You are on page 1of 22

CASE INTERVIEW

SUCCESS Second Edition

CASE INTERVIEW SUCCESS


Case Interview Success is a must-read for anyone applying for a consulting position.
The book takes you inside a typical consulting case interview by exploring in detail
the entire case interview process, and will leverage you to crack the most complex
business cases.

The main features of this book are:

A detailed discussion of the entire case interview process


CASE INTERVIEW
SUCCESS
Key business case frameworks with practice cases and solutions
Key strategies to crack presentation cases, guesstimates and brainteasers
An overview of key business concepts and consulting terms

Tom Rochtus works as a strategy consultant at Bain & ISBN 978-1456450182


Company, one of the worlds most prestigious management
consulting firms.

9 781456 450182
Aceyourcase.com Aceyourcase.com
FREE SAMPLE
2011 Tom Rochtus Written by TOM ROCHTUS
case interview
Success
Written by TOM ROCHTUS

Printed by
CreateSpace, an Amazon.com Company
Charleston, South Carolina

FREE SAMPLE
Copyright 2011 Tom Rochtus
All rights reserved.

The right of Tom Rochtus to be identified as Author of this work has been asserted by him
in accordance with the U.S. Copyright Act of 1976, 17 U.S.C. 101-810.

Printed in the United States of America

No part of this publication may be reproduced, stored in a retrieval system, or transmitted


in any form or by any other means, electronic, mechanical, photocopying, recording, or
otherwise without either the prior written permission of the author. Requests for permission
should always be directed to contact@aceyourcase.com. This book may not be lent, resold,
hired out or otherwise disposed of by way of trade in any form of binding or cover other
than that in which it is published, without the permission of the author.
Library of Congress CIP Data is available.

isbn-13: 978-1456450182

The paper used in this publication meets the minimum requirements of the American
National Standards Institute for Information SciencesPermanence of Paper for Printed
Library Materials, ANSI Z39.48-1992.

FREE SAMPLE
Table of Contents

Introduction vii
About this Book ix
Why this Book xi

Chapter I: Your Next Career Move 1


Consulting Careers 1
Management Consulting 3
Operations Consulting 4
Information Technology Consulting 4
Human Resources Consulting 5
Boutique Consulting Firms 5
Banking Careers 6
Corporate Careers 7

Chapter II: Real-life Interviews 9


Skills Assessed 9
Analytical Skills 9
Excellence 10
Client Skills 10
Organizational Skills 10
Creativity 11
Personality 11
Interview Progression 11

FREE SAMPLE
Case Interview Success

 4HE#HITCHAT0HASE 
 !BOUTTHE)NTERVIEWER 
 !BOUT9OURSELF 
 4HE"USINESS#ASE 
 1UESTIONSAND!NSWERS 

Chapter III: How to Crack Your Business Case 27


)NTRODUCTIONTO"USINESS#ASES 
 7HATISA"USINESS#ASEAND7HY)SIT5SED 
 $IFFERENT4YPESOF"USINESS#ASES 
 7HAT9OUR)NTERVIEWER)S,OOKING&OR 
 (OWTO0RACTICE"USINESS#ASES 
(OWTO!PPROACH9OUR"USINESS#ASE 
 /PENING 
 !NALYZING 
 #LOSING 
$IFFERENT4YPESOF"USINESS#ASE&RAMEWORKS 
 4HE)NTERNAL0ROT 0ROBLEM&RAMEWORK 
 4HE"USINESS 3ITUATION&RAMEWORK 
 4HE-ERGER AND !CQUISITION&RAMEWORK 
 4HE6ALUE#HAIN&RAMEWORK 
"USINESS#ASE%XAMPLES 
 0ROT 0ROBLEM&RAMEWORK%XAMPLES 
 "USINESS 3ITUATION&RAMEWORK%XAMPLE 
 -ERGER AND !CQUISITION&RAMEWORK%XAMPLE 
 6ALUE #HAIN&RAMEWORK%XAMPLE 
7HATIF)T$OESNmT&IT 
(OWTO-AKE9OUR/WN"USINESS#ASES 
"EST4IPSFOR"USINESS#ASE3UCCESS 

Chapter IV: Presentation Cases 75


)NTRODUCTIONTO0RESENTATION#ASES 
3TRUCTURING9OUR0RESENTATION#ASES 
4IPSFOR0RESENTATION#ASES 

iv FREE SAMPLE
Chapter V: Guesstimates and Brainteasers 85
7HATARE'UESSTIMATES 
'UESSTIMATE%XAMPLESAND3UGGESTED3OLUTIONS 
7HATARE"RAINTEASERS 
"RAINTEASER%XAMPLESAND3UGGESTED3OLUTIONS 

