CONSULTING INTERVIEWS: A GUIDE FOR STUDENTS

The Boston Consulting Group

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GOALS FOR THIS DOCUMENT

Provide Provide an an overview overview of of the the interview interview Describe Describe the the evaluation evaluation criteria criteria Demystify Demystify case case interviews interviews What What they they are are and and why why theyre theyre done done What What to to do do and and what what not not to to do do Provide Provide a a case case example example

Increase Increase your your confidence confidence and and help help you you succeed succeed in in consulting consulting interviews interviews

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INTERVIEW FORMAT
First Round Consists of Two 45-Minute Case Interviews

1-2 1-2 minutes minutes

Introduction Introduction Set Set the the agenda agenda Be Be prepared prepared to to discuss discuss prior prior experiences experiences Open Open discussion discussion (resume, (resume, motivations) motivations) Case Case introduction introduction Case Case discussion discussion Case Case wrap wrap up up Q&A, Q&A, your your chance chance to to ask ask questions questions

10-15 10-15 minutes minutes

20-25 20-25 minutes minutes

4-5 4-5 minutes minutes

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SOME KEY EVALUATION CRITERIA

Success -oriented behavior Success-oriented behavior
Tolerance Tolerance for for ambiguity ambiguity Toughness/resilience Toughness/resilience Initiative/motivation Initiative/motivation Demonstrated Demonstrated results/leadership results/leadership

Analytical Analytical skills skills

Framing/organizing Framing/organizing the the problem problem Prioritization Prioritization of of issues issues Identifying Identifying relevant relevant information information Drawing Drawing conclusions conclusions from from facts facts Identifying Identifying key key implications implications and and next next steps steps

Presence/communication Presence/communication

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Listening Listening skills skills Oral Oral skills/articulation skills/articulation Charisma/spark Charisma/spark Credibility/maturity Credibility/maturity
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OPEN DISCUSSION
Some Tips
Exhale! Exhale!
Its Its natural natural to to feel feel nervous nervous Think Think of of it it as as an an engaging engaging conversation conversation with with a a colleague colleague

Be Be genuine genuine
We We dont dont seek seek a a specific specific profile profile Fit Fit is is a a two-way two-way street street

Convey Convey your your brand brand

Your Your unique unique strengths, strengths, characterized characterized in in a a memorable memorable way way Two Two or or three three things things the the interviewer interviewer will will remember remember about about you you

Prepare Prepare to to ask ask questions questions about about firm, firm, industry industry
Usually Usually after after the the case case has has concluded concluded

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THE CASE INTERVIEW

The What and Why

Most Most consulting consulting firms firms use use some some form form of of case case interview interview Cases Cases are are mainly mainly taken taken from from real-life real-life examples examples of of BCG BCG casework casework Typically Typically structured structured as as a a 20 20 to to 30 30 minute minute discussion discussion Cases Cases serve serve as as a a vehicle vehicle for for us us to to gain gain insight insight into into how how you you might might approach approach and and analyze analyze a a typical typical business business issue issue Also Also gives gives you you a a perspective perspective on on what what consultants consultants do do Not Not the the only only metric metric we we use use to to evaluate evaluate candidates candidates Education Education and and work work experience experience Interpersonal Interpersonal and and communications communications skills skills

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WHAT DO COMPANIES LOOK FOR DURING THE CASE?

Not The Answer
Analytics Analytics
Provide Provide structure structure to to unstructured unstructured problems problems Break Break problems problems into into components components Apply Apply transparent, transparent, logical logical thinking thinking to to each each component component Synthesize Synthesize discussion discussion into into solution solution

Poise Poise
Appear Appear excited excited by by the the kinds kinds of of issues issues consultants consultants face face Are Are not not intimidated intimidated by by process process or or problems problems Assimilate Assimilate information information quickly quickly and and effectively effectively Ask Ask insightful insightful questions questions

Creativity Creativity
Apply Apply a a unique unique perspective perspective to to business business situations situations See See the the big big picture picture Draw Draw conclusions conclusions from from partial partial information information make make assumptions, assumptions, see see patterns, patterns, and and generate generate hypotheses hypotheses
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THE SEVEN HABITS OF SUCCESSFUL CASE INTERVIEWS

1. 1. Make Make certain certain you you have have a a clear clear understanding understanding of of the the objective objective ask ask for for additional additional information information if if necessary necessary Frame/organize Frame/organize the the problem problem to to identify identify key key issues issues to to be be addressed addressed Prioritize Prioritize the the issues issues you you want want to to address address Identify Identify the the key key information information that that you you need need to to reach reach conclusions/make conclusions/make decisions decisions Draw Draw conclusions conclusions from from the the facts facts provided provided to to you you Identify Identify key key implications implications and and additional additional steps steps Summarize Summarize findings findings as as necessary necessary

2. 2.

3. 3. 4. 4.

5. 5. 6. 6. 7. 7.

