Professional Documents
Culture Documents
Yes, this is a BIG topic. The depth of content in this single article is HUGE with various
chapters ranging from beginner’s topics to more advanced ones. You would want to
bookmark this page and go back often throughout your whole preparation journey.
“We have a restaurant called “In-and-out Burger” with recently falling pro몭ts. How can
you help?”
“The CEO of a cement company wants to close one of its plants. Should they do it?”
“A top 20 bank wants to get in top 5. How can the bank achieve that goal?”
Case interviews are modeled after the course of actions real consultants do in real projects –
so success in case interviews is seen by consulting 몭rms as a (partial) indication of a good
management consultant.
During the interview, the interviewer will assess your ability to think analytically, probe
appropriate questions, and make the most client-friendly pitches. Be noted that the analytical
thought process is more important than arriving at correct answers.
Candidate-led cases
On this end, the interviewer rarely intervenes; the candidate will lead the approach from
structuring the problem, drawing frameworks, asking for data, synthesizing 몭ndings, to
proposing solutions. This format can be di몭cult for beginners but it provides you with much
control over the case.
Interviewer-led cases
On this end, the interviewer controls the process in signi몭cant ways. He or she has the
candidate work on speci몭c parts of the overall problem and sometimes disregards the
natural 몭ow of the case. The game here is not to solve the one big problem, but rather to nail
every question, every pitch, every mini-case perfectly. Because the evaluation is done on a
question basis, the level of insightfulness required is higher.
Most cases will fall somewhere in the middle section of that spectrum, but for educational
purposes, we need to learn case interviews from both extremes ends.
Great details in each and every aspect of the case, as well as tips, techniques and study
plans are coming in the chapters below. You may skip straight to Chapter 3 if you have
business background and con몭dence in your own understanding of the terminology used in
case interviews.
To better understand or practice candidate-led and interview-led cases, let’s book a personal
meeting with our coaches. At MConsultingPrep, you can connect with consulting experts
who will help you learn the ins and outs of both cases and the solving approach to each one.
Get “real” practice now!
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All consulting 몭rms claim that all educational backgrounds have equal chances. But no
matter what, case interview re몭ects real-life business problems and you will, therefore, come
across business concepts.
Not everybody has the time to go to a full Business Undergraduate program all over. So
through this compact Chapter 2, I will provide you, the non-business people, with every
business concept you need in case interviews.
There are three basic 몭nancial statements: Balance Sheet, Income Statement, and Cash
Flow Statement.
Balance Sheet
A snapshot of the current stage of the company’s property, debt, and ownership at one given
point in time, showing:
Assets: what the company owns: Building, Equipment, Cash, Inventory, along with some
other intangible items.
Liabilities: what the company owes: Loans, overdrafts, bills to be paid, etc. Debt is like
negative assets.
The neat thing about the Balance sheet is that it’s always balanced. Every action, every
transaction changes the three components but it’s always in harmony.
Income Statement
A record of the business performance through a period of time, given it a quarter or a year.
The Income Statement directly tells you how the company is doing in terms of making
money, the heart of any business.
From the top to bottom, the Income Statement shows the Revenues, Costs, and Pro몭ts.
That’s why often, Pro몭ts are referred to as the “bottom line”.
There are a few types of costs to notice – see the two pictures below this table.
One important thing to notice is that even though it may seem like, the Income Statement
does NOT necessarily relate to cash. Many times, especially for B2B transactions, the selling
happens before the money 몭ow. Therefore, we may have to record revenue without having
the cash.
There’s a famous saying that: Income statement is an opinion, Cash Flow statement is a fact.
The Cash Flow statement just strictly monitors the cash 몭ow in or out, categorized into
di몭erent sections. Three of them are:
Operation: illustrates how much cash the company can generate from its products and
services.
Financial: includes the sources of cash from investors or banks and the uses of cash paid
to shareholders.
Investing: includes any sources and uses of cash from a company’s investments.
Upon completion this section, you should be able to read and interpret 몭nancial statements
for business diagnosis and decision-making.
More importantly, you possess the conceptual base to start solving case interviews on your
own. Do not forget that, as with any other language, becoming pro몭cient with accounting
and 몭nancial terms require constant practice.
Technically, at the highest level, there are shareholders. For private companies, the group of
shareholders and their shares are not necessarily disclosed and publicly tradable. For public
companies, on the other hand, shares are publicly traded on di몭erent stock exchanges. One
of the most famous is the NYSE, which stands for New York Stock Exchange.
A company can have one, a few, or millions of individual owners, but being governed by
the Board of Directors – a group of people elected by owners, with the President or
Chairman being their highest leader.
The Board usually hires a management team to manage the company. They are led by the
Chief Executive O몭cer – CEO, who makes every decision on day-to-day work. Most of the
time, the Board of Directors doesn’t directly intervene in the CEO’s work, but they reserve
the right to 몭re CEOs.
Below CEOs, there are two general two ways of structuring the company. One way is through
business lines and the other one is through functions. Think of business lines as mini-
companies themselves inside the big company.
Within functions, here are a few most typical divisions most companies have:
Business strategy concepts
Even with business students, strategy is a challenging topic – especially with those without a
strategy major. These fundamental concepts will get you started.
Organization: In general, this refers to how a company is organized, what are di몭erent
components that make up a company
Governance refers to how a company is managed and directed, how well the leader team
runs. The leader team includes the Board of Directors and Board of Managers. A company
with good governance has good leadership people, tight control, and e몭ective check &
balance processes, etc.
Process looks like rules and common practices of having a number of processes,
entailing every single activity. Process design should include 4 factors: who, what, when,
and accompanied tools.