Chapter VI: Review of Critical Business Concepts 103


)NTRODUCTIONTO"USINESS#ONCEPTS 
/VERVIEWOFTHE-OST)MPORTANT"USINESS#ONCEPTSAND)DEAS 
!DDITIONAL2EADINGSON"USINESS#ONCEPTS 

Appendix A: Overview of Consulting Buzzwords 119

Appendix B: Basic Overview of the Financial Report 127


4HE"ALANCE3HEET 
4HE)NCOME3TATEMENT 
4HE3TATEMENTOF2ETAINED%ARNINGS 
4HE3TATEMENTOF#ASH&LOW 

Appendix C: Review of Other Sources on Cracking


Consulting Interviews 131

v FREE SAMPLE
FREE SAMPLE
Introduction

) FYOUARETHINKINGABOUTACAREERINCONSULTING WHETHERMANAGEMENT 
OPERATIONAL  OR ANOTHER AREA  THIS BOOK IS FOR YOU 4HROUGHOUT THE
FOLLOWINGCHAPTERS YOUWILLNDPRACTICALADVICE TIPS ANDCONCRETEEX
AMPLES THAT WILL GREATLY IMPROVE YOUR CHANCES OF SUCCESS AND WILL HELP
YOUPASSINTERVIEWSWITHEASEANDCONDENCE BRINGINGYOUCLOSERTOTHE
CAREERYOUAREDREAMINGOF
/NEMAJORDIFFERENCEBETWEENnTRADITIONALoINTERVIEWSANDINTERVIEWS
FORCONSULTINGCOMPANIES INVESTMENTBANKS ORRENOWNEDMULTINATIONAL
CORPORATIONS ISTHATFORTHELATTERTHEINTERVIEWPROCESSISGENERALLYFAR
MORECOMPLEXANDTAKESMUCHMOREPREPARATION4HEFOCUSOFTHISBOOK
WILL PRINCIPALLY BE ON CONSULTING INTERVIEWS /NE WELL KNOWN EXAMPLE
HEREIS FORINSTANCE THEnBUSINESSCASEo WHICHINVOLVESASIMULATIONOF
ABUSINESSSITUATIONWHEREYOUNEEDTOSHOWYOURPROBLEM SOLVINGCAPA
bilities.
'IVENTHIS ITISCRUCIALTHATYOUTAKEYOURTIMEPREPARINGFORTHEENTIRE
APPLICATION PROCESS &IRST  MAKE SURE YOUR RESUME AND COVER LETTER ARE
ATTHEIRBESTBEFORESENDINGTHEMTOTHECOMPANIESYOUAREINTERESTED
IN/NCEINVITEDTOINTERVIEW YOUNEEDTOALLOWSEVERALDAYSOFPREPARA
TIONFOREACHINTERVIEW ESPECIALLYDURINGTHEINITIALSTAGESOFTHEAPPLICA
TIONPROCESS+EEPINMINDTHATYOUHAVESTUDIEDEXTENSIVELYOVERSEVERAL
YEARS MAINLYTOGETACHANCETOSTARTANINTERESTINGCAREER4HEREFORE 
MAKE A GOOD AMOUNT OF TIME FREE TO PREPARE  AND TAKE THE INTERVIEW
process very seriously.

vii FREE SAMPLE


Chapter II

Real-life Interviews

T HIS CHAPTER ADDRESSES THE MOST IMPORTANT SKILLS ASSESSED DURING


A CASE INTERVIEW 4HE ENTIRE CASE INTERVIEW PROCESS IS EXPLAINED
IN GREATER DETAIL %ACH STEP OF THE INTERVIEW PROCESS IS ANALYZED
INDIVIDUALLY ANDADVICEONHOWTOBESUCCESSFULINEACHSTEPISG IVEN
9OU WILL NOTICE HOW SEVERAL SMALL THINGS CAN HAVE A DIFFERENCE ON THE
EVENTUALOUTCOMEOFYOURCASEINTERVIEWPERFORMANCE

SKILLS ASSESSED
)NGENERAL MOSTINTERVIEWERSRECEIVEASTANDARDTEMPLATEFROMTHE(2
DEPARTMENT WHICHTHEYWILLUSETOASSESSYOURPERFORMANCEDURINGTHE
INTERVIEW 5NDERSTANDING WHAT YOUR INTERVIEWER WILL BE EVALUATING YOU
ONWILLOBVIOUSLYMAKEYOUABETTERINTERVIEWEE&ORTHISREASON HEREIS
ALISTOFTHEMOSTIMPORTANTSKILLSQUALITIESTHATINTERVIEWERSWILLBEKEEP
INGANEYEOUTFORDURINGTHECASEINTERVIEW

Analytical Skills
!RGUABLY THEMOSTIMPORTANTCONSULTINGSKILLISYOURANALYTICALCAPAC
ITY4HISESSENTIALLYENCOMPASSESYOURABILITYTOBREAKDOWNA PROBLEM
INTOITSSMALLERPARTS YOURUNDERSTANDINGOFEACHPART ANDEVENTUALLYUS
INGTHEACQUIREDKNOWLEDGETOCOMEUPWITHASENSIBLERECOMMENDATION
ORCONCLUSION9OUCANDEMONSTRATEYOURANALYTICALSKILLSBESTTHROUGH
ASOLIDUNDERSTANDINGOFTHEMOSTIMPORTANTBUSINESSCONCEPTS LOGICAL
DERIVATIONS  AND SPOT ON QUESTIONS NECESSARY TO PROGRESS THROUGH YOUR
CASE

9 FREE SAMPLE
Case Interview Success

Excellence
/NEOFTHEBIGGESTDIFFERENCESBETWEENACADEMICLIFEANDPROFESSIONAL
LIFEPROBABLYLIESINIMPECCABLEEXCELLENCE7HILEITISACCEPTABLEATUNI
VERSITY TO SKIP A COURSE  TO ONCE HAVE A LOWER GRADE  OR EVEN TO MISS A
DEADLINE  IT IS NOT ACCEPTABLE IN PROFESSIONAL LIFE $URING YOUR CAREER 
EXCELLENCEINYOURWORKWILLTHUSALWAYSBEKEY&OREXAMPLEINCORRECTLY
RECOMMENDINGTHATARMSHOULDCLOSEONEOFITSMANUFACTURINGPLANTS
WOULDHAVESERIOUSCONSEQUENCES
$URINGYOURINTERVIEW YOUCANSHOWYOURWORKINGEXCELLENCEBYDEM
ONSTRATINGSTRONGQUANTITATIVESKILLSANDBYUSINGADATA DRIVENAPPROACH
TO COME TO A CONCLUSION -AKE SURE THAT YOUR RECOMMENDATIONS ARE
BACKEDUPBYDATATHATPROVEYOURPOINT/FTEN HOWEVER YOUMIGHTNOT
HAVEALLTHEDATANEEDEDTOPROVEYOURPOINTFULLY7HENYOUTHENHAVE
TOMAKEARECOMMENDATION MAKESURETHATYOURWORDINGISCORRECT4WO
SIMILAR STATEMENTS  SUCH AS n4HE DATA SUGGEST THATco INSTEAD OF n4HE
DATACLEARLYSAYTHATcoHAVE FORINSTANCE VERYDIFFERENTIMPLICATIONS

