Case Prep Workbook

The official work book
All rights reserved © 2017 Vocaprep.com 1

How to get the most from using this book
1. This book is designed to be filled in as you complete the Vocaprep course
2. It supplements the classes, providing you with a structured framework to take

notes and follow along
3. Take the notes that matter to you – emphasize what resonates, highlight where
you need to focus
4. Capture points that you will want to go back and refresh as you continue your
preparation
5. Study at your own pace and make the lessons your own
6. Good luck!

Table of contents
Class One Class Five

Pre-application 4 Key frameworks – Introduction to frameworks 146
Market sizing 151
Class Two Profitability 160
Preparing your application 18 Market study 168
M&A 176
Class Three Value chain 189
Owning the fit 41
Class Six
Class Four Additional math 197
Nailing the case - Introduction 70
Defining the problem 76 Class Seven
Structuring your approach 91 Getting the rest right 219
Interpreting exhibits 115
Performing calculations 125
Synthesis 140
All rights reserved © 2017 Vocaprep.com 3 You can return to this page at anytime by clicking the Vocaprep logo
Pre-application

There are three ingredients to getting ready to apply
Be certain that you understand and Understand the recruitment process Research and network with the
are prepared to make the necessary and make a plan to apply and different firms to select where to
commitments succeed apply
Being certain that you want to be a consultant comes from networking and familiarizing yourself with the work that
a consultant does – you need to decide on this before you can begin to prepare for the application process

The consulting recruitment process has three stages
Every consultant had to prepare for and go through these three stages, which differ from other industries
Apply Interview Decide

The consulting recruitment process intends to find the best talent
The recruitment process is like a funnel – the number of applicants diminishes at each stage
Some consulting firms get hundreds of thousands of applications

Application
each year from candidates worldwide
Only a small fraction of applicants receive first round interviews –
First round
this decision can be influenced by the impression a candidate makes
interview
during pre-recruitment networking, and by consultant referrals
Second round Only a fraction of first round interviewees receive second round
interview interviews
Only a fraction of second round interviewees receive offers on their

Offer
first try
Do not be discouraged by the slim odds -

everyone who got into a consulting firm went through the same process and survived

Firms want to see the same qualities throughout the process
The recruiting funnel The key qualities
Application
First round
interview
Second round
interview
Offer
The best way to demonstrate that you have these qualities is to pursue experiences and activities that you are
passionate about – you’re more likely to be excellent at something when you enjoy doing it

The interview is generally split into two main parts…
Intro FIT CASE Q&A
The interviews typically take 45-60 minutes in total, with the bulk of the time allocated to the fit and case

…and there are usually two rounds of interviews
First round interview Second round interview
Preparation is key to succeeding in multiple interviews across different rounds!

Making a plan should be your first step towards preparation
The first step is to make an action plan
It should be adapted to your constraints, but should address the application and interview elements of the funnel
Activity Output
Application
First and
second round
interviews

The key steps to landing an interview are the same regardless of lead time
Doing this… …or this…
Interview in two weeks with one firm Interviews in two months with five firms
Week 1 Week 2 Month 1 Month 2
…will depend on the amount of time that you have to prepare, but it’s important to have a well-structured plan and
allocate time and effort to each important step in your application

The next step after deciding to apply is choosing the firms to apply to…
Consulting firms differ in the breadth of consulting work that they do, and the areas in which they specialize – you
need to do research to find the intersection of these and your own personal passions and interests
The firms The breadth and depth of their work Your passions and interests
• McKinsey & Company • Strategy

• Boston Consulting Group (BCG) • Technology
• Bain • Operations
• Oliver Wyman • Financial
• L.E.K. • Human resources
• IBM • Marketing
• Deloitte • Social impact
• Accenture • Public relations
• PwC • Legal
• EY • Implementation
• KPMG
• Mercer
McKinsey, Bain and BCG are often referred to as ‘MBB’ or ‘The Big 3’

…which may be partly a function of firm size
International presence Boutique
Perks of working for a large firm Perks of working for a small firm

Your application should be targeted at a particular position
Identify the position that you’re applying to (based on your experience/education level) in your cover letter
ANALYST
~ 2 YEARS
CONSULTANT
~2 YEARS
MANAGER
~2 YEARS
PRINCIPAL
~2 YEARS
PARTNER
INDEFINITE

Research with different levels and sources to decide where to apply
Determining if you would Determining if you would
The techniques
enjoy the work enjoy the firm
The baseline:
Online research
The next level:

Networking
The ultimate:
Experiencing
As you meet consultants from a particular firm, you should also be asking yourself if you would like to become them –
firm cultures are very strong and they will shape you

Networking is a key ingredient of learning about firms and of getting in
Networking helps you get the interview for several reasons
What opportunities
can you take to learn
about the firms
How will you get

your name
(and face) out there
How will you find

informed people to
help them prep

Preparing your application

There are three things to know before submitting an application
Building an application is a process dreaded by most candidates, yet without a strong application you will never have an
opportunity to interview and demonstrate that you belong
Before submitting your application, make sure you go through three crucial steps
Understand what is Craft exceptional

Finalize the application
looked for in a candidate application documents
Who is involved in the

How to create a cover letter How to perfect the format
selection
What is a typical candidate What it takes to eliminate

How to create
v a Resume v
profile errors
What is expected from How to ensure that content is

What qualities are required
transcripts and test scores strong

The first step is to understand what is looked for in a candidate
Understand what is
looked for in a candidate
Who is involved in the

selection
What is a typical candidate

profile
What qualities are required

Often, recruiters and consultants both review applications
Large consulting firms receive hundreds, even thousands of applications for a limited number of interview slots
To identify the best candidates, applications are reviewed and filtered in three stages
Gate one: Gate two: Gate three:

Application scanners Recruiters Consultants
Networking can bring your application to the top of the pile even if you don’t have a perfect application

There is no single ideal consultant profile, but all possess three qualities
Consultants can come from any background… …but they all possess three qualities
They could be an Art History

Masters degree holder with
a passion for playing
instrumental jazz…
…or a Finance Bachelors
degree holder who likes to
spend two hours a day
bodybuilding and competes
nationally…
…or a biochemist who spent
five years in industry and
started a local charitable
organization
Though it is imperative that you possess all three traits, you will likely be stronger in some areas than others
This is often preferred by firms as they use mixes of skills to build better, more balanced teams

The second step is to craft exceptional application documents
Craft exceptional
application documents
How to create a cover letter
How to create
v a Resume
What is expected from

transcripts and test scores

How will your cover letter connect your experiences to job requirements?
What should it consist of What will it do
The cover letter is a critical document for filling in gaps in your experience and reinforcing your possession of the
three qualities, especially if your resume lacks brand names and stand-out achievements that make it obvious

What are the four sections to your cover letter?
1 Introduction
2 Why them
3 Why you
4 Conclusion

Work on your example of the “Introduction” to the cover letter
1 Great example Your version
My encounters with Firm X at recruitment events and

in my role as President of the Dryerson Management
Consulting Club have fueled my pursuit of a career in
consulting and inspired me to submit an application for
the position of Business Analyst at Firm X. If selected, I
hope to bring my creativity and passion for client
service in a global context to work for you, beginning
in the Spring of 2018.
Introduction
Note how the candidate demonstrates the effort they

put in to getting to know the firm and also adds a
personal touch
Including personal experiences and compelling

language motivates the reader to continue reading

Work on your “Why them” in your cover letter
My interest in Firm X goes far beyond the firm’s global

reputation. Firm X’s involvement in the pursuit of
global gender equality is particularly inspiring to me.
Firm X is at the forefront of research on women in the
workplace, and is reshaping career opportunities and
working conditions to attract and retain women in
consulting. As the president of the Women in
Business group at Dryerson, the pursuit of this
future is something that I am truly passionate about,
and that I would be thrilled to contribute to at Firm X.
Why them
Note the specific reference to gender equality and why

it is so important to this candidate
Highlighting something that differentiates the firm

helps you stand out

Work on your “Why you” in your cover letter
Making an impact on my community has always been a
passion of mine and is a reflection of my leadership and
entrepreneurship. Over the past two years I have
advised a local coffee start-up, helping it go from a single
cart to a network of brick-and-mortar stores and an
online, subscription-based business. Soon after meeting
the Founder of this company, I was captivated by her
mission and recognized an opportunity to make a
personal impact and help her succeed. Leveraging my
finance and engineering background I crafted the
Why you strategy, operating model, and financial valuation to
pitch to investors. My efforts were rewarded with a
$500K VC investment that has helped the company
grow its top line 20-fold and achieve the scale it has
today.
Note the callout of the qualities this story highlights, the

specificity of the actions taken, and the quantification of
the candidate’s impact
Being specific about what you did and what
qualities that demonstrates emphasizes how you
would make an impact at the firm

Work on your conclusion
Having the opportunity to make a impact on issues

important to me is the inspiration behind my
application to Firm X. I believe that my passion for
recognizing opportunities and enabling others to succeed
will allow me to contribute to the firm’s success and
emulate its values. I would like to thank you for your
consideration of my candidacy for the Business Analyst
position, and I look forward to hearing from you.
Respectfully yours,
Conclusion Jane Doe
Tel: (123)-456-6789
Email: jane.doe@generic.com
Note the specific, but brief reference to “why them” and

