Case in Point 11

1. Master the Case Interview Structure for Consulting Success

"Case interviews given by consulting firms, as well as by a growing number of companies in various industries, have become increasingly complex."

Understand the format. Case interviews typically last 20-40 minutes and simulate real consulting engagements. They test your ability to:

• Synthesize large amounts of information
• Structure an approach to a business problem
• Hypothesize logically and creatively

Follow the key steps:

1. Summarize the question
2. Verify objectives
3. Ask clarifying questions
4. Label the case and lay out your structure
5. State your hypothesis

Demonstrate key skills:

• Confident, easy demeanor
• Strong communication
• Insightful questioning
• Effective organization of information
• Business sense and creativity

2. Develop a Hypothesis-Driven Approach to Problem-Solving

"Consulting firms – and only consulting firms – care about a hypothesis. They would like you to state a hypothesis within the first few minutes of the case, usually after you walk them through your structure."

State an initial hypothesis. Within the first few minutes of the case, after laying out your structure, propose an initial answer or direction. This shows:

• Structured thinking
• Ability to synthesize information quickly
• Confidence in decision-making

Benefits of hypothesis-driven thinking:

• Helps ask the right questions
• Makes analysis more linear
• Forces focus on provable/disprovable issues
• Defines a clear starting point

Refine as you go. Be prepared to update your hypothesis as you gather more information throughout the case. This demonstrates:

• Adaptability
• Active listening
• Continuous problem-solving

3. Enhance Quantitative Skills and Market Sizing Abilities

"There will be math! There are three kinds of people in the world, those good at math and those not so good. Wait, what?"

Develop mental math skills. Practice quick calculations without a calculator, focusing on:

• Percentages
• ROI
• Breakeven analysis
• Weighted averages
• Net present value
• Large number multiplication/division

Master market sizing techniques:

• Population-based questions
• Household-based questions
• Worldwide extrapolation

Key tips:

• Use round numbers for easier calculations
• Explain your thought process out loud
• Verify assumptions with the interviewer
• Double-check results for reasonableness

4. Craft Compelling Recommendations and Summaries

"If you can end the case with the interviewer feeling like a client, it doesn't get much better than that."

Structure your recommendation:

1. Lead with a clear yes/no decision
2. State 2-3 supporting reasons
3. Outline key risks and how to mitigate them
4. Propose next steps (short-term and long-term)

Effective summary techniques:

• Keep it concise (30-90 seconds)
• Recap the problem statement
• Highlight 2-3 main points/insights
• Reiterate your recommendation confidently

Use visual aids:

• Create a "final slide" summarizing key points
• Turn your notes toward the interviewer
• Walk through your analysis step-by-step

5. Navigate Different Types of Case Questions with Confidence

"Case questions generally fall into one of three major categories: market-sizing questions, factor questions, and business case questions."

Market-sizing questions:

• Use logical assumptions and simple math
• Break down into smaller, manageable segments
• Consider population, households, or worldwide extrapolation

Factor questions:

• Identify key issues influencing a situation
• Prioritize factors based on impact
• Provide a structured response (e.g., internal vs. external factors)

Business case questions:

• Typically fall into categories like:
  • Profit and loss analysis
  • Entering new markets
  • Pricing strategies
  • Growth and increasing sales
• Apply appropriate frameworks based on the specific scenario

6. Leverage the Ivy Case System for Structured Thinking

"The Ivy Case System is a two-part system made up of five easy steps to get you going and four popular case scenarios, each with a collection of ideas and questions that will help you structure the remainder of your response."

Five initial steps:

1. Summarize the question
2. Verify the objective(s)
3. Ask clarifying questions
4. Label the case and lay out your structure
5. State your hypothesis

Four key scenarios:

1. Profit and loss
2. Entering a new market
3. Pricing
4. Growth and increasing sales

Benefits:

• Provides a quick start to avoid awkward pauses
• Ensures a logical and cohesive response
• Adaptable to various case types
• Helps identify relevant information and questions

7. Practice Extensively with Diverse Case Scenarios

"The best way to prepare is to hunker down and (a) read this book – and don't skip any pages; (b) attend all case question workshops sponsored by consulting firms or your career services office; (c) practice with your econ professor, roommates, friends, and anyone you know who has worked or is currently working in consulting."

Engage in various practice methods:

• Solo case reading and analysis
• Partner case practice
• Group case workshops
• Mock interviews with experienced professionals

Utilize diverse case types:

• Profit and loss scenarios
• Market entry strategies
• Pricing decisions
• Growth and sales improvement
• Mergers and acquisitions

Create a case journal:

• Record key learnings from each case
• Note creative solutions and frameworks
• Review regularly to reinforce concepts

8. Cultivate Essential Soft Skills for Consulting Interviews

"To nail a case interview, you need to know both how to prepare and how to perform."

Develop crucial soft skills:

• Confident communication
• Active listening
• Teamwork and collaboration
• Adaptability and quick thinking
• Professional demeanor

Master the "airport test":

• Demonstrate likability and interesting personality
• Show you can work well with others in stressful situations
• Prove you can represent the firm well in front of clients

Handle challenging situations:

• Remain composed when pushed or challenged
• Defend your position without becoming defensive
• Admit when you're wrong and adjust your thinking

9. Understand Industry Trends and Economic Factors

"Make sure that you write everything down; it will give you someplace to go if you get stuck."

Stay informed on current events:

• Follow major business publications (e.g., Wall Street Journal, Financial Times)
• Understand key economic indicators (e.g., GDP growth, unemployment rates)
• Be aware of industry-specific trends and disruptions

Incorporate external factors in your analysis:

• Consider the impact of economic conditions on the case
• Discuss relevant industry trends and their implications
• Demonstrate awareness of global market dynamics

Use this knowledge to:

• Frame the economic environment of the case
• Make more informed assumptions
• Predict potential challenges and opportunities

10. Prepare for Specific Firm Interviews and Formats

"Over the last couple of years, more and more firms have turned to written cases; particularly in the second and third rounds."

Research firm-specific practices:

• Understand different interview formats (e.g., written cases, group cases, online assessments)
• Familiarize yourself with firm-specific frameworks or methodologies
• Practice with cases tailored to each firm's style

Prepare for various formats:

• Written cases: Practice time management and concise writing
• Group cases: Develop teamwork and leadership skills
• Online assessments: Familiarize yourself with digital tools and timed exercises

Adapt your approach:

• Tailor your preparation to each firm's culture and values
• Be ready to discuss why you're interested in that specific firm
• Prepare thoughtful questions about the firm and its work

Last updated: November 6, 2024