Client Skills
#ONSULTANTS ALREADY GET IN CONTACT WITH CLIENTS AT A VERY EARLY STAGE
7HERECLIENTCONTACTISINITIALLYWITHTHEMIDDLEMANAGEMENT YOUMIGHT
QUICKLYBESITTINGWITHSENIORMANAGERS'IVENTHIS AQUESTIONMOSTIN
TERVIEWERSWILLBEASKINGTHEMSELVESIS l#ANWEGOTOTHECLIENTWITHTHIS
GUYm4ODEMONSTRATESTRONGCLIENTSKILLS YOUNEEDTOCOMEACROSSASMA
TUREANDPROFESSIONAL4HEREFORE YOUSHOULDBEABLETOPRESENTYOURSELF
QUICKLY COMMUNICATEEFFECTIVELYANDCORRECTLY ANDMAKESUREYOUCOME
ACROSSASHONESTANDHUMBLE4OOOFTEN BRILLIANTSTUDENTSCOMEACROSSAS
ARROGANT FORWHICHTHEYFAILEDTHEINTERVIEWROUND,ASTBUTNOTLEAST TO
SHOWGOODCLIENTSKILLS YOURWORDINGWILLAGAINBEVERYIMPORTANT+EEP
INMINDTHATACORRECTANSWERISANANSWERTHATISNOTONLYACCURATE BUT
ALSOCLIENT FRIENDLY

Organizational Skills
#ONSULTANTSGENERALLYHAVEVERYBUSYSCHEDULES BUTTHEYNEEDTOBEAT
THEIRBESTATALLTIMES4HEREFORE THEYMUSTCONSISTENTLYBEEXTREMELYOR
GANIZEDANDSTRUCTURED)NTHEINTERVIEWPROCESS THEINTERVIEWERWILLBE
LOOKINGATWHETHERYOUCOMEACROSSASAWELL ORGANIZEDPERSON4ODEM
ONSTRATETHATYOUAREWELL ORGANIZED MAKESUREYOUAREONTIMEFORTHE
INTERVIEW HAVEAPADOFPAPERANDAPENATHAND TAKELEGIBLENOTES AND
COMMUNICATEINALOGICALANDSTRUCTUREDWAY!DDITIONALLY DURINGTHE
JOBCONSULTANTSOFTENGETINVOLVEDINDELICATESITUATIONSUNDERPRESSURE

10 FREE SAMPLE
Chapter III

How to Crack Your


Business Case

T HEFOCUSINTHISCHAPTERISONHOWTOCRACKBUSINESSCASES)TSTARTSBY
EXPLAININGWHATABUSINESSCASEIS WHYCONSULTINGRMSUSETHEMIN
THEINTERVIEWPROCESS ANDWHATESSENTIALLYMAKESABUSINESSCASEANALYSIS
SUCCESSFUL4HENEXTPARTDISCUSSESINDETAILTHESTANDARDMETHODOLOGY
TOAPPROACHBUSINESSCASES4HENTHEMOSTIMPORTANTFRAMEWORKSTOAS
SESSBUSINESSCASESAREDISCUSSED WITHSEVERALEXAMPLESFOREACHTYPEOF
FRAMEWORK 4HE CHAPTER ENDS WITH A LIST OF THE TOP TEN TIPS TO ACHIEVE
BUSINESSCASESUCCESS

INTRODUCTION TO BUSINESS CASES


What Is a Business Case and Why Is it used?
!BUSINESSCASEISANINTERACTIVESIMULATIONOFABUSINESSPROBLEM9OUR
TASKISTOSTRUCTUREANDANALYZETHEPROBLEMBYASKINGLOGICALQUESTIONS
TOYOURINTERVIEWERTOEVENTUALLYCOMEUPWITHADETAILED GENERALLYDATA
DRIVEN RECOMMENDATION
4HEREASONBUSINESSCASESAREPUTINTOPRACTICEISTHATCONSULTINGRMS
ARE AWARE THAT THE RESUMES THEY RECEIVE ARE OFTEN ONLY A SIMPLEREPRE
SENTATIONOFACOMPLEXPERSON'IVENACONSULTANTmSTURBULENTWORKING
ENVIRONMENT ADENEDPERSONALITYANDASELECTSETOFLEADERSHIPSKILLS
AREREQUIREDTOBESUCCESSFUL4OENSURECONSULTINGRMSHIRETHERIGHT
PEOPLE THEYINTRODUCEDTHEBUSINESSCASE WHICHHASEVOLVEDASAPRE
CISEMETHODFOREVALUATINGTHESESKILLS)THELPSTHEINTERVIEWERTOSCREEN
CANDIDATESAND TO DETERMINE WHO REALLY HASWHATITTAKESTOBECOME A
SUCCESSFUL CONSULTANT !S MENTIONED BEFORE  YOUR NAL EVALUATION WILL
DEPEND ON SEVERAL FACTORS  BUT YOUR PERFORMANCE ON THE BUSINESS CASE
WILLALWAYSHAVEASIGNICANTWEIGHTINTHENALOUTCOME