“why you”
Making your conclusion a synthesis of the earlier

themes will help leave an impression on the reader

Identify the first three cover letter sections in a structured way
What are your passions? What is their relevance to consulting?
Introduction:
crafting the
“hook”
What makes the

firm different? Example of how you know this Why it is important to you?
Culture
Why them
Client-focused
approach
Support in career
development
Trait Example from your past Why should they care about this?
Leadership
Why you
Achievement
Problem solving

How will you take your cover letter from good to great
A cover letter can always be improved upon – build on the tips to perfect your letter

How is your resume an executive summary of your strengths as a candidate
What your consulting resume will consist of What your consulting resume will do
The resume is the most important document in your application and should be able to stand on its own
Ensuring it captures all of your achievements, leadership strengths, and problem-solving accolades is crucial

A sample resume format
Sample resume
Bob Smith (514) 555-2019 - bob.smith@gmail.com - https://linkedin.com/in/bobsmith

Contact information EDUCATION
McGryerson University – Schmidt Faculty of Management, Montreal, Canada Aug 2011 – May 2016
Joint Program in Management & Law (MBA/Law), Dean’s List GPA: 3.86/4.00
Awards: Edward Scissorhands Graduate Award in Management for $7000, Schmidt MBA Fellowship for $5000, Winner of the CX Challenge
Università di Ivy– University of Ivy Faculty of Commerce, Buenos Aires, Argentina Sept 2003 – June 2008
Bachelor of Law, Major in International Law, Minor in Marketing, GPA: 3.95/4.00
PROFESSIONAL EXPERIENCE
Educational, professional, Bigbuzz Studios Inc., Montreal, Canada May 2015 – Present
Investor/Co-Manager/Adviser
and leadership experiences • Recognized with a national “Advisers of Impact” award through guidance of the founders on the strategic direction and financing strategy of various startups
• Raised $700k of venture capital for a client through creation and presentation of a formal business plan, valuation, and pitch deck
• Increased the volume of clients by 200% over 6 months by leading business development efforts (E.g., game publishing, contract negotiations) for the studio
Ralph Sharon, Montreal, Canada Jan 2011 – July 2014

Contract – Project Manager – Marketing
• Reduced costs by 30% by determining the internal process for printing, including bidding and strategic selection of print and fixture suppliers
• Generated over 20% in cost savings for Ralph Sharon in Animations Printing by outsourcing printing locally in CAN following a detailed internal cost and process
analysis, and an externally vetting of potential suppliers
• Selected from a pool of over 1000 applicants to manage social media content, brief product photo shoots, create copy and prepare weekly analytics reports
LEADERSHIP EXPERIENCE
Bullets serve as a highlight Montreal Regional Champion Quidditch Team, St-Leonard, Montreal, Canada
Athlete & Team Captain
Apr 2004 - Apr 2013
• Elected Team Captain for 3 consecutive years, leading 20 teammates to the Provincial Championships 3 times
reel of achievements • Competed in 5 Senior Provincial Championships and 2 National competitions
McGryerson University Work/Life Balance Club Sept 2014 – Present

President
• Created McGryerson’s team (9 students) for the 2015 Big Bank Run for the Cure and raised over $9,000 in less than 3 weeks
SKILLS AND INTERESTS

Interests: Fitness (qualified for and participated in the 2014 Canada East CrossFit Regionals), Travel (visited 14 countries)
Hobbies and interests Computer Skills: Photoshop, Illustrator, InDesign, AutoCAD, 3DS Max, Visio, Microsoft Office (Word, Excel, PowerPoint)
Language Skills: English and French (fluent verbal and written), Italian (verbal intermediate)

Focus on five tactics when crafting the bullets of your resume
Tactic Description Strong example Your version
Acquired $2m in new business from
Points should begin
Lead with a high-growth, underserved segment
with a verb not a
action verbs by identifying pockets of value and
noun
developing new relationships
Highlight reel of
Designed a fuselage 15% more
Emphasize impactful
labor efficient, saving over $3m per
outcomes not achievements, not
aircraft by leveraging an innovative,
responsibilities a summary of the
self-developed assembly processes
role
Quantify Measureable Generated 2M new customer leads
results references though development and
wherever communicate implementation of a digital marketing
possible impact clearly strategy
Bullets should be Improved overall heat recovery

Structure
structured in system energy efficiency by 40%
bullets in ROA
Results, Object, through planning and execution of
format
Action format research, analysis, and design
Use words Moderate successes Selected from a pool of 2000
like ‘chosen’ can be quantified applicants to receive the ‘Bakers
for softer using ‘chosen from Grant’ to further research economic
achievements a pool of xxx’ drivers of third-world development
How does your resume demonstrate the three consulting qualities
Achiever
Leader
Problem Solver

Build your resume by structuring each section around the three qualities
Name Title Timing Leadership Achievement Problem solving
Educational
Professional
Leadership or
extracurricular

Refine the content and perfect the format to complete your resume
Resume essentials Formatting essentials

Transcripts and test scores demonstrate a passion for learning
Transcripts and test scores are used to gauge a candidate’s persistence and ability to commit themselves to
learning diverse topics
University Transcripts Test Scores

Undergraduate & graduate (if applicable) GMAT, SAT, LSAT, MCAT, etc.
Having mediocre grades and test scores is not the end of the world, but they will need to be compensated for with
distinctive experiences that can be shared in your cover letter and resume
What are yours?

The final step is to ensure that your application is perfect
Finalize the application
How to perfect the format
What it takes to eliminate

v
errors
How to ensure that content is

strong

What is your plan to ensure your application is flawless?
Ensure the content is relevant and

Finalize the formatting Eliminate all errors
strong

Owning the fit

There are three steps to succeeding in the fit portion of the interview
FIT
The fit interview is a test of your compatibility with the culture and environment of the firm
There are three steps to executing this crucial portion of the interview:
1 2 3
Knowing how to prepare for the
Understanding what “fit” means Preparing for your fit interview
fit interview
• What the format is • How to identify stories

• What the fit interview is
• What types of questions are • How to create your story
• What skills are being tested asked guideline
• Why “fit” is so important • How to create a well- • How to measure your

structured story performance

The first step is understanding what fit means
1
Understanding what “fit” means
• What the “fit” interview is
• What skills are being tested
• Why “fit” is so important

The fit interview is used to get to know the candidates
FIT
The fit interview shows your compatibility with the firm’s culture and working environment
Broadly, this is assessed using two types of questions
BEHAVIORAL SITUATIONAL
What is this type achieving? What is this type achieving?
No matter the question type, the answer must be structured

Fitting at the firm is critical for job satisfaction and progression
Fitting goes beyond the interview
It helps you determine for yourself whether you will enjoy the work and the people, and also the pace of your
progression
Job satisfaction improves Progression at the firm quickens

There are three qualities that should be displayed during the fit interview
Key trait What they are looking for Why it is an important trait
Achiever
Leader
Problem
solver

The second step is knowing how to prepare for the fit interview
2
Knowing how to prepare for the
fit interview
• What the format is
• What types of questions are

asked
• How to create a well-

structured story

Fit interviews usually have two main parts
The fit interview varies between firms, but the structure is generally consistent
Behavioral Situational
Format
Duration
Frequency

Each part can be broken down into sub-elements
Within the main components of a fit interview there are sub-elements, each serving a distinct purpose
Part Sub-element Objective
Sharing
Behavioral your
motivation
Telling a
story
Providing
Situational
detail
Answering
probing
questions

Find and capture sample questions here
Sample behavioural questions Sample situational questions
Fit interviews give candidates the opportunity to showcase their achievements, leadership activities, and problem-
solving accolades

Behavioral questions are usually the first part of the fit interview
Part Sub-element Objective
Sharing
The interviewer is trying to ease into the interview and get a sense of your
Behavioral your
background and interest in consulting
motivation

Behavioral questions should be answered using a clear structure
Responses to behavioral questions are from the top down
Component Description Your answer for “why consulting?”
Framing
Support
Wrap-up

The situational question should be answered with a story
Component Sub-element Objective
Telling a The interviewer is seeking to learn about your values, actions, and thought-
story process through a story of a past experience
Situational

Stories should be comprised of three stages
A situational question allows you to share a past experience
1 2 3
Setting the stage Getting into the meat Closing it out

Understand the role of each stage of the story
Within the main components of the story, multiple sub-elements should be present to provide the interviewer the
details that they are looking for
Stage Sub-element Description Pro tips
Headline
Setting
1
the stage
Context
Emergence
Getting
2 into the Climax
meat
Action
Result
Closing it
3
out
Reflection

Structure your story across each element
Stage Sub-element Your story
Headline
Setting
1
the stage
Context
Emergence
Getting
2 into the Climax
meat
Action
Result
Closing
3
it out
Reflection
Ensure your story highlights at least one of the key qualities: achievement, leadership, or problem solving

Providing detail allows the interviewer to better visualize the context
Providing The interviewer is wanting to visualize the scenario and clarify the context – they
Situational
detail are not trying to catch you in a lie

Providing detail when asked will help the interviewer visualize the story
Create your own examples of questions interviewers ask looking for more detail

Probing questions invite the interviewer in on your thought processes
Situational
Answering
The interviewer is seeking to understand why you chose a certain course of action
probing
and distill your core values
questions

Answering probing questions well is crucial to being memorable
The interviewer will ask questions to get to know you on a deeper level, and to
understand how you relate to others
This is one of the most critical elements of the situational part and the most difficult to prepare for
What are the skills these questions are looking to highlight?
Create your own examples of questions interviewers ask looking for insights

The final step is preparing for your fit interview
3
Preparing for your fit interview
• How to identify stories
• How to create your story

guideline
• How to measure your

performance

There are four steps to preparing answers for the fit part of the interview
1 Identify 2 Structure 3 Practice 4 Refine
Behavioral
Situational
Ensure you commit effort to each of the four steps to make your answers perfect

How are you crafting your answers to behavioral questions

Preparing for situational questions
Reflecting on and
Finding stories from Crafting your story to Telling your stories to
Situational improving your
your past experience fit the three stages anyone who will listen
stories

Identify Structure Practice Refine
Create a story grid to identify experiences that highlight the key qualities
Map headlines of your various experiences across the three qualities that consulting firms are looking for
Sample story grid…
Professional Extra-curricular Educational Other
Achievement
Leadership
Problem
solving

Take your grid… …and complete your stories
Headline
Setting the
stage
Context
Emergence
Getting
Leadership Climax
into the
meat
Action
Result
Closing it
out
Reflection
Plan your fit interview practice to be just enough to sound natural
A good story comes off as natural and credible as possible – this only comes with the right amount of practice
Too little practice Sweet spot Too much practice

Quality of delivery
Level of practice
Who will you practice your stories with? (friends, family, significant others, peers, consultants, etc.)

