Congratulations! You are through the third module, aids to problem-solving.

The next module that we will be looking

at is the introduction to case studies. In this module, we will see how the case interview fits into the traditional
interviewing process typically used in consulting firm interviews, some product management interviews, and
interviews for strategy roles.

We will better understand the case interview itself, the approach you can generally adopt for any of these interviews
and archetypes. We will understand what case interviewers look for. These draw on insights from several
interviewing experiences I have had as an interviewer, experiences from others, and hiring philosophies of several
large consulting firms. We will apply all this learning to a very real case problem. Finally, we will review my top 10
pieces of advice for you.

Do note that this module is not designed to teach you how to solve all these case archetypes, but rather to expose
you to a general approach that you can take to guide you through these interviews. If you happened to skip through
my Module 2, be sure to review the glossary or some relevant parts of Module 2, should you feel that you need
some specific context.

Additionally, a quick reminder that this module again delves deeper into a few business topics. While every
endeavour has been made to keep this module layman-friendly, please feel free to skip, skim, or spend as much time
as you deem fit on this module, especially if you think you're not going to be giving a case interview anytime soon.
With all that said, let's get started.

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The typical consulting interview, and for that matter, interviews for multiple other roles, including hiring for the
strategy function and some product manager interviews, spans three parts.

1. The first part is the introduction and the personals. Think of it as the welcome and the introductions
designed to help you ease in. Designed to help both of you understand a bit more about each other, and
specifically for the interviewer to know your background and your motivation a bit better.

2. The second part is the case interview, which roughly stretches two-thirds of the time of the entire interview.
Think of it as the part that really assesses how you think through problems, sometimes under pressure, and
working closely with your team, which in this case is basically your interviewers.

3. The final part, or part three, is questions and close. A chance for you to speak your mind and ask the top of
mind questions before ending an interview. This is often a part of the interview many do not stress or talk
about. However, as an interviewer, this is specifically a place that reveals a lot to me. So, do not ignore it.
There is an entire module built around interviewing, where you are likely to hear a lot more. We will, for the
sake of this module, just focus on the second part, the case interview.

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So, let me break the ice a bit with asking those of you who have been through a case interview process, how many of
you feel this way? Do not worry. You are in an overwhelming majority, if you do. But with the approach that I will lay
out, the techniques that I will introduce, the methodology that you are going to hear, you will be in an extremely
strong position to present yourself for your next interview. So, keep moving for my case interview secrets.

A. Now, coming back to this approach to case interview problem solving. The first step in the approach is to
frame the problem, and it involves summarising the question, asking clarifications to further your
understanding, getting fuller context where required, and successfully identifying case archetype, which will
determine the approach that you will take through the onward sections.

B. The second step is to analyse the problem, which is all about sketching out the overall approach and getting
the buy-in for the interviewer. Framing those hypotheses, laying out and drilling down issue trees, and
identifying root-causes.

C. After you have performed an in-depth analysis of the problem, the third step is to analyse possible solutions.
While doing so, you will have to brainstorm through all the possible options, assess them, and prioritise
them to arrive at the optimal solution.

D. Finally, you will close the case. This step would involve spending some time if possible, defining a concrete
action plan, defining and agreeing on a certain set of KPIs that you would like to measure success with,
identifying the risks that you see, and the actions that you will take to mitigate them. Finally, you will make
your finishing statements.

As you do all of these, just like you had ways for continuous enablement earlier in the problem-solving process,
likewise, you will need to showcase a few traits consistently through the case interview process as well.

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For example, do not shy away from making assumptions, but clarify them. This shows an ability to deal with
ambiguity. Keep prioritising. Be it issues you identify, or solutions. This shows you have a sense for value. Solicit and
engage on feedback. No one expects you to be completely right or to solve hard problems on your own. Be ready to
connect the dots. This shows an ability to listen and assimilate and intelligently associate what you have just learnt
with what you did in the past. Finally, keep synthesising. Even more important than summarising. This shows that
you are actively thinking about communicating the answer.

With this approach in hand, you may ask what kinds of problems am I likely to encounter? And if you did, that is a
great question, and the topic for our next discussion.

There are several cases archetypes one could possibly look at when it comes to a case interview. However, the good
news is, there are probably 8 archetypes that get discussed most in case interviews, and the remaining appear with
less frequency and sometimes only for specialised hires.

