An Introduction to Case Interviews

Overview
Historically used by consulting firms to assess a candidates ability to handle real-life
business problems, case-type interview questions are becoming increasingly common in
other industries and disciplines. Case interviews involve presenting a business problem to
a candidate in order to evaluate him or her on many dimensions. In a case interview, the
interviewer will present you with a real or simulated problem and will expect you to use
your common sense, analytical abilities, and logical thining sills to wor through the
problem, identify issues and structure a logical approach to addressing the problem.
!here is typically not a right or wrong answer. Consider this description of case
interviews from "c#insey $ Company%
&Case interviews are broad, two-way discussions, rather than one-way tests and there
is no perfect answer. 'ou will be assessed more on how you go about dealing with the
problem, rather than on the specific answers you come up with.(
)ource% "c#insey $ Company *ebsite
Case interviews are often used to assess the following sills%
+istening sills
,nalytical and problem solving sills
,bility to manage ambiguity
,bility to organi-e information and create recommendations
,bility to maintain professional poise under pressure
.usiness /udgment
0nderstanding of business and economic principles
Intellectual curiosity
1nthusiasm
How to Succeed in Case Interviews: Preparation and Practice
Luck is what happens when preparation meets opportunity.
--Seneca the Younger, Roman Philosopher
.efore you delve further into this guide, it is important to understand that the sin!e most
important "actor in achieving success with case interview questions is to practice#
practice# practice. )o, if you have a case interview coming up, finish reading this guide
and the other references listed below2 then get to wor on live practice as soon as
possible. )ome tips for getting enough practice%
*or through many types of case questions, identify your wea areas, and focus your
efforts on improving those sills2
)et aside scheduled time to practice2
3
4ractice with your friends, classmates and alumni in consulting2
)et up a practice interview with the 5ffice of Career )ervices2
4articipate in case competitions2
Chec out the ".,Case .uddy )ystem, a free service which enables you to schedule
practice time with a case interview buddy% http%66www.mbacase.com6buddy6. ,lso
review the ".,Case !wo-"onth 4rep 4lan.
$ypes o" Case %uestions
Case questions vary widely and the many guides and resources about case interviewing,
some of which are referenced below, will identify several categories of questions. 5ne
type of question that may be used during a first-round interview is the &rainteaser.
.rainteasers are basically riddles and may seem unrelated to business. 7or example, you
could be ased to estimate the number of ping-pong balls it would tae to fill a 898. 'our
interviewer does not expect you to have precise nowledge of the volume of a standard
ping-pong or a 898s interior. Instead, youd need to as relevant questions, mae logical
assumptions and follow the problem through to a logical conclusion. .e sure to use round
numbers, estimate, and write down your math to avoid errors.
,ccording to *etfeets Ace Your Case II: Mastering the Case Interview guide, case
questions can be classified as follows%
'arket si(in : 'ou may see these as a stand-alone or part of a business strategy
question related to entering a new maret or developing a new product. !hese questions
assess your ability to thin analytically, mae assumptions, and use good business
/udgment. 7or example, the interviewer may as you to determine the number of light
bulbs sold in the 0.). ,gain, begin with clarifying questions ;compact fluorescent,
incandescent or both< =esidential, commercial, or both<>, then mae some logical
assumptions. 'our assumptions may be off, but again, it is your logic and overall thought
process the interviewer is interested in.
)usiness Stratey * ,s you might imagine, business strategy questions are more
complex and multi-faceted. .usiness strategy cases can include scenarios related to
whether a company should enter a new maret, launch a new product, expand its
offerings, merge or acquire another company, respond to a competitor, or any number of
business problems requiring strategic thining and analysis.
)usiness Operations * .usiness operations questions test a candidates nowledge and
thought processes related to the day-to-day operation of a business and generally relate in
some way to the main ob/ective of a business% to mae money. .usiness operations
questions may require you to explore how to increase revenues, control costs and
maximi-e profits.
?
Answerin the %uestion
@eloitte recommends this A-step approach to guide your response in case interviews%
3. 0nderstand the issue2 as clarifying questions as needed.
?. Identify the underlying assumptions.
B. )ummari-e ey issues and findings.
9. )tate your recommendations.
A. 5utline next steps and expected results6impacts.
,n understanding of common business framewors is integral to woring through a case
successfully. However, two case interview preparation experts, @avid 5hrvall with
".,C,)1 and "arc Cosentino with Casequestions.com, caution against overuse or
misuse of framewors. @avid 5hrvall recommends a "aximum Calue "odelD
approach. In his boo, Crack the Case: How to Conuer !our Case Interviews, @avid
provides the following description of this model%
&!his model captures the basic elements or E-ones of a business, and presents them in
a graphic format that is easy to understand and remember. I designed this model to
address head-on three pervasive problems I witnessed in the candidates I interviewed%
F Heavy reliance on well-nown business framewors
F !he inability to stay calm under pressure
F !he lac of an integrated, holistic view of how businesses wor(
"arc Cosentino outlines !he Ivy Case )ystem
G
in his boo, Case in Point: Case
Interview Preparation. "arc also addresses the limits of a framewor approach in his
boo%
&, framewor is a structure that helps you organi-e your thoughts and analy-e the
case in a logical manner. 5ften, however, you have to cut and paste from a number of
framewors in order to answer any single case question. Hthe difference between a
framewor and a system is that a framewor is really a tool, while a system is a
process. Instead of memori-ing seven individual framewors and then trying to
decide which one;s> to apply, you learn the system, which already has the tools built
in.(
!he bottom line is, it is important to be familiar with business framewors, but relying
too heavily on one framewor may cause you to ignore critical issues. ,void forcing a
framewor onto a problem. Instead, tae a step bac and mae sure you identify the ey
issues, and then begin drawing upon framewors to establish a structure for answering
the question.