Identify Structure Practice Refine WORKSHEET
Refine your stories by rating them and have others do so as well
Criteria Rating
Achievement? Does the candidate have what it takes to
1 2 3 4 5 n/a
succeed?
Did the story Leadership? Does the candidate have the potential to be 1 2 3 4 5 n/a
demonstrate… a leader?
Problem solving? Does the candidate look for interesting 1 2 3 4 5 n/a

solutions to problems?
Was the story entertaining, interesting and appropriate?
Was it structured? 1 2 3 4 5 n/a
Story must- Did you clearly understand the candidate’s personal

1 2 3 4 5 n/a
haves impact in the story? Was this impact significant?
Did the candidate demonstrate a capacity to understand 1 2 3 4 5 n/a

and empathize with others?
Questions of
How well did the candidate answer probing questions? 1 2 3 4 5 n/a
insight
Total
How will you apply the key tips to deliver a convincing story on interview day?
Keys to remember throughout the fit interview

Nailing the case
Introduction

The case part of the interview tests your problem solving ability
CASE
The case part of the interview is a test of your ability to problem-solve like a consultant
Though the case is a single part of the interview, it can be thought of as five distinct elements:
Defining the Structuring your Performing Synthesizing

Interpreting exhibits
problem approach calculations takeaways
Achiever Leader Problem Solver

Do you persevere when you hit a Do you communicate effectively and Do you propose structured and
dead end? Are you eager to know inspire confidence that you have the interesting ways to address the
more? problem under control? client’s challenges/opportunities?

The case interview simulates the start of a real consulting project
The case part of the interview is a made-up problem, though it is often inspired by a real project, that you work to begin
the process of solving in a 25 – 45 minute time window
The process incorporates many elements of a real consulting project
Structured thinking Analysis Communication
Success in the case part of the interview is about the approach you take not the answer you arrive at

There are multiple formats and styles for the case part of the interview
Interview format Case Style Description How should you respond?
Interviewee-led
(used by most)
Standard one-on-
one
Interviewer-led
(used by few)
Video/telephone
cases
Non-standard Written cases
Group cases

There are also different types of case topics
Beyond the format and style, cases can involve a wide variety of topics
No matter the case topic, the mindset required and the skills tested are the same
Business cases Non-traditional cases

Practice is essential
Problem solving is a mindset that cannot be memorized or faked for the interview – it is a learned skill
Practicing smart is critical to instilling the structured problem-solving process that will bring success
How can you make sure you practice with purpose? …but acknowledge that mastery takes time
Learning Understanding Mastering

~10 cases ~10 – 30 cases ~20 – 50 cases
Make practice
intentional
Comfort level
Understand
the value of
different levels
Number of cases
of practice
The number of cases to mastery varies from person
to person
Nailing the case
Defining the problem

What are the five elements tested in a case interview
Defining the
problem
Structuring your
approach
Performing
calculations
Synthesizing
takeaways

There are four steps to a clear problem definition
A clear problem definition takes a case prompt and makes it actionable in four steps
Step What is the ability being tested with each step?
Listen and capture

1 Capture all relevant information and listen actively
the key information
Recap the situation

2
in your own words
Clarify any unclear

3 or missing
information
Define the question

4
you are addressing

Listen Recap Clarify Define
Taking notes is critical for capturing key information from the case prompt
Listening actively demonstrates your ability to grasp important information and synthesize quickly
Taking notes facilitates the process and will prove valuable throughout the case
Why write
Critical
elements to
include
How to write

A sample of how to take notes

Case prompt:
“Your client is the owner of Hipster Café, an up-and-coming coffee roaster. The company had performed well for its
first two years, but last year it operated at a loss. The client is wondering what is causing the performance to suffer
and what can be done to correct it?”
Listen and capture

1
the key information
Your problem statement

The recap is a three-part process, capturing the fundamentals of the issue

Part Description Example
Situation
Complication
Question
Recapping the case should begin a few seconds after the interviewer finishes the case prompt
You should be able to recap completely in ten to twenty seconds, with three or four succinct sentences

A sample of recapping
Case prompt:
Recap the situation in

2
your own words
Situation
Complication
Question

Clarifying questions drive toward a clearer problem statement

Clarifying questions should only be asked with a specific utility
To achieve this, focus your questions on two areas
Providing more clarity to the situation Setting boundaries to your analysis
It is important not to be afraid to show ignorance in clarification questions – you are never expected to know or
understand everything
A sample of clarifying
Case prompt:
Clarify any unclear or

3
missing information
Providing more
clarity to the
situation
Setting boundaries
to your analysis

Use a SMART structure to define the problem clearly

The definition frames exactly what your case analysis strives to answer and it is based on the first three steps of
the problem definition process
Okay problem statement SMART problem statement
Problem statements should be… How can LimberUp Yoga

increase profits?
Should Green Groceries

expand into Mexico?
Should Hipster Café buy

Bean Brewing?
Sometimes interviewers don’t have the information (measureable target, timing, etc) to make all problem statements
SMART – just move on and accept the ambiguity
A sample of defining the problem

Case prompt:
Define the question

4
you are addressing

Take notes, write clarifying questions, and define the problem
There is no substitute for practice when striving to perfect your problem definitions
Use the following prompt to practice the four step process

The case prompt from the previous example
“Your client is the owner of Respire Yoga Studio. Respire is a very popular, high-end
yoga studio in San Francisco. It is known for its experienced instructors and
introspective vibe. The studio has been run by the same owner for the past 3 years. For
the first two years, Respire was performing well financially; however, in the past year, the
owner noticed that the studio’s profits have declined sharply. She is wondering what
could be causing this decline in profitability, but nothing jumps out at her. She noted that
she renovated the locker and shower area last year, but doesn’t think that those
investments are the cause. What can you tell the owner about the nature of this decline
in profitability, and how she can turn this around?”

One example of the four step problem definition process
1 Listen 2 Recap 3 Clarify 4 Define
How can Respire achieve a 10% profit margin within

the next year?

Defining the problem sets the stage for the rest of the case
Keep the following tips in mind when practicing your problem definitions
Step Do Don’t
1 Listen
2 Recap
3 Clarify
4 Define

Nailing the case
Structuring your approach

Structuring your approach establishes a roadmap of analysis
Structuring your approach sets the trajectory for the entire case
Doing it well is essential to generating buy-in from your interviewer from the beginning
What it is
What it tests
Differences
in case types

There are two parts to structuring your approach in the case interview
Structuring your approach creates the framework to solve the case problem
There are two primary parts to this critical element of the case:
Construction of the framework Investigation of the components

Most frameworks are built as issue trees
An issue tree is the easiest and most commonly used method of creating a framework
What is an issue Your problem statement

tree
A B C
A.1 A.2 A.3 B.1 B.2 B.3 C.1 C.2 C.3
A.3.1 A.3.2 A.3.3
Why use an
issue tree

There are three elements to every issue tree…
A problem Your problem statement

statement at the
top
A formula to A B C
solve the core
issues
A.1 A.2 A.3 B.1 B.2 B.3 C.1 C.2 C.3

A second or
third layer of
each
component A.3.1 A.3.2 A.3.3

…but they can be created from the top down or the bottom up
Your problem statement
B.3 C.2 A.3 B.1 C.3 A.1 C.1 A.2 B.2

A B C A.3.1
A.3.2
A.3.3
A B C A B C
A.1 A.2 A.3 B.1 B.2 B.3 C.1 C.2 C.3 A.1 A.2 A.3 B.1 B.2 B.3 C.1 C.2 C.3
A.3.1 A.3.2 A.3.3 A.3.1 A.3.2 A.3.3
Though the result is independent of the method, creating your issue tree from the top down is generally more efficient
With practice, top-down creation of your issue tree will come naturally
An effective framework contains four layers
Structuring your approach is about creating an action plan or framework to solve the problem
An effective approach contains four layers

Good structure requires that your framework be both broad and deep
An effective framework creates a structure that captures all of the relevant information to solve the case
Demonstrates breadth of thought… …but also depth
It is important to note that you only have around 60-90 seconds to create your framework
Making a perfectly broad and deep framework is not expected, but you should get 80% of the way there
An example case prompt
Blue Ribbon Gym is a chain of training facilities in Washington State. Each gym contains top-notch
training equipment, a suite of training rooms where they have a variety exercise classes (Spinning,
Step, etc.), and a Shake and Snack shop. The gym prides itself on the quality of its facilities and
services, and has primarily targeted the working professional market by locating close to business
clusters. The company went public a few years after opening to pay for its expansion plan, but this
has created the downside of a constant need for growth. That growth has been hard to come by
these days as people seem to be moving away from the traditional ‘weights and cardio’ exercise
model toward more dynamic class-based training like CrossFit, HIIT, etc. The CEO is wondering
what she can do to boost revenues by $200k to keep her shareholders happy and her stock price
high.