The most archetypes are the following: The profitability question, where you look to improve the profit margins of
concern. The “how do I sell more” question. “How can I drive volumes and realisation growth?” The cost
optimisation question - how do I reduce my costs? The pricing strategy question - how do I price my offering?

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The growth strategy question - how do I extract growth and revenue acceleration? The new market entry strategy
question - what and how do I enter a new market? The new offering development question - what and how do I
launch a new offering? It could be a product, a solution, a service. The business incubation question - how do I stand
up an entirely new business, lock, stock, and barrel?

These aside, there are many other questions that appear less frequently in a consulting interview but could be very
common if you are applying to other interviews. A good example of such an interview is the infamous Guesstimate,
which is a little more common in the product management interviewing world. A fuller list is shown alongside.

Further, there are more functional focused interviews as well. These are especially likely to come if you are laterally
applying to a consulting company or to a role in the strategy department and bring a ton of experience in any one of
these functions. For example, procurement, manufacturing, supply chain, and finally, marketing and sales, also
fancily called go-to market. Once again, in all my years of having fielded about 25 high-stake case interviews, I have
not come across too many of the ones tagged moderately and least common.

So, let's spend a few minutes talking about the interviewer, or the group of interviewers who sit opposite you. What
are they looking for? Well, I am about to spill out the beans. If I look at the many interviews that I have conducted

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and at what multiple good friends of mine who routinely interview across these premier consulting firms share, the
things we all look for are remarkably similar.

They fall into four broad buckets:

1. One, problem solving. Here, we are looking for an innate and natural ability to understand, clarify, and frame
the real issue at hand. Cut out the noise, take a hypothesis-led approach, structure to lend clarity and
direction, take a logical approach, deploy strong analytics, prioritise, and demonstrate a nose for value,
exhibit good business sense and general awareness.

2. Two, client leadership. Make no mistake. Consultants are in a client-facing, client-first business. That is also
true of other high-impact roles. So here, we are looking for the ideal candidate who can display day-one
client readiness. That is to say, can I take him or her to my client on day 1? We are looking for a certain level
of gravitas and maturity. We are looking for strong communication skills which are top down, structured,
prioritised, clear, concise, data-backed, and fact-driven. Most importantly, we are looking to hire a client
leader who lives and breathes a client-first, client-centric attitude.

3. Three, a people orientation. Consulting is a leadership factory. Therefore, we are looking for natural
leadership displayed by an ability to take charge and steer the consulting interview. We are looking for a
capability to deliver reliably under pressure, while multitasking and managing optimally 360 degrees. We are
looking to build an ambassador for the brand, who exudes charisma and trustworthiness. But most
importantly, we are looking for excellent team players.

4. Finally, and fourthly, a fit with the firm. And it's true with the interviewer too. We are looking for signs of
genuine longing to be in consulting, and the specific firm. This place of ideals and values to the firm looks to
amplify, and the interviewer holds very closely to heart. Most importantly, here we are looking for people
who will pass the airport test or the cab test. Will I wish to hang out with this person for a couple of hours at
the airport? Will I fancy sitting with this guy cooped up in a car to a factory a few hours away?

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One last comment. If you spend even a few weeks speaking with people on consulting, you are very likely to hear the
word, spike. This means, do you show a natural and differentiated strength in any one dimension? This is because of
a strengths-based leadership philosophy that is becoming increasingly common in these firms, where they believe
that strong leaders can be groomed by focusing inordinately on their strengths.

It's time to simulate a case-solving experience and to stimulate your minds. Here’s the opening statement from a
round-one case interview I actually administered. Plastic Co. It is a premier client of ours, and is in the business of
manufacturing plastic products, and it has multiple lines. Ravi, a good friend of mine and the owner of Plastic Co,
feels that the margins can be higher, and wants to engage us. How will you help Ravi?

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Some quick callouts. This is a standard profitability case interview. Such a case is almost guaranteed to appear in
every case interview process, sometimes multiple times. It also is something that is quite likely to appear on your
first interaction. So, prepare yourself very well for this.

The profitability case interview can have two variants: A) Where you are tested with numbers, and B) Where you are
not tested with numbers. Usually, the interviewer will indicate to you that he or she expects that you perform some
calculations. Today's interview, while it does involve some very basic numbers, is not rigorous quantitatively
speaking.

