Chapter for sample questions). Below follow two frequently asked
behavioral/fit questions along with examples of effective answers.
When preparing an effective answer to the “Tell me about yourself” question, remember to:
• Demonstrate a history of success throughout your stories, resume specifics and experiences
• Focus on your accomplishments
• Be confident about your experiences
• Share anything you might need to explain (concerns you think the interviewer may have about your candidacy)
• Keep answers concise and observe cues from interviewer about depth and pace
An effective answer to this question is not a chronological biography of your past experiences but rather a 1-2
minute opportunity to focus on your professional experiences and interests and how they are applicable to the
position for which you are interviewing. Share the decisions you made to get where you are today.
Example 1:
Prior to Wharton, I managed the team at XYZ Software that developed a new product which grew to over 50% of
company revenues in two years. Given the first-mover advantage in the market, we worked under extremely tight
deadlines to release the product before competition, and succeeded through hard work, over long hours to release a
high quality product on time and in budget. My experience demonstrates my ability to thrive and succeed in high
pressure, time sensitive environments while conducting detail-oriented, analytical work. I am confident that this
would translate to success in Investment Banking.
Example 2:
I have worked in the XXX industry for the past five years. My most recent experience has been handling X. One
reason I particularly enjoy this business and the challenges that go along with it provides a great opportunity to
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connect with people. In my last job, I created significant customer relationships resulting in a 30% increase in sales
in a matter of months. My attention to detail has served me very well in getting such high customer satisfaction
ratings. I pride myself on my reputation for following through and meeting deadlines. What I am looking for now is
a company that values customer relations, where I can join a strong team and have a positive impact on customer
retention and sales.
Example 3:
My background to date has been centered on preparing myself to become the best XXXX that I can become. Let me
tell you specifically how I've prepared myself...
The best way to answer the “Tell me about a time when…” question is to tell a brief story or share a specific
example that has a beginning, middle and end. Stories are effective because they engage your listener, they are
easily understood and people can relate to them. They allow you to talk about yourself and be authentic while
highlighting the critical details of your accomplishments. Stories are better than general and hypothetical discussions
because they are specific and more memorable. Stories should be relevant and concise.
Structure your answer using the PAR framework (P = Problem/Situation/Obstacles; A = Action; R = Result) (see
Chapter 5). Identify the required competencies for the position (look at the job description and/or network with
people currently in the position) and prepare at least 2-3 stories/examples for each of competency. Focus your
attention on what you accomplished/your contributions (not what other people did).
After sharing your 1-3 minute story/example which highlights the specific competency you were asked about, it is
common for the interviewer to probe further and ask follow up questions such as:
• What steps did you take? What action did you take?
• What happened after that?
• How did you prepare for that?
• Why did you decide to do that?
• How did you resolve that?
• How did he/she react?
• How did you handle that?
• How did you feel about that?
• What was the outcome/result? Were you happy with that outcome/result?
• What do you wish you had done differently?
• What did you learn from that?
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Closing
Use the end of the interview to differentiate yourself and ask questions. Questions convey interest, enthusiasm and
an eagerness to learn. Be prepared with a set of questions and select the most relevant and appropriate ones based on
your conversation. Even though you are asking the questions, the interviewer is evaluating your intellect and
interest. Your questions can also demonstrate the level of company/industry research you conducted.
Thank the interviewer for his/her time, express your interest in the position and ask for a business card. If the
interviewer does not tell you the next step, it is appropriate to ask. A good way to phrase the question is, “It was a
pleasure meeting you today and learning about the position. Can you tell me the next step in the process?” Knowing
the recruiting timeline gives you more control over the process, allows you to follow up appropriately and enables
you to manage other interviews with other companies.
Tips:
1) Demonstrate a passion for the job. Ask detailed questions about the position and potential roles such as,
“What is your specific role and/or specific experience at Company X?”
2) Weave into your questions that you had conversations with other employees from the firm (e.g. “After our
conversation and talking with John Doe, I was curious about XXXX”). This not only is a good way to ask
questions but also demonstrates that you have networked
3) Be careful not to ask questions which can be answered by viewing the company website (e.g. size of firm,
mission of firm, etc). This shows that you did not take the time to go to the website and learn about the
company. Formulate questions that go beyond the basics about the company and involve details that
interest you. Focus on asking questions about the interviewer’s background, career, perspective, etc
− In this role, what does success look like?
