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Case Interview: Complete Prep Guide - Expert Case Coaching - Resources
Case Interview: Complete Prep Guide - Expert Case Coaching - Resources
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Case Interview:
Complete Prep Guide
Simple cursory research about the management consulting
industry and how to become a consultant will quickly reveal
that something called a “case interview” is an important part
of the process. It is not hard to find reasonable – but basic –
advice about how to approach management consulting case
interviews.
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L E AR N
MORE
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After the fit interview, the case interview itself takes place,
usually lasting 30-40 minutes. Note: there is some variation
between companies and at different stages of the hiring
process. Some fit interviews are totally separate from case
interviews, and are facilitated by different interviewers.
Some case interviews situate applicants in teams instead of
working independently. Some case interviews take several
hours. Some involve ongoing communication and feedback
with the interviewers while others don’t feature any such
communication until the actual delivery of the presentation.
After the case interview, there is usually a continuation of
the fit interview, in which applicants have the chance to
debrief the interviewers.
Important Sidenote:
It’s worth noting that there are some important differences
between the first and the second round of case interviews.
The first round tests you on a variety of general skills,
including time management. The material requires deeper
analysis in the second round, and applicants work with more
senior interviewers. Further, interviewers in the second
round sometimes play the role of “bad cop” or “devil’s
advocate” along the way, asking you to rethink your
methods and offering you potentially misleading information
to make your task more difficult. If you want more in depth
understanding of this, check out our article: “Structure of
Three Case Interview Rounds“.
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All three of the MBB firms make rigorous use of the case
interview as part of their hiring process, and for the most
part each MBB case interview is similar. (Yet, there are some
differences in focus and execution.) They tend to have
similar structures, case types, and degrees of difficulty. They
also tend to test for the same traits & skills. Your case
interview prep, therefore, does not necessarily need to be
customized depending on where you’re interviewing.
However, there are some differences between them that
you’ll want to be aware of.
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the industry. But there are some features that make the
BCG case interview unique. Notably, BCG interviewers
are known for including “curveball questions,” which
require the applicant to improvise and suddenly pivot
to include new considerations. This tests an applicant’s
flexibility and creativity, as well as their speed, fluidity,
and accuracy when it comes to confronting new
challenges.
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Description of Situation
“GlobaPharm has a long, successful tradition in
researching, developing, and selling “small
molecule” drugs. This class of drugs represents
the vast majority of drugs today, including aspirin
and most blood-pressure or cholesterol
medications. GlobaPharm is interested in entering
a new, rapidly growing segment of drugs called
“biologicals.” These are often proteins or other
large, complex molecules that can treat conditions
not addressable by traditional drugs.
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McKinsey Study
“GlobaPharm has engaged McKinsey to evaluate
the BioFuture acquisition and to advise on its
strategic fit with GlobaPharm’s biologicals
strategy. Our overall question today, therefore, is
“Should GlobaPharm acquire BioFuture?”
Questions:
1. What factors should be considered when
evaluating the acquisition?
2. The team wants to explore BioFuture’s current
drug pipeline. The team decides to focus first on
evaluating the value of BioFuture’s current drug
portfolio. What issues should the team consider
when evaluating the value of BioFuture’s
existing drug pipeline?
3. Question 3 is a math/probability/expected value
exercise around a drug pipeline. You can check
it out here.
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First Name
Email Address
Consent *
I confirm that I am submitting this information willfully. I recognize
that I will be sent MC's weekly consulting newsletter, and can
unsubscribe at any time.
I agree
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Profitability Framework
Maximizing profits is often understood as the essential
purpose of any company or enterprise. Therefore most
consulting projects relate to profitability on some level,
and many case interview questions involve considering
ways to improve profitability. The profitability frame-
work is a simple but powerful method for analyzing
problems relating primarily to profit. There are always a
variety of factors at play, but the primary way to drill
down into profitability is by separating costs and
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revenues.
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2. Competition
Here you will try to understand what other
products/services your client’s will interact with in
the marketplace, and how the companies behind
those other products/services are thinking about
their pricing decisions. Are there many similar
products available? What is being charged?
3. Pricing Strategy
The final category is pricing strategy, which invites
you to consider certain zoomed-out questions
about what will determine the optimal price point
for the product or service under consideration.