27 FREE SAMPLE
Case Interview Success

Different Types of Business Cases


3EVERALTYPESOFBUSINESSCASESCANBEDISTINGUISHED GENERALLYWITHDIF
FERENTLEVELSOFDIFCULTY4HEMOSTCOMMONTYPESOFBUSINESSCASESARE
THECOSTREVENUECASES BUSINESS SITUATIONCASES MERGERANDACQUISITION
CASES  AND VALUE CHAIN CASES  WHICH PROBABLY ACCOUNT FOR ABOUT NINETY
VEPERCENTOFTHECASES3OMEINTERVIEWPREPARATIONBOOKSADDITIONALLY
CONSIDERTHEGUESSTIMATE WHICHISDISCUSSEDINCHAPTERVE ASATYPEOF
BUSINESS CASE )N THIS BOOK  HOWEVER  THE GUESSTIMATE IS NOT CONSIDERED
ASSUCH SINCEITISMUCHEASIERANDMOREMECHANICALTHANREALBUSINESS
CASES
4HELEVELOFDIFCULTYOFTHEBUSINESSCASEYOUWILLRECEIVESTRONGLYDE
PENDSONYOURBACKGROUND BUTITCANALSOBESOMEWHATRANDOM4HEEX
PECTATIONSFORUNDERGRADUATESAREFORINSTANCELOWERTHANTHOSEFOR-"!
OR ADVANCED DEGREE CANDIDATES 5NDERGRADUATES TEND TO RECEIVE MORE
GUESSTIMATES COSTREVENUECASES ORTHEMORESTRAIGHTFORWARDBUSINESS
SITUATIONCASES-"!ORADVANCEDDEGREEHOLDERSONTHEOTHERHANDARE
MORELIKELYTORECEIVETHEMOREDIFCULTBUSINESSCASES!DDITIONALLY THE
CASESGIVENTOUNDERGRADUATESTENDTOCONCERNLESSCOMPLEXINDUSTRIES
AND RMS 4HEREFORE  UNDERGRADUATES ARE  FOR INSTANCE  MORE LIKELY TO
GETACASEABOUTASMALLRMINTHEBEERINDUSTRYRATHERTHANACASEON
APRIVATEEQUITYRMTHATWANTSTOACQUIREACOMPANYINTHEREINSURANCE
INDUSTRY)NCASEYOUDOGETABUSINESSCASESITEDINACOMPLEXINDUSTRY
ORRM YOUSHOULD ASMENTIONED SPENDSOMEEXTRATIMEFROMTHESTART
WITHYOURINTERVIEWERTOBETTERUNDERSTANDTHEDYNAMICSOFTHERMAND
ITSINDUSTRY9OUSHOULD HOWEVER NEVERPANIC ORBELIEVETHATYOUCANNOT
CRACKTHECASEBECAUSEOFTHEINDUSTRYCONTEXT/NCEYOUUNDERSTANDTHE
BUSINESSCASECONTEXT ALLCASESESSENTIALLYCONSISTOFBREAKINGDOWNTHE
PROBLEMALONGANAPPROPRIATEFRAMEWORKANDSYNTHESIZINGTHEINSIGHTS
INTOGOODRECOMMENDATIONS

What Your Interviewer Is Looking For


4OKNOWWHATMAKESAGOODBUSINESSCASEANALYSIS ITISIMPORTANTTO
UNDERSTAND THE MIND SET OF THE INTERVIEWER AND HAVE A GENERAL UNDER
STANDINGOFWHICHCHARACTERISTICSHEWILLBELOOKINGFOR/BVIOUSLYYOUR
INTERVIEWER WILL BE ASSESSING YOUR OVERALL PERFORMANCE ALONG MULTIPLE
DIMENSIONSDURINGTHEBUSINESSCASE4HEREARE HOWEVER CERTAINSKILLS
THATWILLWEIGHMOREINTHENALEVALUATION
4HERST ANDBYFARTHEMOSTIMPORTANT SKILLYOUHAVETODEMONSTRATE
ISPROCESSEXCELLENCE9OUSHOULDMAKEYOURSELFCOMFORTABLEWITHARE
PEATABLE AND LOGICAL PROCESS TO CRACK BUSINESS CASES 9OU SHOULD  HOW
EVER NOTCOMPLETELYRELYONTHEBUSINESSFRAMEWORKSTHATYOUSTUDIEDIN

28 FREE SAMPLE
How to Crack Your Business Case

ADVANCE9OUWILLOFTENNEEDTOCHANGETHEFRAMEWORKTOSOMEEXTENT
TOADJUSTITTOTHESPECICBUSINESSPROBLEM GIVENTHATALLBUSINESSCASES
AREDIFFERENT0RACTICESUFCIENTLY USINGTHEAPPROACHESTOTACKLEBUSI
NESSCASESDESCRIBEDLATER%NDINGUPWITHAWRONGANSWERWHILEUSING
ACORRECTAPPROACHISBETTERTHANHAVINGTHERIGHTANSWERWHILEUSINGA
WRONGAPPROACH9OUDENITELYDONOTWANTYOURINTERVIEWERTOHAVETHE
IMPRESSIONTHATYOUGOTLUCKYWITHTHEBUSINESSCASE)NADDITION KEEP
INMINDTHATKNOWINGHOWTOAPPROACHBUSINESSCASESISNOTTHESAMEAS
BEINGABLETOCONSISTENTLYCRACKTHEM4HEDIFFERENCEBETWEENBOTHLIES
INALITTLEREAL LIFEPRACTICE BUTTHEIMPACTONYOUREVENTUALPERFORMANCE
EVALUATIONISENORMOUS
3ECOND ITISIMPORTANTTOCONTINUOUSLYBEANALYTICALANDDATA DRIVEN 
AND TO FOLLOW A LINEAR AND LOGICAL APPROACH $URING YOUR ANALYSIS AND
SYNTHESIS ITISTHUSIMPORTANTTHATYOUINCLUDEANDSTRUCTUREALLOFTHE
RELEVANTPIECESOFINFORMATIONPROVIDEDTOYOU
4HELASTKEYSKILLISTHEABILITYTOSYNTHESIZEALLYOURNDINGS TOPULL
TOGETHERTHEBIGPICTURE ANDEVENTUALLYTOPRESENTYOURNDINGSCOHER
ENTLY3OMEPEOPLEAREMORETALENTEDWITHTHIS BUTTHROUGHPRACTICING
SEVERALBUSINESSCASES YOUWILLGETAGOODFEELINGOFHOWTODOTHIS
!LONGTHESETHREEKEYSKILLS YOUWILLALSOBEEVALUATEDONOTHERSKILLS 
SUCHASPRESENTATIONSKILLS ENTHUSIASM ANDCREATIVITY.OTICETHATHAVING
SPECICKNOWLEDGEOFTHECASEmSINDUSTRYCANBEABONUS BUTITISNEVER
REQUIRED
)TISIMPORTANTTOMENTIONHERETHATSOMEINTERVIEWERSMIGHTGIVEYOU
THE IMPRESSION THAT THEY ARE HARDLY PAYING ATTENTION 4HEY MIGHT  FOR
INSTANCE LOOKUNINTERESTED REPEATEDLYCHECKTHEIRWATCH OREVENSTART
PLAYINGWITHTHEIRSMARTPHONE4HEYDOTHISTOSEEWHETHERYOUAREABLE
TOREMAINCALMANDMAINTAINFOCUSONTHEBUSINESSCASE4HEREFORE STAY
CONDENT KEEPYOURENTHUSIASM ANDCONTINUESOLVINGTHECASE