− What types of people are successful at your firm?
− What are the three most important things that the person you hire for this role needs to do well?
− If hired, what do you think would be my biggest challenge?
− Why did you join this company?
− What is your background?
− What do you like best about the people you work with?
− How would you describe the culture – and can you give me an example of the culture at work?
− What is the typical career path within the company for someone starting in this type of position?
4) Be aware of the type of questions you ask and how you phrase the questions. Certain questions are not
appropriate for certain people (e.g. avoid asking a very senior person about the day-to-day responsibilities
of an associate position; instead ask questions such as “What decisions in your career do you think have
most positively impacted you?” or “Looking at the senior leadership of the firm, what qualities do you feel
are most essential for success?”)
5) Do not ask for feedback on your candidacy during the interview
6) Do not ask about salary during the interview. Starting salary conversations too early in the process is not
wise because it communicates that you are focused on the money rather than on the position (See the
“Difficult Interview Questions” section of this Chapter as well as the offer management information in
Chapter 8)
7) Communicate any key message(s) you did not get to share during the interview. Judge the situation and the
conversation and determine if you think the interviewer would value the additional information
Despite your preparation, it is possible you will be asked a question that you are not prepared to answer. Taking a
few moments to reflect and gather your thoughts is acceptable. If you would feel more comfortable you can say,
“That is a good question. Let me take a moment to collect my thoughts.” In addition, you may be asked a question
you do not understand. Before answering the question, ask for clarification. You can say “To clarify, are you asking
me XXXX…” or “I’m not sure I understand your question, could you please rephrase it?”
Regardless of the question asked, avoid visibly showing your discomfort. Showing uneasiness may only serve to
increase the interviewer’s interest in probing on the question asked.
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Tips:
1) Practice out loud your response to potential difficult questions. Simulate the interview environment and
experience as much as possible
2) Breathe from your stomach muscles and not your chest – slowly inhale for 5 seconds and then exhale for 5
seconds. Done correctly this has a calming effect and is not visible to the interviewer
It is possible that you will be asked questions you deem inappropriate (and/or illegal) during the interview. This may
occur because the interviewer:
• May not know that the question is inappropriate and/or illegal. There are many federal, state, and even local
laws governing job interviews. That said, United States employment laws make it unlawful to discriminate
based on race, color, religion, sex, national origin, as well as age, sexual preference, health status or disability.
Interview questions that do not focus on essential job qualifications are probably illegal
• May be intentionally asking the question because he/she wants to know the answer – despite knowing the topic
is inappropriate and/or illegal
• Believes the information may actually be relevant to the job
Regardless of why an interviewer may ask an inappropriate/illegal question, be prepared to handle it. Responding
professionally and remaining calm is most effective. There are several approaches you can use:
• If you assessed that the interviewer is not malicious and are comfortable responding, you may choose to go
ahead and answer the question.
• If you think you know what the interviewer is trying to assess, you can redirect the question by answering
the underlying question. For example if the interviewer asks “How does your family feel about the
demands of this job and your career?” You could respond, “I'm fully committed to performing my job at
the highest level and delivering the results required. My career is very important to me and I have a strong
support system. Did that address your concern? If not, could you rephrase or elaborate? I want to make sure
I answer your question."
• If you are unsure of what the interviewer is trying to assess, ask the interviewer for clarification on the
question.
I spent that time looking for the right next opportunity. I was very specific in my search. I wanted an organization,
similar to yours, where I could leverage the XXXX and XXXX skills I had developed at Firm XYZ and could
develop new XXXX skills. During my job search, I spent time with XXXX Volunteer Organization helping with
their new growth projects. In these activities I was able to utilize my XXXX and XXXX skills. I was pleased that
after X months I accepted a XXXX position with Firm ABC. In this position I accomplished XXXX and XXXX.
I was fortunate enough to be at a level in my career where I had the luxury to stay home and raise my children for a
few years. Throughout that period, I was always committed to returning to the workforce, which is why I was
excited about Wharton and having the chance to progress in my career after earning my MBA. I am specifically
interested in a position with your firm because XXXX.”
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If you remained active in any professional organizations or sat on committees, mention that. If the interviewer
continues along the line of questioning about the family or kids, you could respond as you would for an
“inappropriate/illegal question” (see above) by saying “I am not sure that that is relevant to my qualifications for this
job. My track record and experience speak for themselves” or “It sounds like you might be concerned about my
commitment to this position. I want to reassure you that I am 100 percent committed to being in the workforce and
reaffirm my interest in the position. In fact, that is why I….” and then begin to redirect the topic towards your
achievements.