'ou should also be prepared to analy-e charts or graphs, as well as basic financial
statements. )ee &*here Can I Iet "ore Information( below for additional resources.
A limite" num#er o$ copies o$ the Crack the Case an" Case in Point are availa#le $or
loan $rom the %$$ice o$ Career Services&
B
+rameworks ,p!ace in a side&ar-.
'ault (ui"e to the Case Interview provides a good overview of basic and advanced
framewors, a few of which are referenced below, and discourages candidates from
overtly referencing a framewor2 i.e., avoid blurting out &Ill be using the 7our Cs.(
Instead, discuss your approach with the guide in mind. "any case interview guides also
remind you to eep in mind that youre interviewing with an expert who is intimately
familiar with complex business framewors and principles2 be sure to wow them with
your uniquely logical approach and common sense, not your ability to memori-e a
framewor.
Some &asic "rameworks:
Cost-benefit analysis
Internal vs. external maret factors
7ixed vs. variable costs
Some more advanced "rameworks:
Jet 4resent Calue
4orters 7ive 7orces
!he 7our 4s ;4rice, 4roduct, 4osition64lace, 4romotion>
!he 7our Cs ;Customers, Competition, Cost, Capabilities>
!he 7ive Cs ;Character, Capacity, Capital, Conditions, Competitive ,dvantage>
Calue Chain ,nalysis
.CI "atrix
)ee the 'ault (ui"e to the Case Interview for more details
Additiona! $ips
!ae time to gather your thoughts.
.e sure you understand the question and main issues.
,s questions throughout the interview. "ae it a dialogue and interact with the
interviewer as much as possible.
!ae sheets loose pieces of white paper for notes, and tae notes throughout the
interview. *rite neatly and use graphics where needed.
1xplain your wor and your assumptions out loud.
.e aware of non-verbal cues. Is the interviewer engaged< If not, mae sure youre not
straying too far from the main issues.
4ractice your math2 most recruiters dont allow calculators, so practice estimating.
*rite down your numbers and chec them. "ost errors involve being off by a -ero or
two.
1xplain your thining as you wor through the numbers.
4ractice as much as you can using sample cases with friends, classmates, and your
career consultant.
9
Common 'istakes
Avoid these common mistakes noted on the 'c/insey 0 Company we&site:
'isunderstandin the 1uestion or answering the wrong question.
Proceedin in a hapha(ard "ashion. 7or example, not identifying the ma/or issues
that need to be examined or /umping from one issue to another without outlining your
overall approach.
Askin a &arrae o" 1uestions without explaining to the interviewer why you need
the information.
+orce2"ittin "ami!iar &usiness "rameworks to every case 1uestion, whether they
are relevant or not, or misapplying a relevant business framewor that you do not
really understand, rather than simply using common sense.
+ai!in to synthesi(e a point o" view. 1ven if you dont have time to tal through all
the ey issues, be sure to synthesi-e a point of view based on where you ended up.
3ot askin "or he!p. )ome candidates feel it is inappropriate to as for help when
they are stuc. *hether it is a misunderstanding related to the overall problem, or
whether you are struggling with a specific analysis, be sure to as for help when you
need it.
'ore "rom the 45perts6 ,another possi&!e side&ar.
&Case interviews : theyre about stacing up your sills against a real business challenge.
'oull be ased to demonstrate your problem-solving sills, your analytical ability, and
your strategic and logical thining. !hese case interviews also help us assess your
common sense, creativity, and comfort with ambiguity. ,t the same time, youll gain
insight into our approach because these cases represent real client pro/ects.( --@eloitte
website
&, good case interview should be an en7oya&!e and thouht"u! discussion of business
issues and problem-solving techniques. *e are not looing for a Kright answerK or asing
you to spit bac memori-ed business terms, current events or well-nown framewors.
=ather, we hope to see a good dose of pro&!em2so!vin ski!!s# creativity and common
sense.( --.ain $ Company website
8here Can I 9et 'ore In"ormation-
9enera! 9uides
*etfeet and Cault offer guides including bacground, several case questions and answers.
8et"eet Press Ace :our Case
;
9uide :
A
0ndergraduate students may access *etfeet here.
Iraduate students may access *etfeet here.
<au!t 9uide to the Case Interview * ,ccess Cault here.
<au!t <ideo 9uide to 9uesstimates : Ciew this helpful video for tips on answering a
simple maret-si-ing question.
Pro"essiona! Case Interview Preparation
http%66www.mbacase.com6 - 7ounded by @avid 5hrvall, a former .ain $ Company
management consultant and case interview preparation expert, this website includes
access to preparation information and information on purchasing @avids boo Crack the
Case as well as private coaching lessons. .e sure to chec out the free case interview
practice &buddy( feature.
http%66casequestions.com6 - 7ounded by "arc Cosentino, a former director of Harvard
Career )ervices and case interview preparation expert, this website also includes access
to preparation information and information on purchasing "arcs boo Case in Point as
well as private coaching lessons and an online interactive preparation tool.
Consu!tin +irm 8e& Sites
!he following sites include valuable case interview tips, advice and practice cases as well
as information on company culture and what to expect on interview day.
@eloitte
.ain $ Company
"c#insey $ Company
.CI
A +ina! 3ote
4reparing for and living through a case interview can be a daunting and exhilarating tas.
0ltimately, it should be a fun process for you. 5ccasional frustrations and learning curve
aside, if you werent engaged and fulfilled during the process of preparing for a case
interview, you may wish to consider exploring other career opportunities outside of
consulting.
L