How to Practice Business Cases


7HENYOUSTARTPRACTICINGBUSINESSCASES THERSTTHINGYOUSHOULDDO
ISGETACCUSTOMEDTOTHESTANDARDAPPROACHFORCRACKINGBUSINESSCASES
AND THE DIFFERENT FRAMEWORKS /NCE YOU START TO FEEL COMFORTABLE WITH
THESE  IT IS TIME TO START PRACTICING ACTUAL BUSINESS CASES 9OU CAN ND
SEVERALEXAMPLESOFINTERESTINGBUSINESSCASESONTHEWEBSITESOFLEADING
CONSULTINGRMS!DDITIONALLY YOUCOULDNDINTERESTINGBUSINESSCASES
EXAMPLESINOTHERBOOKSONCASEINTERVIEWS)FYOUEVENTUALLYRUNOUTOF
BUSINESSCASES YOUCOULDSTILLCREATETHEMYOURSELF AMETHODOLOGYTODO
THISISDESCRIBEDATTHEENDOFTHISCHAPTER
0RACTICINGBUSINESSCASESONYOUROWNISDENITELYAGREATWAYTOSTART
5NFORTUNATELY YOUWILLNEVERHAVETHEINTERACTIONTHATYOUWOULDHAVE

29 FREE SAMPLE
Case Interview Success

INAREAL LIFECASEINTERVIEW7HILEPRACTICINGBUSINESSCASESONYOUROWN
CAN BE QUITE CHALLENGING  DOING ONE ALOUD WITH SOMEONE ELSE IS EVEN
MORECHALLENGING4HEREFORE ITISADVISEDTHATATSOMEPOINT YOUPAIRUP
WITHCLASSMATES COLLEAGUES ORFRIENDSTOACTIVELYPRACTICEBUSINESSCASES
4HEINTERVIEWERSHOULDUNDERSTANDTHEBUSINESSCASEINADVANCEAND
BEREADYTOGUIDETHEINTERVIEWEETHROUGHOUTTHECASE4HEINTERVIEWEE
SHOULDNEVERREADTHROUGHTHECASEAHEADOFTIME!LWAYSTAKETHEBUSI
NESSCASESIMULATIONSSERIOUSLY ANDSTAYCLOSETOTHEACTUALCASEINTERVIEW
FORMAT!SALASTHINT ITISRECOMMENDEDTHATYOUTAPERECORDTHEBUSINESS
CASESIMULATIONSTOAFTERWARDSIDENTIFYPOTENTIALAREASFORIMPROVEMENT

HOW TO APPROACH YOUR BUSINESS CASE


!SMENTIONEDBEFORE THEREAREDIFFERENTTYPESOFBUSINESSCASES%ACH
TYPE HAS A SPECIC FRAMEWORK TO SOLVE THE PROBLEM  AND THESE ARE EX
PLAINEDINDETAILLATERONINTHISCHAPTER)RRELEVANTOFTHETYPEOFBUSINESS
CASE THEOVERALLAPPROACHYOUTAKEDURINGACASEINTERVIEWWILL HOWEVER 
ALWAYSBETHESAME4HEONLYDIFFERENCEATSOMEPOINTWILLBETHETYPEOF
FRAMEWORKYOUUSE ANDTHEQUESTIONSYOUASKTOYOURINTERVIEWER)LIKE
TOREFERTOTHISGENERALAPPROACHASTHEnTHREE STEPSPROCESSo
4HEIDEABEHINDTHETHREE STEPSPROCESSISTHATYOURSTOPENTHECASE 
THENYOUANALYZEIT ANDULTIMATELYYOUCONCLUDETHECASE7ITHINEACH
OFTHESETHREESTEPSISASUBSETOFSMALLERSTEPS"YCHRONOLOGICALLYGOING
THROUGHEACHINDIVIDUALSTEPOFTHEAPPROACH YOUWILLBEABLETOSOLVE
BUSINESSCASESEASILYINASTRUCTUREDMANNER4HETHREE STEPSPROCESSIS
REPRESENTEDIN%XHIBIT

