In this blog post, we will walk you through the full spectrum of case studies and provide a systematic approach to practicing for them.
Understanding Case Interviews
Case interviews are the most common assessment method used by consulting firms globally to assess a candidate's business problem-solving abilities. A candidate must typically undergo 3 to 5 case interviews, which are needed to check the consistency of their performance and evaluate their fit within the firm. Cases are usually based on real-life projects and can come from a global pool of cases.
The Case Interview Process
1. Start by understanding the case prompt and asking clarifying questions.
2. Build a framework, taking 2 minutes to jot down notes and 2-3 minutes to explain your approach.
3. Assess the qualitative or strategic aspects of the case.
4. Perform basic calculations to meet certain financial objectives.
5. Synthesize your findings throughout the case.
6. Develop a recommendation based on your analysis.
11 Common Business Problems in Case Interviews
1. Market Entry: Analyze the feasibility of entering a new geographical market.
2. Investment: Determine if a new investment is worth pursuing.
3. Mergers & Acquisitions: Help a client decide whether to acquire another player.
4. Product/Service Launch: Assess the feasibility of launching a new product or service.
5. Growth Strategy: Help a client figure out the best ways to increase their revenues.
6. Company Response Strategy: Assist a client in responding to a competitor's move.
7. Profitability: Identify the reasons for profit decline and help turn around the business.
8. Pricing: Determine the optimal price level for a newly launched product.
9. Operations: Identify initiatives to maximize efficiency in various operational aspects.
10. Public Sector/Social Impact: Define the most effective and efficient strategy for implementing social initiatives.
11. Market Sizing: Estimate the market size in monetary terms for a new product or service.
Preparing for Your Interview
Know the names of your interviewers and research their backgrounds.
Diversify the types of cases you practice with your peers.
Utilize resources such as the Get to Offer course, which includes 40+ case studies covering various business problems and industries.
This comprehensive guide to practicing for consulting case interviews will help you become well-prepared for a wide range of case types. Remember to diversify your practice cases and research your interviewers to maximize your chances of success. Happy practicing!