GRAIL RESEARCH- ADDITIONAL INPUTS Mastering the Case Interview The case interview is employed primarily by management-consulting firms,

as well as investment-banking companies, and is increasingly being used by other types of corporations as at least part of the job-interviewing process. Some firms use case interviews only for MBA-level job candidates, while others use them for undergraduates, as well. To invoke a definition of the case interview offered by MIT's Careers Handbook, it's an interview in which "you are introduced to a business dilemma facing a particular company. You are asked to analyze the situation, identify key business issues, and discuss how you would address the problems involved." Case interviews are designed to scrutinize the skills that are especially important in management consulting and related fields: quantitative skills, analytical skills, problem-solving ability, communications skills, creativity, flexibility, the ability to think quickly under pressure, listening skills, business acumen, keen insight, interpersonal skills, the ability to synthesize findings, professional demeanor, and powers of persuasion. Above all, the firm will be looking for someone who can do the real work at hand. Managementconsulting companies, for example, want to know that you are the kind of person who can make a good impression on clients. Consulting requires working in unfamiliar territories, thinking on your feet, and performing in situations where you never have enough time." Fine points for approaching case interviews:

Practice extensively before undergoing a case interview. Use books and Web sites in resources section for practice cases. Some companies that use case interviews provide good information on their own Web sites. Boston Consulting Group, for example, provides an interactive case you can work through for practice, as well as additional cases you can rehearse with friends. Vault.com, which has some of the best resources on the Internet regarding case interviewing, suggests starting out by practicing explaining something like how to change a tire. Move on to assessing a situation for friends or family members, such as which bank they should choose for a checking account. In all cases, try to avoid "um's" and other filler words. Practice summarizing in a minute or less, advises Vault.com. Boston Consulting Group notes that Harvard Business School produces numerous case studies that can be used for practice; the studies are likely available in your business-school or career-services library. Other experts suggest talking to alumni from your school or others who've been through a case interview, as well as reading business magazines and periodicals such as the Wall Street Journal to get a sense of how companies deal with the kinds of issues likely to be asked about in case interviews.

Listen carefully to the question. Paraphrase it back to the interviewer to ensure your understanding. As StudentAdvantage.com puts it in its article on case interviewing, "Listening is the most important skill a consultant has. The case isn't about you or the consultant; it's about the client." You may also want to take notes; in most cases the interviewer will allow you to do so. Vault.com suggests bringing not only a pad of paper but a pad of graph paper in case you want to create a graph as part of your conclusion.
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Silence -- but not too much of it -- is golden. The interviewer expects you to take a minute or so to collect your thoughts, so don't be afraid of silence. It's a nice idea, however, to ask the interviewer if it's OK to take a moment to ponder the case. And don't take too much time. Experts agree that five minutes would be excessive.

Remember that rarely is there one "right" answer for analyzing a case. Your process for reaching your conclusions is equally important to the interviewer as is the conclusion itself. In fact, the interviewer wants to observe as much of that process as possible, so it's important -- once you've taken the time to gather your thoughts -- to "think out loud" as you're working through the case.

Don't be afraid to ask questions. The case interview is meant to be interactive, with lots of back and forth between you and the interviewer. Questions are expected, especially because the information provided about the case will likely be incomplete. The interviewer will be looking at your resourcefulness in collecting information. Make sure you ask your questions in a logical -- not random -- progression. Vault.com notes that it's helpful to adopt "the persona of an actual consultant trying to learn about the assignment" and warns that failing to ask questions is a fatal error in the case interview. Be sure, also, to listen carefully to the answers to your questions. And don't get rattled if the interviewer wants to know why you want the information you're asking for. It's all part of understanding your thought process.

Construct a logical framework with which to explore the critical issues of the case. Many of the principles you learned in business school can serve as a framework. Examples include Porter's Five Forces, the SWOT analysis, Value Chain Analysis, and the Four P's of marketing. If you have some business experience, you can also draw on applicable situations you've encountered. Make sure your conclusion is grounded in action, not just theory. Be able to explain and defend your reasoning.

Prioritize the issues and objectives. Don't get bogged down trying to deal with every aspect of the case. As you ask questions, you should be able to pick up clues as to which issues are most important. Some of those clues might be meant to lead you back on track if you've gone astray, so be sure to listen carefully. If direction is not forthcoming, don't be afraid to take control of the conversation, advises Vault.com, to get to the meat of the case.

Don't be afraid to think outside the box. Creativity and brainstorming may be just what the interviewer is looking for.