An example framework structure
How can Blue Ribbon Gym increase
revenues by $200k?
Revenue per user Number of users
Gym Trainers Other Current New Lost

fees /classes revenue users users users
Private Group
Package Package
# sold # sold
price price
It is critical to note that this represents an acceptable level of depth for the case interview
Even if you chose to go deeper in one component you must be able to go deeper in any of them if pushed by the interviewer

Prioritizing demonstrates an understanding of the problem
You will never have the time or complete information in an interview to cover everything within your framework
Prioritizing shows that you are able to determine where you can achieve the greatest impact in the least
amount of time
Hypothesize Communicate
The bucket that you prioritize should contain the sub-component that you chose to take deeper in the framework

An example of communicating a prioritized framework
How can Blue Ribbon Gym increase After you have shared your framework,
revenues by $200k? lead directly into your prioritization
1 2

Contextualizing the approach is a key differentiator of candidates
Contextualizing your framework demonstrates that you understand the problem and the client’s issues deeply
Doing this effectively helps you stand out as a candidate and the key is to be curious and inform yourself
You can find elements to make your framework
Create a table of industry specifics
context-specific from multiple sources
Industry Key drivers and trends
Read articles focusing on business, economics,

and important global and local news
Introduce these ideas with a softer tone, as a feeling or

hunch rather than a certain fact

An example of incorporating context in the framework
revenues by $200k?
1 2

Creativity can leave a lasting impression
Creativity is valued for many reasons… …and it is generally presented in two areas
The Analysis…
The Solution…
Creativity is a plus, but not absolutely necessary – even highly creative people struggle to come up with interesting
and out-of-the-box ideas on the spot

As valuable as creativity is, it can be difficult in the interview
There are two major opportunities for creativity throughout the case: (1) Those that incorporate your own experiences;
(2) Those that are generated by taking the perspective of the customer or client
How can you incorporating your own experiences? Taking the perspective of the user
You are granted quite a bit of leeway when generating ideas or solutions as long as they address the problem
Interviewers try to remove the major constraints to idea generation as they want to see your creative breadth
An example of constructing a framework for you to try
Where should I take my partner for dinner tonight?
1 2
There are many different frameworks to approach this problem

Don’t assume this example is the only, or even the best solution
There are two parts to structuring your approach in the case interview
Structuring your approach creates the framework to solve the case problem
There are two primary parts to this critical element of the case:
Construction of the framework Investigation of the components

Your framework is a key communication tool
The framework provides structure and clarity for both you and the interviewer
Ensure that you communicate your framework from the top down

revenues by $200k?
1 2

Start investigating from the bottom up, but be ready to shift your analysis
Sample framework branches Sample info after questioning Output
Cases are not always so linear and you may reach dead ends or be pushed in a different direction by the interviewer
Be flexible in your approach, but always be structured and stay within your framework
Navigating your framework should be done with a purpose
Using your framework occurs from the bottom up, but it is critical to keep the following ideas in mind
Begin with your

priority, but be
willing to shift
Focus on
generating
useful output
with each
branch
Be willing to
accept
ambiguity

Structuring the approach is a tool for both the interviewee and interviewer
Your issue tree is intended to structure your thoughts and communicate them clearly

Some common business problems have pre-made frameworks
Most commonly used pre-made frameworks:
Merger &
Market Sizing Profitability Market Study Value chain
Acquisition
DO DON’T
We cover these frameworks in more detail in the “Frameworks” module

Thoughts to keep in mind to improve your ability to build and use frameworks
Thoughts to keep in mind Value being added

Nailing the case

Exhibits are a rich source of insight and interpreting them is a skill
Exhibits hold valuable information about the problem
Extracting insights from them is essential to success in the case part of the interview
What it is
What it tests
Differences
in case types

There are four steps to an effective analysis of exhibits
1 2 3 4
What does it say? What does it mean? Why is it happening? What to do about it?

A case prompt for a simple exhibit example
Yogo’s Yo-Yos is a yo-yo manufacturer that has been in business for over 50 years. The company is a
world leading yo-yo manufacturer and is known for both the high quality and style of its products. Recently,
the sales of the company have declined and the CFO has asked you to determine what is happening.

The four levels of analysis in a simple example
Annual financial performance for YoGo’s Yo-Yos 1 What does it say?
over the past two years
$ 100 M
2015 2 What does it mean?
$ 88 M
2016
3 Why is it happening?
$10 $8 10 M 11 M
Revenue Price Volume

4 What to do about it?
What can you conclude about YoGo’s recent

sales performance?

Understanding what makes an answer good is critical
1 What does it say?
• Revenue has declined by 12% over the past year

• Prices have dropped by 20%
• Volumes have increased by 10%
2 What does it mean?
• Company has been losing revenue due to prices decreasing more than
the volume of sales increased
• I could see this dynamic occurring for a few reasons:

• Competitive pressure forcing prices downward
• Change in customer needs as the market matures or the fad fades
• Addition of a new, cheaper line of products cannibalizing sales
Analysis:
• Competitor analysis – are there new competitors? What are their products?
• Customer analysis – has the demand for yo-yos changed and if so how?
Client:
• Reflect on the strategy of decreasing prices and decide whether it is part of
a longer-term payoff in market share capture or if it is time to unwind
A case prompt for a complex exhibit example
Nuwu is an American supermarket that is located throughout the Northwest. The company has
differentiated itself by offering healthy, organic, and vegan products as well as premium pre-made foods.
Although the company has performed relatively well over the past decade, in the last few years sales have
begun to decline. Julie, the new CEO of Nuwu, has brought you in to assess what is happening to cause
this decline

The four levels of analysis in a complex example
Annual financial performance for Nuwu over the 1 What does it say?
past decade
Revenue Profit
$140 M
$120 M
$100 M
$80 M
$60 M
$40 M
$20 M
$0 M
2012
2007
2008
2009
2010
2011
2013
2014
2015
2016
What does this tell you about Nuwu’s recent

financial performance?

Understanding what makes an answer good is critical
1 What does it say?
• Company has lost about $40 M in revenue, but only $5 M in profit since 2013
• Revenue appears cyclical and, historically, profit and revenue were correlated
• Despite the sales falling recently, profit margin seems to have improved from
about 37% to 50%, which indicates the company may have cut significant
costs, but this dynamic of declining revenue is not sustainable
• I see the revenue decline being from external forces, internal forces, or both
• Externally, the low revenue indicates that Nuwu is likely a small player, so
regional economics, customer preferences, or competition could be factors
• Internally, the margin improvement indicates a cost-cutting strategy that may
have negatively impacted the revenue
Analysis:
• Assess the regional shifts and their impact on revenue – identify if competitors
have entered, preferences have changed, or the local economy has suffered
• Evaluate the cost improvement efforts and their revenue impact – understand
what cost-cutting actions were taken and if they are part or all of the cause
Client:
• Identify what the strategy behind the cost-cutting was and if there have been
any other product, pricing, or promotion changes
Six thoughts for standing out during the exhibits phase
Performing well on exhibits is about deriving meaningful insights toward a solution to the case
Keep these tips in mind when you are reading exhibits

Nailing the case
Performing calculations

Performing calculations (the ‘math part’) is a test of facility with numbers
No matter the case, math is a crucial component – make sure that you are comfortable with it
What it is
What it tests
Differences
in case types

A quick example
Your client, Pop’s Popsicles, is wondering how many of their high-end popsicles they need to sell in order to break even
Given information An example of an answer
How many popsicles need to be sold for Profit = $0?
Pop’s Popsicles
Price $10
Variable cost $8
Fixed cost $250 M

There are three steps to nailing the math
1 SETUP 2 EXECUTION 3 REFLECTION
Clarify the objective Follow your initial structure State your answer
Lay out your formula Perform the mental math Derive the insight
Convey your approach Sanity check the result Communicate the next steps

The first step is setting up the approach
1 SETUP
Clarify the objective
Lay out your formula
Convey your approach

The math question should be set up in a structured manner
The setup phase frames the math element of the case, but it is where the majority of candidates run into trouble
Taking a structured approach will help address that challenge
Clarify the
objective
Lay out
your formula
Convey
your
approach

An example of how to set up the math question
At what price should I sell my hamburgers in order to break even?
Given information An example of the setup
At what price do I need to sell my

Financial information for the hamburgers hamburgers for a profit = $0?
Quantity Unit cost

Item
(annual) (per burger)
Hamburger 40,000 $1
Cost
Item Description
(annual)
Restaurant costs $25,000 Maintenance, fuel
Labor $40,000 2 staff hourly
Storage $5,000 Rented storage unit
Licenses $5,000 Permits
Other $5,000 Other overhead