Example 1:
You are correct – I do not have a prior quantitative background but I have been working diligently to develop my
quantitative skill set. First I came to Wharton – known as a strong quantitative school – and am majoring in Finance
to gain exposure to financial concepts and financial analysis. Second, I participated in the Train the Street workshop
delivered by XXXX and learned XXXX. Third, I joined the finance club and participated in XXXX. I am confident
these efforts combined with my strong XXXX and my ability to quickly learn new skills will enable me to be a
strong asset to your department.
Example 1:
At the end of the summer, I think there was a mutual belief that there was not a good fit/match. I had a great
experience at Firm ABC where I had the opportunity to do XXXX and XXXX. My classmate John spent the
summer with your firm and encouraged me to speak with you as I am looking for an opportunity where I can use my
strategic analysis skills to identify solutions and XXXX. John and I have worked on many team projects together,
and he thought I would be an excellent fit at your firm given my XXXX and XXXX skills/experiences.” If
applicable, it may be helpful to build your case by presenting the percentage of people who did not receive offers.
Greatest Weakness
During most interviews, employers look to better understand candidates’ strengths and weaknesses. Most candidates
spend time thinking about how their strengths will benefit the employer and how to articulate their strengths during
an interview. However, some candidates have trouble identifying and articulating weaknesses. When addressing this
question it is important avoid presenting a weakness that is too severe and gives the employer concerns about your
skill set, work ethic and ability to work well with others. On the other hand, it is equally as important to present a
realistic and tangible weakness (e.g. saying, “I work too hard” is a very cliché/overused answer that does not
impress hiring managers. Similarly, we recommend you do not say that you have no weaknesses). Be direct and
concise about explaining your chosen weakness. Finally, end your answer with some positive steps you are taking to
address this issue.
One way to approach this question is to focus on a weakness that is not related directly to your work. For example,
you might say something about getting annoyed when things are proceeding inefficiently, as when you are stuck in
very congested traffic for some time. You can also mention what you do to offset that frustration (e.g. “I listen to
classical music or use the time to practice for upcoming presentations while I am in the privacy of my car.”)
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Salary Questions
Until an offer of employment is given, try to postpone the salary discussion (unless you are working with an
executive search firm – see Chapter 1). Sample texts for addressing salary-related questions are listed below.
It is important to remain calm and natural when responding to salary questions. If you are unable to avoid answering
the salary question, you need to be ready with a salary figure or range that you have assessed to be appropriate for
the industry, the position, your qualifications, geographic location and personal needs. By conducting market
research and networking (see Chapters 3 & 4), you will know your value in the industry and be able to present a
realistic desired salary. For details on evaluation and negotiation of offers, see Chapter 8.
Following Up
What you do after the interview can be just as important as what you did in the interview. Following-up on your
interviews helps to reinforce your sincere interest in the position and allows you to prepare for subsequent
interviews and conversations with the company.
STEP 1: Write down a summary of the interview. Be sure to include whom you spoke with, the main points you
learned during the interview, any follow-up actions that were recommended by the interviewer and the decision-
making time frame. It can also be helpful to include your assessment of the interview and points to improve on in
the future.
STEP 2: Write thank you notes/letters (within 24 hours) to the individuals with whom you interviewed. Use this as
an opportunity to highlight points of interest from the interview and to express your continued interest in the
position (see Chapter 6 for information on thank you letter writing).
STEP 3: Formulate additional questions based on the interview conversations and use them during your future
interactions with the company and the interviewer.
STEP 4: Follow up on any recommended next steps the interviewer suggested. This will demonstrate
professionalism and commitment to the position and the company.
STEP 5 (if appropriate): If you do not receive an offer, ask for feedback on your performance. You are more likely
to receive substantive feedback if you request feedback via phone versus via email.
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Depending on the position and company, you could interview with a number of different people and participate in a
number of interview rounds. Typically each round of interviews progresses to a deeper level of discussion and
requires you meet with both peer-level associates and senior management. You are asked to provide greater detail,
and often will interview with multiple people. Not every interviewer has the same approach. Therefore, even if the
questions are the same, you need to be able to adapt to each interviewer’s style and address the challenge of
answering the same question on several occasions.