Before you view the recording or the transcript that you shall soon see, think through how you would have gone
through structuring this case. Structuring this case is everything. Keep referring to the recommended approach to
solving the case interview.

Next, review the interviewer and interviewee in action, based on the shared transcript. Form your own thoughts on
what went well and what could have gone differently. Finally, play through the next few sessions where you can
review my take on this interview. Here, I share some observations of what went well and what could have gone
differently, with some recommendations.

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So, what did you think about case handout page 2? How did the interviewee go about this? Where did she do well,
and where could she have done better? Let's take a closer look at the opening 2-3 minutes of the case interview
where she tried getting her first grip around the question and paraphrasing it. Some observations so far: I would like
you to notice how she used the stall. If you notice the ‘hmm’ at the start, it is a particularly useful hack to buy more
time. Feel free to use it to show consideration to the problem and to allow you a little bit of time.

The summary was also executed fairly well. That is, step 1a. The summary is especially useful to verify your
understanding of the question, while also again buying yourself a little bit of time to further collect thoughts. It also
prevents costly errors that can creep up later in the case. On the flip side, the interviewee could have handled the
silence after the summary much better. Lest keep the interviewer guessing, let them know that you are taking the
time to put down a few clarifications or considering further course of action.

Okay, let’s now pause on this bit at case handout page 3. As the interviewee further frames the problem. What do
you think happened so far? How do you think she performed?

I thought this was a pretty interesting session. I particularly liked the interviewing style on two specific questions. A,
why Ravi feels the margin could have been higher? It’s an interesting probe. As a consultant, while your job is to use
fact-based judgement to help your clients, you must fully acknowledge emotions and feelings. The choice of words,
especially feels, gives me that sense. This should tell you how much the interviewers tend to read through specific
words.

B, the open-ended question on whether we are doing anything different from our competitors, was a pretty smart
move. It let the interviewer spill some beans. You could have asked through a hundred angles to get to the same
insights you did, but this is far more efficient. One note of caution though. This may come back at you with a note to
be more specific. My recommendation when you use this ploy is to always be prepared for such a deflection.

On the flip side, I would have pursued the underperforming the market line a bit better. Getting some clarity around
who constitutes the market is actually important. As you will study more on strategy, you realise defining your
market’s boundaries is extremely important. For example, if the market here as defined by the interviewer also
includes high-margin plastics such as what goes into auto, your margins are bound to be lower than the market.

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Also, understanding the business model is fundamental. Was the client in the business of low-cost contract
manufacturing, which could mean lower margins? Similarly, who were the customers? So, that’s a few specific lines I
might have explored.

Let’s hit the pause button here again on case handouts page 4 and page 5, as our interviewee lays out her initial
approach and hypotheses and begins breaking the problem down. Again, reasonably well done. The interviewee did
well to lay out the issue tree early in the case, something I see many people struggle with. Not laying out the
approach means, A, the interviewer does not know what you are doing or the overall approach to your case, and B,
the interviewer cannot nudge you to the right parts of the case that they want you to solve.

A couple of things to consider doing differently. The first thing I would suggest, it is always useful to lay out the broad
overall approach to the 20-25-odd minutes. Mention how you would like to go through it.

For example, here I would say I would like to first identify the issues affecting profitability. Then, I would like to
prioritise these issues. Then, I would like to identify a long list of solutions, and then, I would like to prioritise them.
And finally, and hopefully, I find enough time to think through immediate actions, risks, and how we measure
success. After stating this, you could also ask the interviewer for feedback on this overall approach.

The second thing I would suggest is to look a bit deeper on the profitability issue tree. Here, there are a few things
our interviewee could have fine-tuned. Important, for example, to call out that this needs to be done by business.
Important to also call out that there are other ways of growing your revenues. For example, new businesses which
we won't consider today. That allows you to stay MECE in a way.

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Before we go further, let’s examine how she did the part around prioritising and drilling down. I am referring to case
handout page 6. How did this bit go?

The interviewee I think makes some bit of a headway on the apparent role of prioritising. A couple of things that
went well. A, the interviewee gets to a sense of where the value may be pretty quickly, by assessing the magnitude
of the cost item and the differential versus market average. The interviewee also, B, prioritises, looking at costs,
linking the this back to feedback from the interviewer before. This shows that she was taking down notes.