The second step is executing the calculation
2 EXECUTION
Follow your initial structure
Perform the mental math
Sanity check the result

There are three elements to the execution step of the calculation
Although the execution step is where one gets to the numeric answer, candidates often forget to include their
interviewer in the process
Follow your
initial
structure
Perform the
mental math
Sanity
check the
result

An example of how to execute the math question
Given information An example of the execution
Financial information for the hamburgers From the earlier setup…
Quantity Unit cost

Item
(annual) (per burger)
Hamburger 40,000 $1
Cost
Item Description
(annual)
Restaurant costs $25,000 Maintenance, fuel
Labor $40,000 2 staff hourly
Storage $5,000 Rented storage unit
Licenses $5,000 Permits
Other $5,000 Other overhead

The final step is to reflect on the answer
3 REFLECTION
State your answer
Derive the insight
Communicate the next steps

Reflecting on the answer is a three step process
Most candidates finish at stating the answer, but taking a step back to reflect on what the answer means to the
overall case problem separates excellent candidates from good ones
State the
answer
Derive the
insight
Communicate
the
next steps

The three step reflection for the hamburger example
An example of the three step reflection
State the
answer
Derive the
insight
Communicate
the
next steps

There are a few tips to keep in mind when preparing for the math part
Approximate
where appropriate
Keep units
Know your
fractions and
percentages
Know the
difference between
relative, absolute,
and multiples
Practice in your
daily life

Some tips to get to the next level on the calculations
The math section is challenging for many candidates and preparation is key
Keeping these tips in mind will help relieve some of the pressure felt while performing the math

Nailing the case
Synthesis

Synthesizing takeaways serves as a conclusion to the case
Synthesizing information is a critical skill for consultants to communicate key messages efficiently
Combining insights from multiple sources and turning them into take-aways will end the case on a strong note
What it is
What it tests
Differences
in case types

There are four steps to an effective synthesis
PAST PRESENT FUTURE
1 2 3 4
Recap the problem and State a Support with 3-4 key Suggest the
analysis recommendation facts next steps
Next step suggestions can be difficult to come up with on the spot

Go back to your initial framework for inspiration from branches that you were not able to investigate

An example of synthesizing findings
“Should Protecta expand their line of sunscreens to Madagascar, an up-and-coming tourist destination?”
Through the case analysis the following three facts were found:
There is the potential to set up a If Protecta could capture 5% of the

The competitor landscape in
low-cost plant in Madagascar to market within 2 years, it could
Madagascar is fragmented, with
benefit from sourcing materials bring in $10M in incremental
the top 6 brands accounting for
locally and accessing government revenue, which is a growth of
only 30% of the market
FDI support programs 15% in its revenues

The synthesis must be structured
PAST Recap the

1
problem
State a
2
recommendation
Support with 3-4

PRESENT 3
key facts
Suggest the
4
next steps
FUTURE

A few thoughts to keep in mind when practicing
Your synthesis is the last step in the case and it is important to finish on a positive note
Keep the following ideas in mind to really stand out

Key frameworks

An introduction to pre-made frameworks
Pre-made frameworks are structures that can be applied to solve common case interview problems
When can they

be used
Why are they

helpful
What are the

limitations

There are three steps to applying any framework
Identify
1 Construct Segment
Prioritize
Share
2 Investigate
Navigate
Isolate
3 Answer
Build

Learning to create and use frameworks effectively takes time
Mastering frameworks takes time – don’t be discouraged if it seems difficult in the beginning
Master
Expert
Intermediate
Newbie
Interview-ready

There are five frameworks that are widely applicable to business cases
Problem:
Market Sizing
Objective:
Problem:
Profitability
Objective:
Problem:
Market Study
Objective:
Merger & Problem:

Acquisition
(M&A) Objective:
Problem:
Value Chain
Objective:

Key frameworks
Market sizing

Market sizing can be accomplished in four steps
What is it The four-step market sizing approach
Action Tip
Create the
1
formula
When do I use it
Make
2 necessary
assumptions
Perform the
3
calculations
Common question
Sanity check
4
the answer

A simple example of the market sizing framework
How many babies are born annually in the US?
Create the
1 Annual births
formula
Make
2 necessary
assumptions

A simple example of the market sizing framework
Perform the
3 Annual births
calculations
Annual births 0
Annual
births
Sanity check
4
the answer

There are multiple ways to get to a similar answer
Annual births
Create the
1
formula
Make
2 necessary
assumptions
Perform the Annual births

3 calculations
Annual
births
Sanity check
4
the answer

A more complex example of the market sizing framework
How large is the Boston luxury car market in dollars annually?
Create the Luxury car

1
formula market
Make
2 necessary
assumptions

Perform the Luxury car

3
calculations market
Income level Adults % own car Cars % lux cars # lux cars
# of luxury
cars owned
Perform the Luxury car

3
calculations market
Luxury car
market
Luxury car
market
Sanity check
4
the answer

Having confidence in the assumptions will help bring success in market sizing
The basis of most market sizing problems centers around population size, age demographics, and life expectancies of products or people
Knowing some demographic information of major countries is useful for the majority of market sizing problems
Important country facts to know Other common assumptions
Country Population Age demographics
United
States
China
Germany
United
Kingdom
Canada
Fill in the statistics for the country where you

Japan
are interviewing

Key frameworks
Profitability

Introduction to the profitability framework
What is it The profitability framework
Profit
When is it most often used Revenue Costs
# Units Variable
Price Fixed Cost
Sold Cost
Common questions
# Units
Cost / Unit
Sold

The profitability framework applies to many situations
The profit framework is the most frequently used pre-made framework, often appearing as a subcomponent of a case
Understanding how and where it applies is critical to using the framework well
Problem variations Framework application
Company W has been losing profit over the last three

years. What can they do to solve this?
Company X has had a push from investors to control

costs. What can they do?
Company Y is considering launching a new product.

The CEO is wondering whether it will be profitable?
Company Z is thinking about liquidating an asset to

another company which is going to use it for the
same purpose. How much should they sell it for?

Each of your branches should be segmented further to isolate specific drivers
Revenue Costs
Price # Units Sold Fixed Cost Variable Cost
# Units Sold Cost / Unit
Revenue segmentation Fixed cost segmentation Variable cost segmentation

A simple example for the profitability framework
The Case Prompt
CoolCam is a relatively young, multinational company that sells cameras for any outdoor activity. These cameras are
highly durable, waterproof, windproof, you name it. Historically, they were sold to extreme-sports enthusiasts who would
use the cameras to get a first-person view of them doing crazy things. CoolCam was highly profitable for its first five
years, but has experienced declining profitability over the past year. The CEO has been facing shareholder pressure
and has hired you to help her right the ship and get back to the peak historic profit levels over the next few years.
Our Problem Definition
How can we bring CoolCam’s profitability back to its peak level in the next few years?

Structuring the approach for the CoolCam profitability case
Identify
1 Construct Segment
Prioritize
Share
2 Investigate
Investigate
Isolate
3 Answer
Build

The entire profitability framework should be used for CoolCam
How can we increase CoolCam’s profitability back to its peak level in the next few years?
Revenue Costs
Price # Units Sold Fixed Cost Variable Cost
# Units Sold Cost / Unit
Revenue segmentation Fixed cost segmentation Variable cost segmentation

What are the key ideas when practicing profitability cases?
The profitability framework can be a powerful tool for structuring your analysis in a wide range of cases
What are the key ideas to keep in mind as you practice the framework?

Key frameworks
Market study

Introduction to the market study framework
What is it The market study framework
When do I use it
Common question

The market study framework applies to many situations
The market study framework is the most versatile pre-made framework
Be comfortable with adapting it and prioritizing elements to the specific context of the case
Company W is thinking about entering Mozambique.

Should they?
Company X is considering launching a new low-cost

version of their core product. What would you
recommend?
How would you assess the future prospects of the Oil

and Gas industry in the US?
Company Z’s new CEO is thinking about selling off

the rights to one of their products for $100M. Should
they go ahead and sell it?

Identify all of the relevant factors by taking a top-down approach
Macro
Industry
Company
Project

An example for the market study framework
The Case Prompt
CoolCam has come up with an idea to increase their profitability. Their new CEO is considering launching their number
one product, KrazyKam, in Australia. She has hired you to determine whether this is a good idea or not for increasing
their profits by 20% in the next two years.
Should CoolCam launch KrazyKam in Australia to increase its profits by 20% in two years?

Structure an approach for the market study of Australia for CoolCam
Identify
1 Construct Segment
Prioritize
Share
2 Investigate
Investigate
Isolate
3 Answer
Build

Fill in the market study for CoolCam entering Australia
Macro
Industry
Should CoolCam launch
KrazyKam in Australia to
increase its profits by
20% in two years?
Company
Project

Deciding the optimal entry mode is a common extension of a market study
Entry mode Benefits Drawbacks
Export
Agreement
Alliance
Joint
Venture
Investment Greenfield
M&A

Key frameworks
M&A

Introduction to the M&A framework
What is it The two-step M&A framework
Target company
value
Benefits
1 Synergies
Greater
When do I use it Financial
than
Price
Costs
M&A
Integration costs
Common question Cultural and

2 organizational fit
Non-
Financial
Regulatory fit
It is important to note that M&A is very complex and that the level of knowledge expected is relatively low
Don’t be discouraged if it seems overwhelming at first
The M&A framework applies to only a few situations
M&A cases are relatively uncommon, but there are a few variations among the problem types
Understanding that each problem type requires emphasis of different components within the framework is key
Company W is thinking about acquiring Company X.