Although most companies have honorable intentions to follow-up with you and update you on your status in the
process, you may need to follow-up with the company. If you do not hear back from the interviewer within the
timeframe mentioned during your interview, feel free to follow-up regarding your candidacy. Be sure to reiterate
your interest and excitement about the position and demonstrate your professionalism by the wording and tone of
your inquiry (avoid pressuring the hiring manager).
CONCLUSION
After reading this chapter you should understand the philosophy of interviewing and how to be successful in this
step of the job search process. Use this chapter and the sample questions in the Appendix to practice interviewing.
The most important thing to remember about job interviews is that they require thoughtful preparation. Successful
job candidates are comfortable talking about themselves candidly with a focus on their achievements and successes
and with a keen understanding of what the interviewer seeks from the candidate.
APPENDIX
Recommended Reading
• 101 Great Answers to the Toughest Interview Questions, (Ron Fry)
• 201 Best Questions To Ask On Your Interview (John Kador)
• Crisp: Preparing for the Behavior-Based Interview: How to Get the Job You Want (Terry Fitzwater)
• Knock 'em Dead, 2008: The Ultimate Job Search Guide (Martin Yate)
• Mastering the Case Analysis: The MBA Guide to Management, Marketing, and Strategic Consulting Case
Interviews (Alexander Chernov)
• Power Interviews: Job-Winning Tactics from Fortune 500 Recruiters (Neil Yeager & Lee Hough)
• The Interview Rehearsal Book (Deb Gottesman & Buzz Mauro)
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• Tell me about a time when you had to adjust to a classmate’s or colleague’s working style in order to complete
a project or achieve your objectives.
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Teamwork
• Describe a situation where those you worked with on a project disagreed with your ideas. What did you do?
• Tell me about a time when you worked with a classmate or colleague who was not doing their share of work.
How did you handle it?
• Describe a situation in which you had to arrive at a compromise or help others to compromise. What was your
role? What steps did you take? What was the result?
• Tell me about a time when you had to work on a team that did not get along. What happened? What role did
you take? What was the result?
• Tell me about a time when you successfully resolved a conflict.
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• Our client purchased a popcorn manufacturing plant that packages popcorn for two mid-sized brands. Once he
saw the margins, he decided to manufacture under his own brand. What does he need to do?
• You have a hot dog stand in front of your office. It serves the workers in your building and two neighboring
office towers. You want to buy it. How much is it worth?
• Your client has developed a new material for bathing suits and wishes to launch it. It is priced presently about
twice as high as a regular suit. What do you tell him?
• Your client is ABC Firm, a large diversified company with a consulting products division that produces a wide
variety of beauty products. Five years ago, it expanded into the health care industry by purchasing Medical Firm
XYZ, which sells over the counter allergy medication. Since it was purchased, the health care division has
failed to deliver the growth needed to justify the multiple ABC Firm paid for it. ABC Firm feels it has already
squeezed margins as much as possible, and now is looking for new sales opportunities. Medical Firm XYZ
turned to Consulting Firm X to help identify potential ways to increase revenues. How would you approach this
problem?
• Your client is the largest discount retailer in Mexico, with 300 stores spread throughout the country. Let's call it
MexCo. For several years running, MexCo has surpassed the second-largest Mexican retailer (250 stores) in
both relative market share and profitability. However, the largest discount retailer in the United States, USCo,
has just bought out MexCo’s competition and is planning to convert all 250 stores to USCo stores. The CEO of
MexCo is quite concerned and asks you: How should I react? How would you advise the CEO?
• Our client, Bank ABC is one of the "big 4" banks in Russia. These 4 banks account for about 80% of the
retail/commercial banking revenue in Russia and are roughly equal in size. Bank ABC does not have a good
understanding of the profitability of its retail customer base and more specifically individual segments. One
segment that has been of particular concern to them is the "youth" customer segment. This group encompasses
all customers under the age of 18. Bank ABC wants the consulting firm to determine the average annual profit
of a youth customer as well as how they should strategize to maximize long term profits for this customer
segment.
• I recently worked on a project for an American cat food company which was thinking about entering the Latin
American market. As a first step, identify how big of a market it might be entering if it begins selling cat food in
Latin America. How would you go about making such an estimate? This same company has also been seeing its
U.S. profits fall steadily over the last 2 years. They came to us to figure out why their profits had been eroding.
How would you go about doing this?