Some of the standard advice about case interviews is the same advice that applies to any kind of interview:

Maintain eye contact. Eye contact will help you engage the interviewer, establish rapport, and contribute to the interactivity of the interview.
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Project confidence. Your ability to work the case confidently, without getting flustered or frustrated, is key. Demonstrate your enthusiasm. Behaving as though you feel it's fun to tackle this kind of problem is integral to showing how well you'd fit in as a consultant or whatever position you're interviewing for. Assure your interviewer though your enthusiastic demeanor that you are exactly the kind of person he or she would enjoy working with.

What makes a successful case interview The cases you discuss in each of your interviews will be different. Generally, they are based on the interviewer's professional experiences and will usually describe situations with which you are not familiar. (MOST OF THE QUESTIONS CAN BE ASKED FROM CANDIDATES RESUME, THEREFORE IT IS ADVICED TO GO THROUGH EACH & EVERY WORD OF UR RESUME AS ANY KIND OF CROSS-QUESTIONS CAN BE ASKED FROM THE CANDADATE, ESPECIALLY REGARDING SUMMER TRAINING & PROJECTS UNDERTAKEN) Eg. Suppose you did summer internship in risk management... guess estimate question can be- How many risk managers are there in India? Eg. Suppose you have undertaken some project on promotions of a product say pepsi.... guess estimate question can be- How many people in India drink pepsi? Eg. Suppose ur interest area is consultancy.... guess estimate question can be- How many management students aspire for consultancy? Eg. Suppose you have mentioned team work as ur core management competency.... guess estimate question can be..... How far company promotions are based on possession of this quality/trait of the employees? Like this, questions can be asked from ur hobbies as well.... For example, your cases might focus on deciding how a company should react to a new competitor or determining what attributes a company should look for in a joint-venture partner. In addressing the cases, it is important that you take a logical, well-structured approach and reach a reasoned conclusion. At a minimum, you should be sure that you:

Understand the underlying problem and the question Ask for clarification on points you feel are unclear

Break the problem down into a logical structure and describe your overall approach There may be several issues that need to be addressed in order to reach a conclusion. Don't dive into these issues before describing your overall approach

Address the issues one at a time Focus on the most important issues first. Your interviewer will guide you on which
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issues to focus on, and they will also be reasonable in their expectations of what can be covered in the time allotted

Address important issues, not just ones you feel comfortable with Candidates often focus too much on their own area of expertise rather than the important issues (for example, accountants focusing on the financial aspects of new product development without mentioning customers). Follow your interviewer's guidance here

Perform the important analyses There may be important calculations or analyses to do in order to reach your conclusions. Follow your interviewer's guidance on these, and do them as best you can. Remember, your interviewer is there to help, so be sure to ask for assistance if you need it

Test your emerging hypotheses Keep coming back to check that you are addressing the question you were asked

Request additional information As you build an understanding of the problem, there may be more information that you need

Reach a conclusion Synthesize your thoughts concisely and develop a recommendation. Don't just summarize what you have discussed. Think about what the actionable next steps are, and which ones are the most important

Interview tips Preparing for the interview Candidates who are invited to interview participate in two types of interviews: experience interviews and case interviews. These tools help assess your capabilities and potential in the four areas critical to companys daily work: problem solving, achieving, personal impact, and leadership. They also give you a better understanding of their work, people, and ultimately if this is the right career path for you. Experience interview Be prepared to discuss your most important past experiences in a very detailed way, focusing on your specific role and describing the main actions that were critical to success. Case interview