Should they and at what price?
Company ABC is planning to merge with Company

DEF, which is about the same size. Is it a good idea?
Company GHI was offered $100M to sell their

company. Should they take it?
Company DEF is planning to make an investment to

buy 20% of a company. How much should they pay?

The first step assesses whether the financial benefits outweigh the costs
Target
company
value
Benefits
Synergies
1
Financial Greater than
Price
Costs
Integration
costs

The second step assesses whether the financial benefits can be realized
Cultural and
organizational fit
2
Non-
Financial
Regulatory
fit

Basics of M&A finance for cases
The financial aspects of M&A are extremely complex in practice and you are not expected to know them in detail for the interview
Focus on understanding these basics of M&A finance
Concept Description Math
Enterprise
Components value
of a firm’s
value Equity value
Present value
of future
cash flows
Target
(DCF)
company
value
Market
capitalization
Revenue
synergies
Synergies
Cost
synergies

Valuing the target and deal synergies are critical elements of M&A cases
Concept Sample case facts Sample calculation
Company X generates $100M in annual

Present value
free cash flows and expects to continue
of future
this indefinitely, growing at 2% annually.
cash flows
Their opportunity cost is 10%. What is
(DCF)
Target the value of Company X?
company
value
Company Y has 300 million shares
Market outstanding and their shares are
capitalization currently trading at $30. What is the
value of Company Y’s equity?
Company Z sees an opportunity to

cross-sell and boost revenues by $50M
Revenue
annually in perpetuity. What is the value
synergies
of the synergies if the opportunity cost
is 20%?
Synergies
Company Z also believes that they can
Cost close down two plants in the merger,
synergies saving $200M annually. What is the
value of the synergies?

A simple example of the M&A framework
The Case Prompt
CoolCam has decided that entering Australia with their KrazyKam is a great option for boosting profits by 20% in the
next two years. The CEO, however, feels that time is of the essence and the best way to enter the market is by
acquisition. She has found a company named CamToPlay, which seems like a great target. They’ve got local production
running and distribution channels in place. CamToPlay has indicated that they would consider selling if the offer was
$1B or greater. The CEO has asked you to assess whether or not CoolCam should buy CamToPlay at this price.
Should CoolCam acquire CamToPlay for $1B to enter Australia and increase profits by 20% in two years?

Structuring the approach for the acquisition of CamToPlay for CoolCam
Identify
1 Construct Segment
Prioritize
Share
2 Investigate
Investigate
Isolate
3 Answer
Build

Step one: Financial benefit of the acquisition
Target
company
value
Benefits
Synergies
1
Price
Costs
Integration
costs

Step one: Financial benefit after incorporating given information
Target
company
value
Benefits
Synergies
1
Price
Costs
Integration
costs
1
Financial Benefits Costs $

Step two: Assessment of financial benefit feasibility
Cultural and
organizational fit
2
Non-
Financial
Regulatory
fit

Some tips to keep in mind when practicing M&A cases
M&A cases are among the most complex and least understood
Keeping these tips in mind will help you crush M&A cases without a finance background

Key frameworks
Value chain

Introduction to the value chain framework
What is it The value chain framework
Input Production Output
When do I use it
Common question

The value chain framework applies to many situations
The value chain framework is most frequently used as a piece of analysis and not the entire case framework
Be prepared to adapt the links and criteria to the context of the industry and problem faced
Company X has lost control of costs which has really

impacted their profit margin. The CEO is unsure what
has caused it and is looking to identify the source
Company Y is having significant challenges

downstream in its value chain. It is not that
consumers don’t want it, but something is off in the
messaging. How would you think about this?
Company Z just had a disastrous recall of its primary

product, which nearly bankrupt them. The CEO wants
to ensure this never happens again and is wondering
how they can ensure the highest quality standards
A student is trying to determine which school to

attend to get an MBA. How would you think about this
decision?

The value chain framework is versatile, but should be tailored by
question
Common criteria The links in the value chain

Quality
Speed / timing
Cost
Value added
There are many variations of criteria and elements in the value chain links, especially in non-business problems
Be sure to make elements and criteria relevant to the context, but also inclusive of all of the steps in the chain
An example for the value chain framework
The Case Prompt
CoolCam successfully acquired CamToPlay and has been going through the integration process, which they projected
would take a year to complete. It is now a year later and CamToPlay is still having issues fulfilling customer orders. As
the CEO puts it, this is a good problem to have, but she is concerned that customers will be unwilling to stick around if
their fulfillment issues continue. You’ve been hired to identify why CamToPlay is unable to keep up with demand
How can CamToPlay improve its fulfillment process to keep up with customer demand?

Structuring the approach for the value chain analysis of CamToPlay
Identify
1 Construct Segment
Prioritize
Share
2 Investigate
Investigate
Isolate
3 Answer
Build

A potential value chain framework
How can CamToPlay improve its fulfillment process to keep up with customer demands?
3 2 1
Comparing the two locations and
comparable products
Speed / timing

Some tips to keep in mind when practicing value chain cases
Value chain analysis is useful in many scenarios
It is critical to understand how any process can viewed as a value chain to analyze each link

Additional math

There are two types of math concepts that you need to know for cases
Case interviews often require candidates to demonstrate comfort with various forms of mental math
Below are a list of some of the essential and more complex concepts you might be asked to tackle
Essentials Complex
Although these are not as frequently tested in case

You will need to perform these calculations in many
interviews, understanding these concepts and
of your interviews
formulas may come in handy

Understanding the essential case-math concepts
Essentials Complex
• Probability and expected values

• Adding and subtracting
• Financial concepts such as:
• Multiplication and division
• NPV
• Fractions and percentages • Payback
• ROI
• Basic algebra • M&A finance (covered in M&A frameworks)

You will need to perform these calculations in many
of your interviews

Adding and Subtracting
Adding and subtracting are the processes of adding to or taking away from a previous number
Most cases will need you to do simple additions and subtractions to test your mental math
How to Example
Go back to basics in difficult situations Company X’s annual fixed costs include $145,500 in
salaries, $62,250 in rent and $12,240 for electricity.
• Use the column, pen, and paper approach to avoid
making mistakes, especially since the numbers are What is their total annual fixed cost?
typically very large in interviews
Addition Subtraction
Company X’s total annual fixed cost is $

Multiplication
Multiplication is necessary in nearly all cases and the calculations are often with large numbers and many zeros
There are two tricks that can help you avoid common multiplication mistakes
Simplify, multiply, and sum Pen and paper for multiplication
• Split your multiplications into easily calculated parts, perform

the multiplications, and sum the pieces or add the zeros
• If an organization currently has 90,000 customers and on

average each customer buys $3,500 of product, what is their
total revenue?
1 Simplify
2 Multiply
3 Sum

Multiplication
Simplify, multiply, and sum example Pen and paper for multiplication example
Software & Co. is attempting to predict whether they will hit their A year later, Software & Co. is attempting to predict whether they
sales goal of $2,500,000 next year. The company sells two will hit their new sales goal of $5,300,000 next year. The company
different products: one at $50.00 and a premium product at sells the same two products, but at new prices: one at $42.00 and
$80.00. It is expecting the products to have roughly 20,000 a premium product at $68.00. It is now expecting the products to
customers each. have roughly 45,000 customers each.
Will they hit their goal? Will they hit their goal?
Regular Premium
Regular Premium Product
product product
1 Product
Simplify
2 Multiply
3 Sum

Division
Division is common is as common as multiplication, with similar challenges
There are two methods to avoid common pitfalls in calculations
Align the zeros, cancel, and divide Long division
• Write out the numbers explicitly, cross out the zeros, and then 3
divide what remains
• Scientific notation can also be useful (i.e., 1.3 million = 1.3 e6)
• If an organization currently has 9,000 customers and has

$1,890,000 in sales this year, what is their average revenue
per customer?
1 Align or
2 Cancel
$
3 Divide

Division
Align the zeros, cancel, and divide Long division
Market Inc., a marketing firm, is seeing a lot of growth and has Market Inc., had a tough year. They had to layoff a few
acquired many clients in different industries. They want to make employees and lost several clients. This year they plan to
sure they spend enough time with each client to avoid churn. If increase the hours per client to 400, but their available hours
the marketing firm has 35,500 hours available this year and is will decline to 32,200. How many clients can they service?
trying to spend equal time with each of its 100 clients, how
many hours can they promise each client?
1 Align or
2 Cancel
3 Divide

Fractions and Percentages
In business, people speak in percentages, yet calculations are much simpler in fractions
Being able to convert between the two forms is crucial for finding and articulating your answer in cases
Equation type How to use it Sample use
Adding &
Subtracting
Multiplying
Dividing
Converting
Reducing

During your case interviews, some fractions won’t be as easy to work with
The following table may be helpful when memorizing certain common fraction conversions
Fraction Percentage
1/2
1/3
1/4
1/5
1/6
1/7
1/8
1/9

Percentage to fraction example Fraction to percentage example
Steph wants to know what fraction of a country Kat knows that a third of her office is on vacation, and a
participates in winter sports. She’s told 40% of the fifth are off sick. What percentage of employees are in
population skis, 15% plays hockey, and 20% curl the office today?