Should you price based on the cost of the product
plus a margin? Should you price at the market
price plus or minus based on the value of your
product? Do you know the max price a customer
will pay or the value the product brings to them?
3 Cs Framework
Many times consulting firms are hired to help with an
overall business problem or concern, and the client
may not even know where the true locus of the
problem is. Situations like these are where the 3 Cs
framework can be very powerful, as it gives something
of a bird’s-view of a company’s overall situation.
Zooming out like this can help make certain
opportunities as well as inefficiencies clearer.
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1. Structure
Consulting, like all of business, depends on being able
to understand and work with complex systems, with
large quantities of information. Not everyone naturally
operates this way, but for better or worse, it’s kind of a
prerequisite skill for being a successful consultant.
There are things you’ll want to be aware of as you
show off your systems-thinking capabilities. Primarily,
interviewers are on the lookout for your ability to
conduct a strategically structured approach to any
problem.
2. Segmenting Data
One of the frequent challenges consultants face is that
business situations involve not just large quantities of
data but a variety of kinds of data. Consider the
Profitability Framework described above. First it
separates profitability into revenues and costs, and the
kinds of data proliferate from there into increasing
levels of granularity.
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3. MECE
One of the most powerful frameworks you can apply to
help organize data is the MECE framework. Usually
pronounced ME-see, this acronym stands for Mutually
Exclusive, Collectively Exhaustive and it describes the
optimal conditions for any method of organizing
information.
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5. Prioritization
As we’ve made clear, case interviews often involve not
just one problem but a cluster of interrelated problems.
One of the things you’ll have to demonstrate in your
thinking is an aptitude for prioritizing the different
issues in a coherent and logical fashion. This is
somewhat related to segmenting data but goes
beyond just information. Prioritization means creating a
hierarchy of information, problems, opportunities, and
responses.
Verbal Math
A lot of the math you’ll have to rely on during your
case interview won’t take the form of complex
formulas or pre-sorted spreadsheets. Instead,
you’ll need to be able to process numerical
information as it’s presented in normal speech
and writing in order to understand a broader
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Mental Math
Having a solid fluency in mental math is essential
to a good case interview performance—and to the
work of consulting in general. Ongoing mental
math is required as you engage with the problem,
for example as you move between different
frameworks. At a zoomed-out level, there will be
too many of these initial calculations to use a
calculator on all of them. Though a calculator may
become appropriate as you drill down on different
parts of your analysis.
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8. Problem Solving
The prevalence of frameworks can obscure the fact
that everyone’s problem-solving strategies are
somewhat unique, just as every problem is unique.
There is no one-size-fits-all formula for solving every
problem. Instead, there are some more general
problem-solving skills and tactics that you should work
on as you prep for your case interview.
9. Interpret Data
A lot of the consultant’s job relies on fluency with data.
This is not just carrying out formal calculations, but
understanding what figures mean within a specific
business context. Consultants also have to be able to
communicate a narrative about the meaning of certain
numbers to different stakeholders.
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13. Communication
If consulting were simply about mechanistically
carrying out one framework from a limited assortment
of frameworks, then the consultant industry would have
a lot less use for human beings. Instead, much of the
work is highly human-driven, depending on people
skills and communication abilities. Even when solutions
seem technically straightforward, they still need to be
delivered persuasively to clients. So of course,
demonstrating your ability to communicate will be a
huge part of any successful case interview.
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Answers
Efficiency is a core value in the consulting
industry, and it shapes not only business analysis
but also communication. Consultants are often
inundated with a seemingly endless stream of
challenges and obstacles, so the ability to
communicate in an efficient manner is a necessity
among new hires. In your case interview, make
sure you speak directly and move on afterward,
avoiding any redundancy.
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Attitude
A major component of your interview will be an
assessment of your response to difficulty. Being a
consultant is remarkably fast-paced and
demanding—difficulty as a constant, and if you
don’t have the skills to deal with it, you aren’t a
good fit for the position.
14. Confidence
Confidence is one of the most important things
interviewers look for. This can catch younger applicants
off guard, as the college environment makes it easier
to succeed based on the accuracy of your work as
opposed to the confidence of your conclusions.
A Real Consultant
There are as many possible case interview problems as
there are business scenarios. That is, the possibilities are
practically infinite. However, as we have been explaining,
there are certain strategies you can employ that will help
you diagnose many possible scenarios and come up with
new approaches to meet clients’ needs. Let’s take a walk
through of a sample case and some ways you might tackle
it.