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Consumer Products/Retail
• Why do you want a job in CPG/why do you want to work for our company? Why are you interested in a career
in marketing/ brand management? What about your background, personality and skills makes you well suited to
this type of work?
• Give me an example of a well/poorly marketed product.
• Give me an example of a good/bad advertisement.
• Tell me about a new product you would like to launch. How you would do that?
• What skills does a good brand manager need? Demonstrate that you have these.
• Tell me about a time you led a team/project.
• Can you give me an example of a failed team experience? Why did your group fail?
• What product are you most loyal to? Why?
• What is the target market for product x? How do you know?
• If product x was a person, who would it be?
• If you were setting up a business school, how would you position it and how would you go about getting it into
the top ten?
• If you had to market a new type of water, how and what would you do?
• You are the CEO of McDonald’s and you need to double sales in two years. Disregarding profits, what would
you do?
• You are the #1 ketchup brand and there is a new entrant coming into the category. What do you do?
• You have to go into a meeting with your boss who is a brand manager. You want to bring financials about the
brand but the printer jams and can only print out 3 line items from the financial statements. Which 3 and why?
• Why do you want to market credit cards?
Energy
• With the effects of deregulation, where do you anticipate our industry will be in five years?
• Does it still make sense for energy companies to be vertically integrated businesses? What are the strengths and
weaknesses of such a strategy? Are they a viable and sustainable business model?
• How would you value a power plant?
• What is project finance? What are its advantages and disadvantages? When should a company use it as a
financing mechanism?
• How would you value capacity (as compared to the energy revenue stream)?
• What are X,Y,Z companies trading at? Why?
• Do you expect current valuations to change given recent events in the industry?
• How could we use the internet to improve our operational efficiency?
• Our company wants to produce "green energy" using renewable energy resources. Is there a market for such a
product, and does it make economic sense?
Health Care
• Describe an experience in which you have taken a leadership role. What did you learn from the experience?
• Give me an example of how you have dealt with a difficult individual on a team.
• Given your background, why do you want to be in …?
• How would your friends describe you?
• If you only had the resources to continue research on one drug - a potential blockbuster to prevent cavities or an
AIDS drug that may save some lives but will likely lose money - how would you decide between them?
• We have a drug that is entering three months behind the first in class; how do you price it?
• Why do you want to work for this firm?
• How does a job with XYZ company fit into your long-term plans?
• What are three things that differentiate our company from our competitors?
• Your client is a large, diversified medical supply company with an 80% share of the suture market. The CEO
has just "heard" from a friend that a new laser technology can now serve the same purpose as sutures. What
does this mean to her business and what should she do about it?
• A clinical laboratory has 13 labs. It is looking to improve performance. What performance measures would you
compare? How would you identify best practices?
• Give us a little insight into what is happening in the health care industry. What does the yield curve look like?
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Investment Banking
• Walk me through your resume. Tell me about yourself.
• Why Investment banking?
• Why not consulting?
• Why this firm?
• What are you looking for in a firm?
• Which area could you see yourself working in?
• How would you value this type of company?
• Give me an example of a recent group you have been involved with. What role did you play?
• How would your learning team describe you?
• What was your favorite finance class and why?
• How are your grades? Do you expect to be on the dean’s list after first year?
• What are your other interests?
• What is beta?
• What kind of banking do you like best (cap mkts, M&A…)?
• How does the I/S, B/S and CFS financial statements relate?
• How do you perform a DCF valuation?
• Explain the Black Scholes model
• If one of your clients had extra cash laying around at the end of the year, what three recommendations might
you give him/her to use that cash?
• Give an example of working under intense time pressure or deadline? How did you handle it and react?
• One company has a P/E of 10 and another has a P/E of 35. What might this difference represent?
• What other sorts of firms are you interviewing with?
• Assume you get offers from other major banks. How will you make your decision?
• What is your perspective on recent major financial news? FED, Mergers, etc.
Investment Management
• Walk me through your resume. Tell me about yourself
• Why Investment Management?
• Why this firm?
• Where do you see the stock market going over the next year?
• If I were to give you $10 million with which to create a fund, how would you invest it? (A good answer
requires you to know where the equity and fixed income markets are today and to have a view on where they’re
going in the future.) How would your answer differ if the fund were high-growth? Or created for retirees?
• What do you think Bernake will do next and why?
• What do you think makes a good fund manager?
• What is your most impressive activity outside of school?