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The most effective way to assess your problem-solving skills is to discuss a typical business problem with you, using two different case studies during your interviews. These broad, two-way discussions demonstrate your ability to creatively approach complex or ambiguous problems in unfamiliar businesses, structure your thinking, and reach sensible conclusions in a short time based on the available facts. These skills are critical to being a successful consultant. Since no particular background or set of qualifications necessarily prepares you for a career in consulting, they've come to rely on the case interviews during candidate assessment process. How you will be evaluated Because case interviews present problems for which there are no predetermined answers, you will be evaluated more on how you go about dealing with the problem than on the specific answers you come up with. We will be assessing how you think about problems and whether you can reach a well-supported conclusion. We will also be gauging your ability to prioritize and exercise judgment within a business context. Your approach to the case and the insights you reach will demonstrate your problem-solving abilities and help get a sense of your potential. How the case interview benefits you As you work through the business cases during your two interviews, you will understand more about firm and the kinds of problems they solve. Most candidates enjoy the cases and the business issues they raise. Practicing before a case interview It is recommended that you practice for the case study interviews, especially if you are inexperienced at interactive problem-solving discussions. To prepare for your interview, practice case studies and the team leader game. Case interview tips How to do your best in the case interview o Listen to the problem. Make sure you are answering the question that you have been asked. o Begin by setting a structure. Think of four to five sub-questions that you need to answer before you can address the overall issue. o Stay organized. When discussing a specific issue, remember why you are discussing it and where it fits into the overall problem. o Communicate your train of thought clearly. If you have considered some alternatives and rejected them, tell the interviewer what and why. o Step back periodically. Summarize what you have learned and what the implications appear to be. o Ask for additional information when you need it. But make sure that the interviewer knows why you need the information. o Watch for cues from the interviewer. Any information given to you by an interviewer is meant to help youlisten carefully and follow their lead.
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o Be comfortable with numbers. You will almost always have to work with numbers in a case. This requires comfort with basic arithmetic and sometimes large quantities. You may also be asked to perform estimations. o Dont fixate on "cracking the case." It is much more important to demonstrate a logical thought process than to arrive at the solution. o Use business judgment and common sense. o Relax and enjoy the process. Think of the interviewer as a teammate in a problem-solving process and the case as a real client problem that you need to explore and then solve. Always focus on actionable recommendations, even though sometimes they may not be the most elegant solution to the problem. Some common mistakes o Misunderstanding the question or answering the wrong question. o Proceeding in a haphazard fashion. For example, not identifying the major issues that need to be examined or jumping from one issue to another without outlining your overall approach. o Asking a barrage of questions without explaining to the interviewer why you need the information. o Force-fitting familiar business frameworks to every case question, whether they are relevant or not, or misapplying a relevant business framework that you do not really understand, rather than simply using common sense. o Failing to synthesize a point of view. Even if you dont have time to talk through all the key issues, be sure to synthesize a point of view based on where you ended up. o Not asking for help. Some candidates feel it is inappropriate to ask for help when they are stuck. Whether it is a misunderstanding related to the overall problem, or whether you are struggling with a specific analysis, be sure to ask for help when you need it. Learn how to approach a typical case. Things to keep in mind

Most questions in a case study do not have a single right answer In a live case interview, they are more interested in your explanation of how you arrived at your answer, not just the answer itself An interviewer can always assess different but equally valid ways of approaching an issue, and then bring you back to the particular line of inquiry that he or she wants to pursue In a live case interview, there will be far more interaction with the interviewer than this exercise allows; for example, in a live interview you will have the opportunity to ask clarifying questions Although there is no time limit in this practice exercise, a live case interview would typically be completed in 25-30minutes, depending on how the case evolves

The Helpful hints provide you with tips and reminders on how to develop a good response. The interviewer takes you through a series of steps to see how you tackle the various levels. The steps can range from identifying a critical issue, to breaking a problem into component parts, to finally identifying one or more solutions. Preparation tips

Get started early.

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Practice introductions, discussing your prior work experience and asking questions. It isn't just about "cracking the case." With each practice case, work through the analytics so you are confident and efficient during this portion of the interview. Don't spend too much time trying to learn the nuances of a particular industry. Focus instead on tackling common challenges faced by most businesses (e.g. declining profitability, merger integration, improving performance). Practice with a diverse group of people to gain exposure to different types of cases, problems, solutions, and interview styles. Learn to hone in on the most important issues using an "80/20" approach, instead of obsessing over the details. Get comfortable making assumptions as you arrive at an answer. Your interviewer may not always give you additional data when you request it. Instead you might be asked: "What would you have to believe in order to be convinced our client should head in that direction?" Practice "bringing it all together" with a one- to two-minute summary. It should include your final client recommendation.

Interview tips

Don't panic if your case is based on an unfamiliar industry. They're interested in how you analyze the problem, not your specific business knowledge. They encourage you to ask clarifying questions. If you don't understand the case facts, it will be tough to ace the interview. Approach the problem in a structured manner and then continue to refer back to that structure to logically work through the case. Use an "answer-first" approach by developing an early hypothesis and then refining/ proving it throughout the client engagement. Using this technique during your interview will help you reach an answer efficiently. Don't get thrown off track by follow-up questions. Your interviewer is your ally and uses questions to get a better understanding of your thought process, not to stump you. Always include a final recommendation to the question at handthe best recommendations are practical, actionable, and will be implemented by the client to generate results. There is no one "right" answer. Case interviews should be thoughtful dialogues about potential approaches to solving a tough business problem. Relax and have fun! Case interviews are not isolated tests, but reflections of companies work as consultants. This is a chance to show your passion and enthusiasm for the job.

TIPS FOR GUESS ESTIMATION BASED INTERVIEWS

Understand examples of some estimation techniques Understand that there are different phases in which to estimate and how estimation during the planning phase might be improved. Understand how some estimation techniques might be set up to better support an organization Use of historical data to improve estimation, overall metrics in estimation, understanding metrics versus data issues, and how to look for similarity in projects

PROF. SHEENA MANCHANDA

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