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Provide Recommendations
Summarizing your recommendations is the final
assembly of all the work you’ve done so far. Remember
that how you present your recommendations is as
important as what solutions you actually recommend.
Also, make an effort to lead the analysis. This involves
working both with confidence and direction. Even if
you’re encountering uncertainty, then you should be
purposefully drilling down on that uncertainty in order
to better understand it. And as you start to derive
insights from the data, assemble them into an overall
argument in support of your recommendation.
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Building Blocks
If you’re having difficulty getting your footing in a
complex situation, it can help to remember the
fundamental building blocks of the consultant’s trade.
Remaining oriented to these building blocks will help
you generate meaningful insights even in moments of
uncertainty.
Estimation
Consultants are frequently sought for their abilities to
make strong predictions about hypothetical future
outcomes. This is an extremely complicated thing to
do, especially in highly volatile industries. It helps to
remember that, at a core level, strong estimation is
based as much in evidence and logical reasoning as
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Profitability
Profitability is always at front of mind for virtually all
parties involved in commercial interactions. Even if the
particularities of a given problem don’t obviously
center around profitability—as in our example of San
Zembla’s public education system—as a consultant you
will always at least have to consider cost sustainability,
the comparative margins of costs & revenues, etc.
Competitive Interactions
Studying cases at a remove can obscure the fact that
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Timeline
You can and should start thinking about your prep
timeline up to a few years before you actually begin the
interview process. Based on our experience, we
recommend at least six months of prep. You’ll want to
make sure you leave enough room in your life that you
can really dive into studying and preparing. You should
also be looking ahead to the time you’ll want to start
the interview process and building your prep schedule
backward from there.
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International Undergrads:
International undergrad recruiting follows US
recruiting and starts in October. Therefore, prep
work should start by April.
MBAs:
We recommend MBAs start their case interview
prep in June, before even coming to campus.
Everyone Else:
If you’re not applying out of school, peak hiring
season happens either in March or in July. That
would mean starting case interview prep in
September or January.
Audio Review
Coming out of a conventional university education, you
might be assuming your case interview prep will
consist primarily of texts, problems, and numbers.
However, an exclusively text-based interview prep
would be insufficient. The interview, of course, is an in-
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Structuring Process
As we mention above, developing an appropriate
structure for approaching each case interview will be
something interviewers are looking to see. As you
proceed through the various practice cases in your
case prep, try to start developing more strategic and
formalized procedures for solving each problem. As
you approach a problem, take a minute to talk out your
thinking—what you know, what you don’t know, what
you want to find out in order to proceed, and the order
in which you aim to figure that information out.
Do Your Homework
We’ve made a point here to express that doing practice
cases alone is not enough to help you prepare for the
case interview. But that shouldn’t obscure the fact that
you still do need to do a lot of practice cases as part of
your interview prep.
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Practice Alone
Coming out of school, many people have only learned
how to succeed in group settings and when they’re
working with a guided syllabus. One adjustment you
might have to make is learning to study alone.
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Tips: Execution
1. Start Every Case Strong
One really powerful thing to practice as you go about
your case interview prep is the principle of starting
every case strong. If you’re able to do this, you’ll enter
every scenario you see with a positive attitude and a
flexible mind. If you don’t cultivate this attitude, then
the actual day of your interview will feel like a grind.
You’ll take your eye off the ball between interviews,
and then next thing you know, you’ll find yourself
sounding totally unenergetic and possibly making
careless mistakes.
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4. Be Case-Specific
One of the easiest mistakes for an interviewer to spot
is a candidate who is over-relying on pre-scripted
frameworks. The frameworks are designed to give you
basic patterns to help you make sense of the unique
scenarios you encounter. But each of these scenarios
will require its own custom-tailored approach, shaped
by the specifics of the problem as it’s defined.
Interviewers will be paying attention to make sure you
are carefully considering the nuances that make each
case unique and customizing your tactics appropriately.
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Conclusion
Management consulting has for decades been one of the
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Additional Reading:
Case Interview Frameworks: Ultimate Guide
Case Interview Examples: Master List
Profitability Case Walkthrough- BCG Style
Consulting Resume: Complete Guide
Learn More
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C OV E R L E T T E RS C O NS ULT ING R E C RU I T I NG
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