OPENING ANALYZING CLOSING


#OLLECTALLINITIAL )NITIATETHEFRAME 3YNTHESIZETHEKEY
INFORMATION WORK CASEINSIGHTS
Verify your under !SSESSTHEFRAME 0RESENTTHEnBIGPIC
STANDINGOFTHECASE WORKTHROUGHSPE TURE oANDBACKITUP
CICQUESTIONS WITHYOURNDINGS
)DENTIFYTHEAPPROPRI
ATEFRAMEWORK )DENTIFYALLMAJOR Provide the recom
problem drivers. MENDATIONORNEXT
$RAWOUTANDEXPLAIN
steps.
THEFRAMEWORK !DVANCETHEFRAME
WORK

Exhibit 3 - The three-steps process to approach business cases

30 FREE SAMPLE
Chapter IV

Presentation Cases

INTRODUCTION TO PRESENTATION CASES

W HILETRADITIONALCASEINTERVIEWSAREBYFARTHEMOSTCOMMONMETHOD
TOSCREENPOTENTIALCANDIDATES ITSEEMSTHATMANYCONSULTINGRMS
ARENOWINCORPORATINGANOTHERINTERVIEWTECHNIQUE4HISINTERVIEWTECH
NIQUE IS THE PRESENTATION CASE  WHERE CANDIDATES ARE ASKED TO PRESENT
ANDDISCUSSASPECICTOPICTOONEORMOREINTERVIEWERS'ENERALLY YOU
WILLBEGIVENASTACKOFDOCUMENTSTHATFORMABUSINESSCASE WHICHYOU
HAVE TO SUMMARIZE AND EVENTUALLY PRESENT WITHIN A PREDENED TIME
FRAME3OMETIMESRMSMIGHTASKCANDIDATESTOCOMPLETEANUNNISHED
PRESENTATION ANDPROVIDETHEKEYINSIGHTS,AST SOMERMSWILLEVENASK
YOUTOPREPAREAPRESENTATIONATHOME WHICHYOUTHENHAVETOGIVEDUR
INGTHEINTERVIEW0RESENTATIONCASESAREUSUALLYPARTOFASECONDROUND
INTERVIEW ANDWILLRARELYBEANINTEGRATIVEPARTOFARSTINTERVIEWROUND
4HEREASONWHYMANYCONSULTINGRMSAREINCORPORATINGPRESENTATION
CASESINTHEIRINTERVIEWROUNDSISBECAUSETHECASEINTERVIEWISINANUM
BEROFWAYSALSOANIMPERFECTEVALUATIONTOOL!TRADITIONALCASEINTERVIEW
WILLFORINSTANCEGIVETHEINTERVIEWERONLYLITTLEINSIGHTINTOTHEINTERVIEW
EEmSPRESENTATIONSKILLSANDHISORHERCLIENTSKILLS4HEPRESENTATIONCASE
ONTHEOTHERHANDALLOWSTHEINTERVIEWERTOPROFOUNDLYASSESSYOURPRE
SENTATIONSKILLS ANDGETANIDEAOFHOWYOUWOULDINTERACTWITHCLIENTS)N
GENERALPRESENTATIONCASESAREDESIGNEDTOEVALUATETHEFOLLOWINGSKILLS

- Aggregating a set of data:'ENERALLY YOUWILLBEGIVENALARGESETOF


DATAANDINFORMATION WHICHYOUWILLNEEDTOPROCESSQUICKLYONYOUROWN
TOCOMETOACONCLUSION)TSMAINDIFFERENCEWITHATRADITIONALBUSINESS
CASEISTHATFORPRESENTATIONCASES YOUWILLHAVETOANALYZEANDCOMBINE
THEFACTSANDEVENTUALLYWRAPUPYOURNDINGSWITHOUTANYGUIDANCE

75 FREE SAMPLE
Chapter V

Guesstimates
and Brainteasers

WHAT ARE GUESSTIMATES?

T HEGUESSTIMATEQUESTION ORGUESSTIMATE ISASPECIALTYPEOFQUESTION


THATYOUCANEXPECTTOBEASKEDDURINGACONSULTINGINTERVIEW4HE
IDEAISTHATYOUAREASKEDTOMAKEANEDUCATEDGUESSATSOMETHINGFOR
WHICHYOUNORMALLYDONOTKNOWTHEANSWER ANDFORWHICHYOUHAVETO
LOGICALLYDERIVEAREALISTICESTIMATE!NEXAMPLEOFAGUESSTIMATECOULD
BEn(OWMANYFAMILYCARSAREBOUGHTEACHYEARINTHE5NITED3TATESOF
!MERICAo'UESSTIMATESARESPECICALLYDESIGNEDTOASSESSYOURSTRENGTHS
INTHEFOLLOWINGAREAS

p Logic:!REYOUABLETOCOMEUPWITHASTRUCTUREDAPPROACHTO
NDANANSWER
p Numerical skills: !REYOUCOMFORTABLEWITHMAKINGFASTCALCU
LATIONSWITHLARGENUMBERS
p Creativity:#ANYOUNDMULTIPLEWAYSTODERIVEANANSWERORA
BACKDOORTOAQUICKERBUTACCURATEANSWER
p Professionalism: !RE YOU ABLE TO REMAIN CALM WHEN BEING
CONFRONTEDWITHACOMPLICATEDGUESSTIMATE

'UESSTIMATESARETYPICALLYASKEDDURINGTHERSTINTERVIEWROUND AND
ONLY OCCASIONALLY IN LATER ROUNDS -AKE YOURSELF COMFORTABLE WITH THE
STRUCTURE TO SOLVE GUESSTIMATE PROBLEMS THROUGH CONTINUOUS TRAINING 
ANDYOUWILLNOTICESIGNICANTIMPROVEMENTSINYOURSKILLSTOSOLVETHIS
type of problem.
!LWAYSKEEPINMINDTHATFORAGUESSTIMATEQUESTION ITISBETTERTOAR
RIVEATAMODERATELYWRONGANSWERUSINGASTRUCTUREDMETHODOLOGYWITH