Algebra
Despite being a basic concept, remembering the process for isolating variables and solving equations is critical
In many case interviews, you will need to solve for missing variables
The five-step process for algebra Algebraic processes
Remember to follow five basic steps for any algebra:

Addition &
1 subtraction
3 Multiplication
& division
5
Exponents

Algebra
The five-step process for algebra Basic example
Remember to follow five basic steps for any algebra: Brewmaster currently produces 32,000 litres of beer
annually with its 12 employees. They are hoping to
1 increase production to 60,000 litres. How many new
employees should they hire?
2 1
2
3
3
4
4
5
5

Algebra
The five-step process for algebra Complex example
Remember to follow five basic steps for any algebra: Brewmaster has a production function for beer of
2
4𝑥+2
L= where L is the total daily production in liters
2
1 and x is the total number of brewers. Yesterday, no time
sheets were used and Brewmaster is asking you to
assess how many brewers were present if 800 litres were
2 brewed?
1
3
2
4 3
4
5
5

Algebra
Order of operations is also a commonly overlooked topic in case preparation
Whether given an equation or having created one yourself, be aware of your order of operations
Order of operations Example
Understanding the basic order of operations is essential to Johnny is currently trying to decide between two part-time
solving business cases. Remember the BEDMAS acronym when restaurant jobs for 20 hours/week. Given the following
solving difficult problems. Follow the following steps: information:
Italian Dining Greek Dining
1
2
3
3

Algebra with units
While not specific to any type of problem, many cases will force you to convert units
Often, cases will purposefully challenge you with different unit measurements to cause confusion
Converting units Example
Converting between units is a simple process but can be Worker Inc., a recruitment firm, has just been told by a client that
confusing without properly organizing your thoughts. You need to they need workers to assemble bikes. They are hoping to make
follow clear steps and keep your thoughts organized 100,000 bikes this year and they need to hire the right number of
employees. They know that each bike takes 60 steps to make,
The following steps should be taken in cases where units need to and they know that it takes roughly 30 seconds per step.
be converted: How many employees should Worker Inc. hire for the year?
1 1
2
2
3
3

Understand the more complex case-math concepts
Complex
• Probability and expected values
• Financial concepts such as:

• NPV
• Payback
• ROI
• M&A finance (covered in M&A frameworks)


Probability and Expected Values
While probability questions are not as common, understanding these can be useful in case interviews
Interviewers may ask questions regarding probability and expected values of investments
Fraction example Decimal example
Jimmy will win a new car if he can pull two consecutive At Capital Investments, co-workers often play “credit card
aces out of a deck of cards. What is the probability that roulette” at lunch, picking a credit card at random to see
he’ll win the car? who will pick up the entire tab. Kyle plans to go out with 4
colleagues today, and 9 colleagues tomorrow. Kyle
1 wonders what the odds are that he’ll end up paying for
lunch on both days.
2 1
3 2

Probability and Expected Values
Expected values are the most common probability type questions
Interviewers may ask you to determine an expected value based on different alternatives
Expected values example Solution
Some of these questions often include either where to invest your Month 1 Month 2 Month 3
money or which project you should implement.
Particularly with expected values, it can be very beneficial to

create a decision tree to better clarify the question and organize
your thoughts. Take the following question for example:
Gym Inc., a fitness facility, is trying to assess the value of

customer acquisitions. They know that within the first month, they
typically lose 80% of sign-ups. During the second month, they
typically lose 20%. Finally, they incur 10% turnover in the third
month. Assume that after three months, customers often become
lifetime customers.
If the present value of full-time customers is $100/customer, how

much is each customer sign-up worth to Gym Inc?

Basic finance knowledge is necessary for many cases
Terminology Description Common Formula
Cash flow
Opportunity
cost
Net present
value (NPV)
Perpetuity
Return on
investment
(ROI)

Samples of basic case interview finance
Terminology Sample case facts Sample use
Cash flow
Opportunity
cost
Net present
value (NPV)
Perpetuity
Return on
investment
(ROI)

Thoughts to keep in mind to improve your math skills
There is no alternative to practice
Thoughts to keep in mind Reasoning

Getting the rest right

There are three parts of the interview that are outside of the case and fit
The parts of the consulting interview
INTRO FIT CASE Q&A
Making a great first impression in Showing you belong at the firm with Preparing for whatever comes after
the intro Q&A the interview
• What happens after the

• What the intro is and its value
• What the Q&A is all about interview is over
• How to prepare for making a

• How to prepare for the Q&A • What are the possible
great first impression
outcomes of the interview
• What questions to ask and not
• Why to recognize the interview
ask during the Q&A • What should you do whatever
as a piece of theatre
the result of the interview is

The intro is your first chance to make an impression
INTRO
Making a great first impression in

the intro
• What the intro is and its value
• How to prepare for making a

great first impression
• Why to recognize the interview

as a piece of theatre

A strong introduction leaves a positive first impression
INTRO
The introduction is the first few minutes after your arrival at the firm where you will meet several people and get
introduced to your interviewer
Despite its short duration, there are many opportunities to stand out
The introduction is a chance to generate buy-in… … but be sure to focus on the right things

Be prepared for the elements before the interview to help ease the tension
The waiting period before the interview can be anxious and uncomfortable
There are several things that you can do to help break the ice and ease the tension

Making a positive first impression requires preparation
Every part of the interview – from your appearance to your performance on a math question – is important, but making a
positive first impression can help generate buy-in from the interviewer and calm your own nerves
Keep the following thoughts in mind when preparing
First impression do’s First impression don’ts

Remember that consulting interviews are little pieces of theater
Your interviewers have likely given plenty of case interviews, and they can get repetitive
You can make yourself stand out and show confidence by acknowledging that the interview is a performance
Examples for what you say Examples for what you do

The Q&A is an opportunity to exit on a positive note
Q&A
Showing you belong at the firm with

Q&A
• What the Q&A is all about
• How to prepare for the Q&A
• What questions to ask and not

ask during the Q&A

The Q&A is an important opportunity to be memorable
Q&A
The Q&A is the final three to five minutes of the interview where you have the chance to ask the interviewer questions
It is a critical opportunity to leave a final positive impression on the interviewer
The Q&A is the last chance to demonstrate that you

… but be sure to ask useful and valuable questions
belong…

The Q&A should focus on three areas

Leaving a lasting impression takes preparation
To make the most of the Q&A part of the interview, prepare for it in advance

After the interview is an important opportunity to reflect
Preparing for whatever comes after

the interview
• What happens after the

interview is over
• What are the possible

outcomes of the interview
• What should you do whatever

the result of the interview is

After the interview ends is an opportunity for reflection
After the interview is when you leave the office and the firm will make the decision as to what is next
It is a valuable opportunity for your to reflect on the entire experience
After the interview is a chance to unwind… …but be sure to stay prepared and sharp

There are two events that happen after you leave the interview
Events after the interview Description Action you can take
Meeting
The decision
on who moves
forward
Final
selection
Result
The call to the

candidates
Feedback
about the
decision
Conclusion

There are three possible results after the interview
The actions to take will differ depending on the result you get
It is valuable to be prepared for any result
Move forward to the next

round
Receive an offer
Did not move forward to

the next round or get an
offer

Moved forward: Expect more of the same in the next round
Making it to the next round is an achievement in and of itself, as very few applicants make it to this point
Take a moment to celebrate your success, but your work is not over yet
What to expect for the next round What to do leading up to the next round

Received an offer: The offer is usually generous but rather inflexible
Receiving the
offer
Making the
decision
Preparing for the

job

Did not move forward: Getting rejected is not the end of the line
If you did not move forward this time, there are three options for continuing your journey toward consulting
Apply to other
consulting firms
Apply to the same firm

in the future
Apply the skills you

have learned
elsewhere

Understanding why you got rejected is essential for reapplication
Many candidates are rejected, but encouraged to reapply because the firm saw the potential but not the preparation
Identifying why you were rejected is critical for making a plan to improve if you are going to reapply
Performance-related Profile-related

Reapplying requires that you show improvement
Firms are usually willing to give you multiple chances to interview as long as a sufficient amount of time has passed
It is critical that when you reapply you show meaningful improvement in your areas of weakness

Alternate case interview formats

There are multiple formats and styles for the case part of the interview
Interview format Case Style Description Pro tip
Interviewee-led
(used by most)
Standard one-on-
one
Interviewer-led
(used by few)
Video/telephone
cases
Alternate Written cases
Group cases

Video/telephone case

Video/telephone cases
Video/telephone interview is essentially the same as an in-person interview, but with unique communication challenges
The key to succeeding is being able to effectively communicate with the interviewer
What it is
What it tests
Differences
in case types

Video/telephone case interviews require focus on communication
While the video/telephone cases are in essence the same as in-person case interviews, you will typically have to be
overly communicative yet very concise to showcase your structured thinking
This process will really test your ability as an effective communicator
Success in a video/telephone case is dependant on your ability to be very structured and concise in your
communication with the interviewer

Over-index on communication at every stage of the case
Defining the
problem
Structuring your
approach
Performing
calculations
Synthesizing
takeaways

Tips for video/telephone cases
Video/telephone cases are very similar to the regular in-person cases with the exception that you are reliant mostly, or
only, on audio to showcase your structured thinking and enthusiasm

Written case

Written cases
With written cases you are often presented with an overload of information for analysis
The key to success is being able to effectively filter and prioritize the relevant information
What it is
What it tests
Differences
in case types