• Give me a stock you like. What are its P/E, competitors & beta? Why is it a good buy?
• What is one stock you don’t like? Why?
• What have you been doing to prepare yourself for this career since coming here to Wharton?
• If I’m CEO of Dell, what sorts of questions do you want to ask me to forecast the performance of my stock?
• What do you think about the fixed income market right now?
• How would your learning team describe you?
• What other sorts of firms are your interviewing with?
• Where do you see yourself in five years?
• What is your greatest weakness?
Manufacturing
• Why are you interested in the Aerospace Industry/our Company?
• What characteristics do you have that are important to this industry?
• What steps would you take to expand our market share?
• How do you feel about unions? How would you handle a dispute with a union?
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• How do feel about the relationship between state and market in the European collaboration? What made it a
success?
• What interests you in this industry/company?
• What do you feel are major globalization issues?
• What would be your suggestions for entering a new foreign market?
• If CAFÉ standards increase, how will this affect the industry?
• Should we enter the SUV market?
• How can we cut vehicle development time?
• Should we extend benefits to same sex partners?
• How will the increase in gasoline prices affect the automotive industry?
• Give me an example when you have worked on a team project and it has not been successful.
• Why do you think the agrochemicals industry is in the shape it is?
• What do you see as the next big market for xyz chemical company?
Public Interest/Nonprofit
• Why do you want to work in this public interest (or nonprofit, education, government, etc.) sector?
• How is your past experience relevant to this job/internship?
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• Why did you decide to get your MBA if you want to work in this public interest field?
• What skills do you bring to this sector? How would they be useful for our work?
• How have you demonstrated commitment to this career while at Wharton? Prior to Wharton?
• What are you hoping to get out of this job/internship?
• What do you want to do after Wharton? Where do you see yourself in 5 years? In 10 years?
• What are your salary expectations?
• Why do you want to work for this particular organization?
• Can you give me an example of your experience working with limited resources?
• Tell me about your experience building group consensus.
• How would your current co-workers describe your work style?
• [If targeting a specific location] Why do you want to work in this country/region?
• [For international development] Describe what you think are the differences between working in a developing
country versus a developed country.
Real Estate
• Why real estate finance and not real estate development? (or the reverse of this)
• What do you specifically like about our firm?
• What is your background in the industrial (or other segment) market?
• How long do you plan to stay in real estate? Why would you leave? (are you really committed)?
• What are the hot markets and how long do you think they will remain hot?
• What is a cap rate? How would you develop a capitalization rate for a class A office building in NY?
• What is your opinion as to the growth/consolidation of the REIT market?
• What property sector do you find most promising? Least desirable?
• What is FAR? Why is it important?
• If you had $100 Million dollars, where would you invest it? Why?
• If you were preparing a memo for a real estate investment committee, what would you include?
• What are the 3 methods of appraising a property?
• What is a triple net lease?
• What is an expense stop? Why is it important to the landlord?
• What sector of real estate are you interested in? Why?
• How would you value an office building? Retail building?
• What is FFO? Why do REIT analysts use it?
• Is the housing market overvalued?
• Do you think real estate investors are justified buying at lower cap rates? Why or why not?
• What real estate classes have you taken?
• Two properties are across the street from each other in Midtown Manhattan. The properties look exactly the
same from the outside. Why might one be worth more than another?
• What is NOI? How do you compute it?
• Why this part of real estate (example: development of commercial office)? How does that fit with our
organization?
• Do you see a problem with private equity firm borrowing short and buying long?
• For people with any experience in real estate: What was your best project and why; what was your worst project
and why?
• What is CMBS?
• What opportunities exist for our company in real estate?
• What is LTV?
• What kind of leverage can you get on a fairly well-leased office building? Would it all come from one lender?
How would that leverage be priced in today's markets (spreads)?
• What is mezzanine financing?
• What's the relevance of the amount of floating versus fixed rate debt a REIT or Real Estate company has on
their balance sheets? Is one better than the other?
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Guide to Managing Your Career | Wharton MBA Career Management
Technology/Telecommunications
• Walk me through your resume. Tell me about yourself.
• Why High-Tech (telecom, software, hardware, etc.)?
• How did you become interested in software/hardware/networks?
• Why do you want to work for this firm?
• How would your learning team describe you?
• Where do you see yourself in five years?
• Describe the most significant leadership position you’ve held.
• What industry publications do you normally read?
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