On the flip side, I think a few things the interviewee could have done better. A, the interviewee could have easily
clarified the intent of this line of questioning here by saying she is looking to prioritise the issues, which may not be
apparent to the interviewer. B, the interviewee could have also clarified the approach to prioritisation. That is to say,
she is considering looking at the magnitude of the cost item and the differential versus the market average. The
interviewee does also miss out on one important dimension, which is the ability of the firm to pull some of these
cost levers, an often-important aspect left out by over-eager consultants.

More of the ground covered through case handout page 7. Where is this heading, as you see it? If you send a bit of a
face-palm moment in there, as some interviewers would say, you are spot on. It is extremely important to simply
listen to interviewers fully, and to get your numbers right. Listening, numeracy, attention to detail, all of these are

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important. And in one stroke, the interviewee puts all of that in doubt. If something like this happens, do expect that
at minimum this is looked at very closely through the debrief on you as a candidate. So, best avoiding this in the first
place.

That aside, I think the synthesis went well. The interviewee managed to summarise the highlights, she called out the
insights, she also communicated forward focus, thankfully also getting the interviewers’ buy-in.

Even more headway made in terms of drilling down as the interviewee moves through case handout page 8. How
successful was she out here? What do you think? Would you have done this differently? Overall, a reasonable
section again. Not too bad, and at this rate she will go through into her next rounds with some feedback on certain
aspects to tighten.

On the positive side: A, the interviewee showed the ability to dimensionalise the costs of conversion and identify the
root causes. B, the interviewee also managed to get the interviewer to agree with focusing on just the costs of
conversion. That is, by identifying potential solutions, prioritising them, pre-empting risks, etc.

On the flip side: I found the push the interviewee gave on specific questions not quite enough. For example, I
personally don't think it passes muster when someone says that they did not change something because the change
calls for something new to learn. Hmm. That would set alarm bells in my head ringing and I would tend to follow up
with pressure testing if that really is the reason, or if it is just a ruse.

Okay, let’s pause here for a second on case handout page 9. Did you spot the rookie error? Well, let’s look at it
together again. I think this section showed some good ideation. The idea of having someone join in as a consultant,
based on a tid-bit that the interviewer threw out about a firm and a friend in Delhi, was an interesting attempt. I also
liked the fact that the interviewee is steering the conversation nicely. That is, to ask the interviewer if the ask would
be to follow through on both the solutions identified, or if the ask is to prioritise.

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This section also brings to light that, as an interviewee, do not get carried away with your thoughts. State all the
assumptions. That was the rookie error I was referring to. Make sure you always get this bit right.
An insightful 20 minutes, you may think, as we close out case handout page 10. I think the interviewee framed the
risks nicely along with the three buckets of people, systems, and processes.

That’s said, a few things to really note. One, I believe the interviewer was looking for more. Based on the responses
to the system integration challenge and the mitigation measure proposed. As an interviewee, it is important to read
the tone and the body language well.

Do not hesitate to ask if the interviewer is looking for more, if you think your gut says so. Two, I also think the
interviewee missed a trick in the bag by not bringing up the point around finances again. Although the interviewee
mentioned they could be looking at rented, leases, or a second-hand option, the finances still need to be arranged.
Always demonstrate that you have an eye for money.

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Perhaps the strongest section of the case, and let’s review the last page of the case handouts, page 11. I would say
this was a pretty neat close. Notice that the interviewee lays out quick context to the chairman, which could be
important, given the person would need some level of quick context setting. This shows client awareness.

The summary also quickly gets down to the biggest insight. That is, the largest cost heads are also your biggest
optimisation levers. Further, there is clear articulation of the actions that will make this very tactical for the listener.
Finally, the next steps were the cherry on the cake. I think it is a good way to show that you are thinking of what lies
ahead. Overall, such a strong close can really help you, so make sure you have a good framing in mind to do these
always.

So, final thoughts. Did you think the interviewee showed enough to make it to the next round? Well, yes, the
interviewee did enough to earn a shot at her next round. She received some feedback after her first two rounds and
did eventually make it to the firm.

