Top 10 consulting case interview tips.
What is a case interview?
A case interview is an interview format where you are given a question/situation/problem and asked to resolve the situation. The case interview question/situation is usually a business situation or a business case that the interview has worked on in real life.
The case interviewee then proceeds to ask the case interviewer logical and sequential questions that will enable him/her to understand the situation, probe deeper into relevant areas, gather pertinent information and arrive at a solution or recommendation for the question or situation at hand.
Why are case interviews used in the management consulting and investment banking industry?
The nature of management consulting and investment banking jobs are very unique and challenging. Most of the time is spent understanding and analyzing businesses, problems, situations or solutions and communicating with clients, team members or management.
Management consultants and investment bankers need to bring to the table a wide variety of skills. The most important skills include good thinking and communication skills. By good thinking we mean structured, logical and analytical thinking. Case interviews present a great setting to test both thinking and communication skills.
The nature of the job requires the ability to ask relevant questions, probe deeper into specific topics and gain a complete understanding of the situation at hand. Often management consultants are required to make decisions without all the required data and facts. Uncertainty is a near constant in most tasks. Frequent travel, uncooperative clients, new team members and clients every few weeks or months and tight deadlines add to the challenging nature of the job.
Case interviews have the unique ability to place people in a real live situation/case. Case interviews allow the case interviewer to get a first hand glimpse of how the candidate will tackle a case/situation in real life. Resume interviews or behavioral interviews do not test the above skills as thoroughly as a case interview.
Where does the case interview fit in? How is the case interview weighted compared with the rest of my profile – GPA, institution, prior work experience….
Your profile which includes GPA, institution and prior work experience is important. Each organization has screens they use to select candidates to interview. The weightage give to each item may vary by organization.
However, if you have been called for a case interview you can assume that you have met the requirements as far as your profile is concerned. You are now being tested on other skills. If you do well in the case interview you can reasonably expect to get an offer.
Unlike other types of interviews the only way to improve on case interviews is practice, practice and more practice. Cracking case interviews is an acquired skill!
What are the different types of case interviews?
Case interviews can come in many shapes and sizes and are as varied as the unique individuals in the management consulting and investment banking industry. However, most case interviews can be classified into the following categories.
Case interviews: Business cases - interactive
Business cases are the most common types of case interviews. The case interviewee is presented with a business problem or situation and has to analyze a case and suggest the best course of action. The case interviewee then proceeds to ask the case interviewer logical and sequential questions that will enable him/her to understand the situation, probe deeper into relevant areas, gather pertinent information and arrive at a solution or recommendation for the question or situation at hand.
Case interviews: Presentations
The case interview presentation model is a slight variation on the above case interview model where the candidate has to present his findings in a presentation setting (as opposed to a one on one across the desk setting).
Case interviews: Guesstimates
Some case interviews test you on your ability to make guesstimates or ‘ballpark’ or ‘back of the envelope’ calculations. These are approximations which must be roughly in the region of the correct figure. These may have to be made as part of a case interview or independently. If you assume, say, a certain market size for a product, you must be able to explain how and why you arrived at that approximation.
Case interviews: Brainteasers
Often in case interviews you are presented with puzzles or riddles and are expected to solve the puzzle or riddle.
Case interviews: Others
There are other types of case interviews that are not very common such as group case interviews, written case interviews or combinations of different types.
What kind of a case interview will I get?
There is no way to know for certain what type of case interview you will get. However there are some patterns in the world of case interviews.
If you are a business school student, your case interview is likely to be comprised of a business situation/case often from the real life experience of a case interviewer. Be prepared to explain how you arrive at your solution- keep in mind that although this is an actual case you will not be expected to arrive at the same solution as the consultants who actually handled the case. If it is a canned case from a publication or the organizations library, it is likely to be built like a real life business problem.
Someone who is not a business graduate will not be expected to know too much about business. In that case, their analytical skills, their ability to arrive at reasonable ballpark figures etc. will be tested.
If you are an undergrad student, it is likely that you may get brain teasers or puzzles.
There is no way you can go in, knowing what case they will have for you. But you can be prepared to tackle any case that they throw at you. As with anything else, the key to a successful case interview is practice, practice and more practice.
Skills assessed in a case interview
Communication skills: Your presentation skills must be up to par. Your prospective employer counts on you to explain to the client why the course of action you recommend will be the best for the client’s bottom line. Pay attention to the way you speak. If necessary, record yourself. You may find that you speak a lot faster than you thought you did. Be articulate.
Analytical skills: Your interviewer expects to see your analytical skills. Break down the case, analyze it and make reasonable assumptions or conclusion. At any point, you should be able to validate your argument.
Quantitative skills: It is a given that you need to have good quantitative skills. Rest assured that this will be checked thoroughly during your case interview. You should be able to obtain relevant data points and build on them to solve the case.
Thinking skills: Thinking in a structured, logical and analytical manner is critical. You also need to think on your feet. The interviewer will often check your ability to do so by changing the direction of the case interview or asking you to modify the assumptions that you have already made.
Professionalism: Be professional at all times. Your interviewer must feel that you will be able to handle the various situations that will come your way professionally if they hire you. Be punctual. Nobody wants to hire a tardy consultant. Also, remember to bring along anything that you will need during your interview. Asking your interviewer for pen and paper is considered very bad form.
Energy: Be enthusiastic and energetic during your interview. A high energy level is critical for management consulting and investment banking jobs.
Fit (‘Airport test’): The case interviewer also evaluates your fit with the organization culturally. The fit test is often called the ‘airport test’ – will I enjoy the company of this person if I am stuck in an airport?