85 FREE SAMPLE
Case Interview Success

GOODASSUMPTIONS THANTOIMMEDIATELYGIVETHECORRECTANSWERBECAUSE
YOUREADITLASTWEEKINTHENEWSPAPER'IVINGTHERIGHTANSWERWITHOUT
MAKINGALOGICALANALYSISWILLNOTIMPRESSYOURINTERVIEWER ASTHISISNOT
THEGOALOFAGUESSTIMATE/NTHEOTHERHAND YOUCOULDIMPRESSYOURIN
TERVIEWERBYINDICATINGMULTIPLESTRATEGIESTOCOMETOAGOODESTIMATION
/FTEN  GUESSTIMATES ARE GIVEN AS IN CASE GUESSTIMATES  IN WHICH THE
GUESSTIMATEISPARTOFALARGERBUSINESSCASE&OREXAMPLE INABUSINESS
CASEONASOLARPANELMANUFACTURERIN&RANCE THEINTERVIEWERCOULDSTOP
YOUBEFORESTARTINGTHEBUSINESSCASE OREVENINTHEMIDDLEOFYOURANALY
SIS  TO ASK YOU AN ESTIMATION OF THE TOTAL SOLAR PANEL MARKET IN &RANCE
3OMETIMESTHEINTERVIEWERWILLEXPECTYOUTOUSEYOURESTIMATIONINTHE
BUSINESSCASESOMETIMES THEINTERVIEWERWILLASKYOUTOGOBACKTOTHE
BUSINESSCASEWITHOUTACTUALLYUSINGTHEESTIMATION!NOTHERPOSSIBILITYIS
THATYOUGETAGUESSTIMATEANDABUSINESSCASEUNRELATEDTOEACHOTHER 
OFTENINARSTINTERVIEWROUND)NSOMECONSULTINGRMS YOUMIGHTGET
ONEORTWOSTAND ALONEGUESSTIMATESINTHERSTROUNDANDNOBUSINESS
CASESUNTILTHESECONDROUND
%VERYGUESSTIMATEISDIFFERENT ANDMOSTGUESSTIMATESCANBESOLVEDIN
MULTIPLEWAYS USINGDIFFERENTMETHODOLOGIES.ONETHELESS THEREARESOME
GOOD STRATEGIES THAT WILL HELP YOU TO SOLVE MOST GUESSTIMATES 4HE MOST
COMMONSTRATEGYISTHEnTOP DOWNoAPPROACH INWHICHYOUSTARTBROADLY
ANDTHENSLOWLYDRILLDOWNTONDTHEANSWER4HESTRATEGYISDEMONSTRAT
EDINTHEGUESSTIMATEEXAMPLESSECTION4HISAPPROACHWILLHELPYOUSOLVE
MOSTGUESSTIMATESNONETHELESS SOMEGUESSTIMATESDEMANDAMORECUS
TOMIZEDAPPROACHINORDERTOBESOLVED
'ENERALLY WHENSOLVINGGUESSTIMATES ITISIMPORTANTTHATYOURSTUN
DERSTANDWHATISREQUIRED&ORINSTANCEWHENYOUARESUPPOSEDTOESTI
MATEHOWMANYTAXISAREOPERATINGIN.EW9ORK YOUSHOULDOBVIOUSLY
UNDERSTANDTHATYOUEVENTUALLYNEEDTOCOMEUPWITHACERTAINNUMBER
OFCARS7HENSTARTINGYOURANALYSIS ITISALSOIMPORTANTTOUNDERSTAND
WHETHERYOURINTERVIEWERWILLPROVIDEYOUWITHSPECICINFORMATIONOR
WHETHERYOUWILLHAVETOMAKEASSUMPTIONS9OUCANDETERMINETHISBY
CHECKINGYOURRSTASSUMPTIONSWITHTHEINTERVIEWER)NCASEHEORSHE
REFUSESTOCOMMENTONYOURASSUMPTIONSORINDICATESTHATHEORSHEDOES
NOTKNOW THENYOUWILLHAVETOASSUMETHEANSWERYOURSELF)FTHEINTER
VIEWER DOES PROVIDE YOU WITH DATA  MAKE SURE YOU USE THIS TO COME TO
YOURNALANSWER
!FTERYOUAREGIVENAGUESSTIMATEQUESTION FEELFREETOTAKEAMOMENT
TOTHINKOVERTHEBESTAPPROACHTOSOLVEIT9OUCOULD FORINSTANCE SAY 
n7HATANINTERESTINGQUESTIONPLEASEALLOWMESOMETIMETOTHINKABOUT
HOW ) WILL APPROACH THISo 5SE THIS TIME EFFECTIVELY TO CONSIDER AN AP
PROACH SUCHASFOREXAMPLETHETOP DOWNAPPROACH)FPOSSIBLE TRYTOGO
FORAMETHODOLOGYWITHWHICHYOUDONOTHAVETOMAKECOMPLICATEDOR