Do a quick check online, and you will see there are so many views out there on what to do and what not to do, when
it comes to the actual case interview. This list I give you is not just another list. It is what I have distilled as important
through years of hearing in, participating in, administering case interviews. It is what I've had lengthy discussions and
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brainstorms with fellow recruiting managers on. So, it's a bit of a big daddy of all lists. Almost everything any
interviewer ever cared for is out here. So, let's take a look.

No discussion on case interview preparation or case interview handling happens without a line on the famed
frameworks. So, let's just get that out of the way.

1. Tip number 1: I would say, assimilate the standard frameworks out there. Do not try and learn them by rote.
It's not easy. And do not try and apply them directly - you may trip. Instead, think what of the framework
could be applicable here, based on the situation, the angles, and the hypotheses you are testing.

2. Which brings me to tip number 2: always take a hypothesis-led approach. Some people ask me when, in a
case interview, is ideal to roll out the hypotheses. I would say in a 25 to 30 minutes discussion, any time after
10 minutes is too late and any time before 5 minutes could be too early, and perhaps jumping the gun a bit.

3. Say, you've laid out the hypotheses. What do you need to do next? Right, structure. That's tip number 3.
Always outline the approach. Perhaps even write it out on a piece of paper. I remember one successful
candidate did that, and the great thing he did was he kept referring to it. In a way, it’s like how you would
plan your project out once you are in the firm. You would structure the flow of the three-month
engagement, right? This shows you can do that.

4. Now, as you lay out the structure and the issue tree, you need to focus on the MECEness, especially the ME,
mutually exclusive part of it. Yes, that's my tip number 4. Keep an eye out always for consistency,
materiality, simplicity, and actionability as you write out the various angles.

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5. Next up, tip number 5. Oftentimes, as you write out the issue tree and the various options, you will be
confronted with a fair number of unknowns. If this sounds like news, do note that every case that you ever
solve and every problem you ever confront will have some level of unknowns. Demonstrate composure with
ambiguity. Embrace assumptions. Please make them, but also call them out. Most importantly, remember,
assumptions are assumptions. You are likely to go wrong in perhaps a third to a fifth of the cases, depending
on how good your gut is. But that's okay. Just remember to gracefully retrace and rethink when you're asked
to revisit them.

6. Now, tip number 6. Here's what I find a lot of interviewees forget. A case interview is a conversation, first
and foremost. Focus on the conversation. Engage the interviewer. Build a rapport. Question and listen and
assimilate and keep conversing.

7. Next up, tip number 7. Communicate with purpose. Always keep it executive ready. Follow the pyramid
principle. Be organised, be fact-based, and data driven.

8. And here comes the next tip: one that I find a lot of potential candidates take a lot of stress over, so I want to
debunk this for you. There is really no right or wrong answer. Interviewers look more for how you approach
the case.
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 9. Tip number 9. People will forget what you said, people will forget what you did, but people will never forget
how you made them feel. Please focus on being likable and authentic. Remember, it is, after all, a person
that is opposite you. No one wants to work with a jerk.

10. Finally, here comes tip number 10. Let me close this out with my own 7 S’s. Remember these. Show the way
- that is, drive the interview, but be polite to get the guidance. Step back - always think about the bigger
picture. Segment - always do this, as the averages often hide the details. Simplify - cut out all the jargons and
the BS, the bullshit, as consultants tend to refer to it. Synthesise - one better than summarise. Structure -
always lend some kind of structure and avoid the dreaded laundry list of bullet points. So what? - Think
about what this means for the client always.

So, there you have it. My top 10 tips. I'd love to see you put these to practice. What else have you observed or heard
or experienced? I'd also love to hear from you.

Congratulations, if you have made it thus far. With that, we have come to the end of Module 4 - introduction to case
studies. We have seen how the case interview fits into the traditional interviewing process, mostly typical of
consulting firm interviews, interviews for strategy roles, and some interviews from product management roles.
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We took a tour through the case interview itself, the archetypes, the expectations of interviewers, the approach that
you need to take, and my top 10 tips to crack the case interview. Finally, we also got to apply this to a problem. And
you got to hear into a real consulting case interview, well, almost!

Next up, let’s head to the close of the module in this next session, which is also the shortest. I will quickly recap all
that you have achieved and orient you to the journey you are about to embark on.

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