Written case interviews require focus on analysis and communication
While written cases will ultimately test the same aspects of your case solving abilities, you will have to showcase your
time management and presentation skills to impress the interviewers
This process will really test your ability to deliver an outcome
Success in a written case will be achieved through prioritization of work and management of time pressure
while producing an impactful presentation

Follow these steps to get yourself on track for a written case (same day)
Defining the
approach
Problem analysis
Solution synthesis
Presentation

Follow these steps to get yourself on track for a written case (take-home)
Defining the
approach
Problem analysis
Solution synthesis
Presentation

Tips for written cases
Written cases are very similar to the regular in-person cases with the exception that you typically have a lot more time to
analyze the situation and present a solution to the interviewer(s)

Group case

Group cases
More than anything, group cases test your ability to work together with others while solving a problem
The goals is to show your ability to be both a leader and a team player
What it is
What it tests
Differences
in case types

Group case interviews require focus on structure and communication
While the group cases will ultimately test the same aspects of your case solving abilities, you will have to showcase your
structured thinking and communication within a team rather than just to one interviewer
This process will really test your ability to bring structure to chaos
Success in a group case will be in being able to divide and conquer the problem while navigating people
interactions in the group

The people component is key to conquering the group case interview
What makes the group case interesting and challenging is the softer side – the people component. You will
really have to showcase your people management skills
There are three main aspects to this:
Problem leadership Ability to listen Managing group interactions

Use the following steps to get yourself on track during the group case
Defining the
approach
Problem analysis
Solution synthesis
Presentation

Tips for group cases
Groups cases test the same skills as individual cases, except there’s an additional focus on understanding your ability to
work in a team environment

Cases in non-consulting

Vocaprep interview preparation will help you get jobs everywhere
More and more non-consulting companies are incorporating case-type questions into their interview process, and are
requiring the same structured thinking and communication skills as traditional consulting case interviews
Non-consulting companies
And many others…
The same skills that you have learned to crack the consulting interview could help you land that big role with
companies across many industries

The interview will generally have both fit and case components
As with consulting interviews, non-consulting interviews will typically have fit questions, to understand you through
your stories, and a case-type question, to test your problem solving ability and your technical knowledge
Intro FIT CASE Q&A
It starts with a question… It starts with a problem…
Tell me about a time that you led a team through a difficult situation
You are launching a new product category? How do you determine
or
what products to prioritize for launch? How do you determine the
Tell me about a time that you set a significant goal for yourself and
inventory for each one?
achieved it
…which requires sharpened story-telling skills and juicy stories …and involves multiple steps of analysis to get to an answer
However, there are some important aspects in which non-consulting interviews differ from consulting
interviews. We will explore these differences and help you prepare to get that offer!

Fit questions in non-consulting firms

The interview will generally have both fit and case components
The fit part of the interview will focus on understanding you, your motivations, and your qualities through stories
Intro FIT CASE Q&A
or
achieved it
WATCH “MODULE 3 – OWNING THE FIT” TO UNDERSTAND THE FUNDAMENTALS OF FIT INTERVIEWS

Fit interviews usually have two main parts
The fit interview varies between firms, but the structure is generally consistent
Behavioral Situational
Format
Duration
Frequency

Behavioral questions should be answered using a clear structure
Responses to behavioral questions are from the top down
Component Description An example for “why product management?”
• Setting up the answer that

Framing you are about to give
• Explaining your answer using

evidence
• Leveraging small events or
experiences in your life
Support
• Including personal
experiences with the firm is
best
• Summarizing briefly the

Wrap-up support you just gave

The desired qualities for situational questions will change depending on the firm
Every organization is going to have a different and very specific set of values which they are going to be
looking for in their candidates
• Customer Obsession • Think Big

• Ownership • Bias for Action • Put the user first
• Invent and Simplify • Frugality • Speed is a virtue
• Are Right, A Lot • Earn Trust • Set audacious goals
• Learn and Be Curious • Dive Deep • Overweight the future
• Hire and Develop the Best • Have Backbone • Embrace failure to break boundaries
• Insist on the Highest Standards • Deliver Results • Be uncompromising about people
What are the values for the firm you are applying at? Find them, understand them, talk to the current and former
employees about them, and tailor your stories to explicitly showcase the desired qualities

Stage Sub-element Example
Headline
Setting
1
the stage
Context
Emergence
Getting
2 into the Climax
meat
Action
Result
Closing
3
it out
Reflection
Ensure your story highlights at least one of the key qualities which the firm is looking for

Case-type questions in non-consulting firms

Case type questions will be slightly different for non-consulting
The case-type question in non-consulting will test your problem solving ability and your technical knowledge
Intro FIT CASE Q&A
or
achieved it

Non-consulting cases are more focused on the particular firm and industry
Consulting Non-consulting
Case Type
Examples
Different
Examples
Similar

The case part of the interview tests your problem solving ability
Because in non-consulting situation you are most likely going to get only 10-15 mins to come up with a solution and the
interview is not as “scripted” the process can be simplified from five to three distinct parts:
Consulting
Defining the Structuring your Performing Synthesizing

problem approach calculations takeaways
Non-consulting

Non-consulting case are not as analysis focused
Case Type Case Type
Defining the Defining the

problem problem
Structuring your Structuring your

approach approach
Interpreting
exhibits
Performing Follow-up
calculations discussion
Synthesizing
takeaways

Defining the problem

Problem definition narrows the scope of the question
What is it
Why is it
relevant
Where to
find more
information

Problem definition for non-consulting case-type questions is simpler
For non-consulting we can simplify the process, which would be applied as required
Listen and capture

1 Listen and capture
the key information 1
the key information
Recap the situation

2
in your own words
Clarify the problem
2 and any unclear or
Clarify any unclear missing information
3 or missing
information
Define the question

Define the question 3
4 you are addressing
you are addressing

Problem definition for non-consulting example
1 Listen 2 Clarify 3 Define

Structuring your approach

Structuring your approach highlights your systematic solving approach
What is it
Why is it
relevant
Where to
find more
information

Structuring for non-consulting is less intensive
In essence, structuring in non-consulting is usually simpler and does not require the same depth as a typical consulting
case would

Structuring for non-consulting example
“What is your favorite Google product? And why?
Google Keep
“-ware” Design
Hardware Code
Interface Function Integration

Follow-up discussion

Use the follow-up discussion to showcase your expertise
What is it
Why is it
relevant
Where to
find more
information

Use the follow-up discussion to expand on your approach
Follow-up discussion is an opportunity for you to further explain your answer and engage the interviewer

Follow-up discussion for non-consulting example
How would you create a plan to reduce lead times for your top vendor?
INTERVIEWER CANDIDATE
(Explained the approach)
(Explains the modified approach)
What is your favorite Google product? And why?

INTERVIEWER CANDIDATE
(Explained the approach)
(Talks about a project)


Case Prep Workbook

Uploaded by

Copyright:

Available Formats

You might also like

Case Prep Workbook

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Case Prep Workbook

Uploaded by

Copyright:

Available Formats

The official work book

All rights reserved © 2017 Vocaprep.com 1

1. This book is designed to be filled in as you complete the Vocaprep course

2. It supplements the classes, providing you with a structured framework to take

All rights reserved © 2017 Vocaprep.com 2

Class One Class Five

All rights reserved © 2017 Vocaprep.com 4

All rights reserved © 2017 Vocaprep.com 5

Apply Interview Decide

All rights reserved © 2017 Vocaprep.com 6

Some consulting firms get hundreds of thousands of applications

Only a fraction of second round interviewees receive offers on their

Do not be discouraged by the slim odds -

All rights reserved © 2017 Vocaprep.com 7

The recruiting funnel The key qualities

All rights reserved © 2017 Vocaprep.com 8

Intro FIT CASE Q&A

All rights reserved © 2017 Vocaprep.com 9

First round interview Second round interview

Preparation is key to succeeding in multiple interviews across different rounds!

All rights reserved © 2017 Vocaprep.com 10

All rights reserved © 2017 Vocaprep.com 11

Week 1 Week 2 Month 1 Month 2

All rights reserved © 2017 Vocaprep.com 12

• McKinsey & Company • Strategy

All rights reserved © 2017 Vocaprep.com 13

All rights reserved © 2017 Vocaprep.com 14

All rights reserved © 2017 Vocaprep.com 15

The next level:

All rights reserved © 2017 Vocaprep.com 16

How will you get

How will you find

All rights reserved © 2017 Vocaprep.com 17

All rights reserved © 2017 Vocaprep.com 18

Understand what is Craft exceptional

Who is involved in the

What is a typical candidate What it takes to eliminate

What is expected from How to ensure that content is

All rights reserved © 2017 Vocaprep.com 19

Who is involved in the

What is a typical candidate

What qualities are required

All rights reserved © 2017 Vocaprep.com 20

Gate one: Gate two: Gate three:

All rights reserved © 2017 Vocaprep.com 21

They could be an Art History

All rights reserved © 2017 Vocaprep.com 22

How to create a cover letter

What is expected from

All rights reserved © 2017 Vocaprep.com 23

What should it consist of What will it do

All rights reserved © 2017 Vocaprep.com 24

All rights reserved © 2017 Vocaprep.com 25

My encounters with Firm X at recruitment events and

Note how the candidate demonstrates the effort they

Including personal experiences and compelling

All rights reserved © 2017 Vocaprep.com 26

My interest in Firm X goes far beyond the firm’s global