86 FREE SAMPLE
Chapter VI

Review of Critical
Business Concepts

INTRODUCTION TO BUSINESS CONCEPTS

- ANYOFYOUREADINGTHISBOOKHAVEABUSINESSORMANAGEMENTBACK
GROUND ANDWILLALREADYBEQUITEFAMILIARWITHMOSTOFTHEBUSINESS
CONCEPTSTHATWILLBEDISCUSSEDINTHEFOLLOWING2EGARDLESSOFWHETHER
YOUHAVEALREADYSEENORSTUDIEDTHESEFRAMEWORKS ITISRECOMMENDED
THATYOUREVIEWTHESECONCEPTSAGAIN ASTHEYWILLPROVEHELPFULDURING
YOURINTERVIEWS
$URING A BUSINESS CASE  IT IS RECOMMENDED THAT YOU START WITH
THE FRAMEWORKS EXPLAINED EARLIER ON CRACKING BUSINESS CASES (OW
EVER  THE MORE YOU PRACTICE AND BECOME COMFORTABLE WITH THESE
FRAMEWORKS  THE MORE YOU WILL START TO NOTICE THAT YOU CAN ADDITION
ALLY I NTEGRATE BUSINESS CONCEPTS  WHEN RELEVANT  TO IMPROVE AND
STRENGTHENYOURBUSINESSCASEANALYSIS
7HEN INTEGRATING ONE OR MORE BUSINESS CONCEPTS INTO YOUR ANALYSIS 
YOUSHOULDNEVERLITERALLYNAMETHEBUSINESSCONCEPTYOUWILLBEUSING 
BUT RATHER EXPLAIN ITS IDEA 9OU SHOULD  FOR EXAMPLE  NEVER SAY  ncAND
INORDERTOANALYZETHEINDUSTRYATTRACTIVENESS )WILLAPPLYTHE0ORTERmS
VE FORCES MODELo )NSTEAD  YOU COULD SAY ncAND IN ORDER TO ANALYZE
THEINDUSTRYATTRACTIVENESS ITSEEMSAGOODIDEATOTAKEABETTERLOOKAT
THEINDUSTRYCOMPETITORS THESUBSTITUTES THEPOTENTIALNEWENTRANTS THE
SUPPLIERS ANDTHEBUYERSo!SYOUWILLSEE MOSTOFTHESEFRAMEWORKSAND
CONCEPTSAREOFTENFAIRLYSIMPLETOUNDERSTAND ANDUSINGTHEMCORRECTLY
TOTACKLEABUSINESSCASECANGREATLYENHANCEYOURANALYSIS
)N THE FOLLOWING  YOU WILL ND AN OVERVIEW OF THE MOST IMPORTANT
BUSINESSCONCEPTS/VERALL THEYAREEASYTOUNDERSTAND ANDYOUCAN

103 FREE SAMPLE


About the Author

T om RochtusWASBORNAND RAISEDIN"ELGIUM(EHASABACHELORmS
DEGREE IN MANAGEMENT FROM THE 5NIVERSITY OF ,EUVEN IN ADDITION
TO A MASTERmS DEGREE IN MANAGEMENT OF TECHNOLOGY FROM THE ,OUVAIN
3CHOOLOF-ANAGEMENT WHEREHEGRADUATEDMAGNACUMLAUDE(EHAS
FURTHERMORESPENTSEVERALYEARSTRAVELINGANDSTUDYINGABROADINCLUD
INGAMASTERmSDEGREEIN)NTERNATIONAL"USINESSAT%GADEIN-ONTERREY
-EXICO  AND AN ACADEMIC EXCHANGE AT THE 5NIVERSITY OF %DINBURGH
5+ (ISPROFESSIONALCAREERSTARTEDWHENEARLYATUNIVERSITY HESETUP
HISOWNSUCCESSFULINFORMATIONTECHNOLOGYCOMPANY ANDPARTICIPATEDIN
ANDWONAWARDSATPROMINENTCOMPETITIONSFORINNOVATIVEYOUNGENTRE
PRENEURS!SPARTOFHISMASTERmSDEGREE HECOMPLETEDANINTERNSHIPAT
0ROCTER'AMBLEASASTRATEGYPLANNER WHICHEVENTUALLYINSPIREDHIM
TOPURSUEACAREERINMANAGEMENTCONSULTING!FTERSUCCESSFULLYAPPLY
INGFORTHELEADINGMANAGEMENTCONSULTINGRMS 4OMEVENTUALLYSIGNED
WITH"AIN#OMPANY ONEOFTHEWORLDmSMOSTPRESTIGIOUSMANAGEMENT
CONSULTINGCOMPANIES$URINGHISFREETIME HEENJOYSTRAVELINGTOnOFF
BEAToDESTINATIONS ASWELLASSPENDINGTIMEWITHHISFAMILYANDFRIENDS

133 FREE SAMPLE


FREE SAMPLE
Acknowledgments

T HANKS TO EVERYONE WHO HAD A HAND IN MAKING THIS BOOK POSSIBLE
$ENITIVELYTO#REATE3PACE)NCANDTO!MAZON)NCFORALLTHEIRHELP
IN THE EDITORIAL  PRODUCTION AND DISTRIBUTION PROCESSES &URTHERMORE
A SPECIAL THANKS TO !NA ,LERENAS FOR DESIGNING ALL THE IMAGES AND THE
COVEROFTHISBOOK BUTMOSTLYFORHERCONTINUOUSSUPPORTTHROUGHOUTTHE
WHOLEPROCESS4OEND )WOULDALSOLIKETOTHANKALLMYFRIENDSANDFAM
ILY ESPECIALLYMYFATHER FORBEINGACONSTANTSOURCEOFJOYANDSUPPORTIN
EVERYTHING)DO4HANKYOU

135 FREE SAMPLE


CASE INTERVIEW
SUCCESS Second Edition

CASE INTERVIEW SUCCESS


Case Interview Success is a must-read for anyone applying for a consulting position.
The book takes you inside a typical consulting case interview by exploring in detail
the entire case interview process, and will leverage you to crack the most complex
business cases.

The main features of this book are:

A detailed discussion of the entire case interview process


CASE INTERVIEW
SUCCESS
Key business case frameworks with practice cases and solutions
Key strategies to crack presentation cases, guesstimates and brainteasers
An overview of key business concepts and consulting terms

Tom Rochtus works as a strategy consultant at Bain & ISBN 978-1456450182


Company, one of the worlds most prestigious management
consulting firms.

9 781456 450182
Aceyourcase.com Aceyourcase.com
FREE SAMPLE
2011 Tom Rochtus Written by TOM ROCHTUS

You might also like