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SOME COMMON MISTAKES TO AVOID

Pitfall Unstructured answer Narrowly defined problem Interviewer comments It is very clear when you are interviewing a student who has not had a lot of case exposure. They tend to lack structure in their approach. It is very common for a student who has a marketing background to focus only on the marketing issues such as how the product is positioned or someone with a financial background to focus on financing issues and ignore the strategic reasons or fit for an acquisition. Many students tend to be too simplistic in their analysis. Students need to develop a framework unique to the situation presented. Imposing a generic framework is generally a recipe for failure. Interviewers look for a student to dig deep on issues instead of just skimming the issues. Students should try to determine the most important issues and ask penetrating questions regarding these issues. Focus on answer, not thought process Too many students try to give the answer instead of walking through the logic. They should try not to make any assumptions, but if they feel they need to, they should clearly state that it is an assumption they are making. Many students tend not to frame the problem. They say I would look at this; instead they should explain why they would look at something, a hypothesis about what types of factors drive the business or a range of possibilities. Lack of conviction If I can get an interviewee to change his or her mind with one question, what will happen when I leave him or her alone with a skeptical client?

Generic or simplistic answer

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HOW DO I PREPARE?
No Magical Formula

Prepare Prepare mentally mentally

View View the the interview interview as as an an opportunity, opportunity, not not a a hurdle hurdle Remember, Remember, most most questions questions have have no no right right answer answer

Practice Practice
Case Case interviews interviews are are an an acquired acquired skill skill Use Use classmates, classmates, friends friends who who interviewed interviewed last last year, year, and and people people at at your schools career services your schools career services Look Look on on the the Web Web for for firm-provided firm-provided practice practice questions questions (bcg.com) (bcg.com)

Read, Read, read, read, read read .. .. .. and and think think
Wall Wall Street Street Journal Journal New New York York Times Times business business section section

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A BCG CASE EXAMPLE

Your Your client client is is the the CEO CEO of of a a national national fast fast food food restaurant restaurant chain chain which which operates operates 500 500 restaurants. restaurants. The The chain chain is is thinking thinking of of instituting instituting a a frequentfrequentdiner diner program program The The program program would would be be modeled modeled after after the the frequent-flier frequent-flier programs. programs. Each Each dollar dollar spent spent in in the the restaurant restaurant by by a a member member would would earn earn one one point. point. After After 20 20 points points have have been been accumulated accumulated they they can can be be redeemed redeemed for for a a sandwich sandwich priced priced at at $2.00 $2.00 How How would would you you determine determine if if this this is is a a good good business business proposition? proposition? Should Should they they institute institute this this program? program?

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A SUGGESTED APPROACH (I)

Fast Food Frequent Diner Program Case

Develop Develop a a framework framework

1. 1. Suggest Suggest a a hypothesis hypothesis on on what what chain chain wants wants to to do: do: increase increase revenue, revenue, loyalty loyalty with with customers, etc. customers, etc. 2. 2. Will Will want want to to look look at at what what competitors competitors are are doing: doing: Is Is this this becoming becoming a a necessity necessity to to compete, compete, or or is is it it a a way way to to differentiate differentiate chain? chain? Even Even if if others others are are doing, doing, want want to to think think about about how how can can make make this this one one unique unique 3. 3. Need Need to to assess assess how how program program will will impact impact customers customers behavior: behavior: frequency frequency of of visits, visits, dollars dollars spent spent at at each each visit visit 4. 4. Recognize Recognize that that it it may may impact impact different different customers customers differently differently (i.e., (i.e., those those that that already already come come frequently frequently vs. vs. those those that that just just stop stop in in once once in in a a while) while) 5. 5. Also Also need need to to assess assess the the costs costs associated associated with with the the program program (free (free sandwiches, sandwiches, marketing, cards, etc.) and whether or not they are less than the additional marketing, cards, etc.) and whether or not they are less than the additional revenues revenues

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A SUGGESTED APPROACH (II)

Fast Food Frequent Diner Program Case

Dig Dig deeper deeper into into a a couple couple areas: areas: additional additional revenue revenue expected expected and and expenses expenses
6. 6. Focusing Focusing on on the the revenue revenue side, side, interviewee interviewee should should outline outline the the factors factors they they would consider, data needed and ideas for getting the data would consider, data needed and ideas for getting the data 7. 7. Should Should be be able able to to use use the the data data from from the the focus focus group group to to estimate estimate the the additional additional revenue revenue 8. 8. Interviewee Interviewee should should then then move move on on to to the the cost cost side side and and identify identify and and estimate estimate the the relevant expenses (can estimate sandwich costs from focus group data, relevant expenses (can estimate sandwich costs from focus group data, guesstimate guesstimate other other expenses) expenses) 9. 9. Give Give a a recommendation recommendation as as to to whether whether to to go go ahead ahead with with program program

Other Other areas areas to to think think about about

10. 10. Likely Likely competitor competitor responses responses 11. 11. Ways Ways to to use use the the program program to to gain gain other other advantages: advantages: more more effective effective marketing, marketing, test new products, etc. test new products, etc.

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SOME BACKGROUND DATA

Focus-group Results by Customer Segments

Customer segment Heavy Light

Percentage of customers 40 60 100

Number of customers/store 8,000 12,000 20,000

Number visits/year 30.0 9.0 17.5

$ per visit 4.00 4.00 4.00

Key Key questions questions How How will will the the program program impact impact customers customers behavior? behavior? Will Will this this impact impact the the customer customer segments segments differently? differently?

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