The what part is presented through the big mid-session with each box represents every
single activity.
B2B vs B2C: stand for “business-to-business” and “business-to-customer”. These two terms
refer to two types of transactions a company typically does: transactions with other
companies and transactions with individual customers.
Bottom-up vs Top-down: this refers to two opposite schools of thought or action. Top-down
usually encompasses various general branches while bottom-up tends to narrowly focus.
Lever: Think of this as one or a group of initiatives, actions to perform to meet certain
goals. e.g. some levers to help increase customer experience in a hotel are free breakfast,
free Wi-Fi, 24/7 support, etc.
Best practice: Refers to how things should be done, especially if it has been successfully
implemented elsewhere.
Granular: This refers to how speci몭c and detailed a break-down or an issue goes. For
example, a not-so-granular breakdown of the NBA is the West and the East conferences.
A much more granular is something like this: Leagues, Conferences, Divisions, and
Teams.
MECE: MECE is so important and we explain it in detail in this article. In short, MECE is
the standard, per which we can divide things down in a systematic, comprehensive, and
non-overlapping way.
There are three parameters the consulting world uses in the categorization of businesses.
Industry: used to group di몭erent companies mostly based on their product (Banking,
Construction, Education, Steel Industry, etc.)
Function: is the categorization mostly based on missions and the type of roles of di몭erent
parts of a company. We can count some as Human Resource, Finance, Strategy,
Operation, Product Development, etc.
Normally two consultants ask each other “What do you work on?”, they need to give 3 pieces
of information in all of those three parameters, such as “I worked on a Cement project,
focusing on Finance, in Southeast Asia”. In fact, all of the McKinsey support networks are
organized in this way. During my projects, I would need to speak to some Cement experts,
some Finance experts, and some local experts as well.
This chapter is relatively long, yet it is still way shorter than 4 years at business college. I
hope this will act as a great prerequisite to your case interview study. Make sure that you
have mastered all of these content before really tackling the Case Interview.
Learn more
Case interview example – The typical 몭ow
In a simpli몭ed way, a typical case would go through these phrases (we will talk about
exceptions in great detail later):
Case question -> Recap -> Clari몭cation -> Timeout -> Propose issue tree -> Analyze issue tree
-> Identify root-causes -> Solutions -> Closing pitch
Phase Script
Case Interviewer:
Question
Let’s say we have a restaurant called “In-and-out Burger” with recently
falling pro몭ts. How can you help?
Recap You:
Let me playback the case to make sure we are on the same page. So our
client is “In-and-out Burger”. The case objective is to solve the pro몭ts
problem. Do I understand it correctly?
Interviewer:
*con몭rms*
Clarify You:
Thank you. The 몭rst step in solving any problem is to make sure we solve
the right problem. I would like to ask a few clari몭cation questions to make
sure I really understand the case from top to bottom. So here are my
questions: No. 1… No. 2… No.3 …
Interviewer:
(There are ways to trick him/her to give you more than he/she should. We
will talk about this in later chapters below)
Phase Script
will talk about this in later chapters below)
Timeout You:
(Once felt like the problem is well understood along with a few perks of
data, take a timeout to kick start the problem-solving process)
Thank you for all the information. The case objective is very clear now. I
would like to take a short timeout to gather my thoughts
[Timeout]
Propose You:
Issue
Tree (After an intensive thinking process, you propose an issue tree to break
down the problem and hopefully 몭nd the root cause soon. You may also talk
a little bit about your overall approach before actually doing it. More on this
later!)
So here is my proposed issue tree for this problem. On the top layer, I would
break the analysis into 2 big branches: Revenue and Cost. Do this overall
approach and the issue look ok to you?
Analyze You:
Issue
Tree (Go into each branch, ask for data to test if the branch contains the root
cause. Remember, only test the highest-level branch, don’t go into the sub-
branch just yet. More on this later!)
Now I would like to explore the 몭rst branch: Revenue. I would like to ask for
a few data points to test if the root cause is in this branch or not. If yes, I
would go deeper, creating another layer with sub-branches. If not, I would
cross out this whole Revenue branch, and spend valuable time with the Cost
branch. Does this issue tree look good to you? [Analyze the tree]
Phase Script
(After the interviewer con몭rms (most likely he/she will), you ask for data to
test the Revenue branch. There are many possible tests, but the most
simple and popular ones are historical and competition benchmarks. More
on this later.)
Now I would like to explore the 몭rst branch: Revenue. I would like to ask for
a few data points to test if the root cause is in this branch or not. If yes, I
would go deeper, creating another layer with sub-branches. If not, I would
cross out this whole Revenue branch and spend valuable time with the Cost
branch.
So, has revenue been increasing or decreasing over the past few years?
Identify You:
Root-
Causes (One by one, branch by branch, sub-branch by sub-branch, you analyzed the
whole issue and found out rising raw material cost as the key root cause for
the pro몭t problem.)
So we have exhaustively analyzed the whole issue tree and the data clearly
shows that raw material negatively a몭ects the bottom line. Fixing this root
cause will completely eradicate the pro몭t problem. The next step is to cure
this root cause.
Propose You:
Solutions
May I take a time-out to come up with solutions?
Interviewer:
Good job 몭nding the root cause and coming up with those solutions. If you
have 30 seconds right NOW to speak with the company’s CEO, what would
you tell him?
Closing You:
Pitch
Mr. CEO, thank you for working with us on this interesting business
Phase Script
problem. After rigorous analyses, we have concluded that the rising in raw
material cost is causing overall pro몭t to plummet. Here are three solutions:
No.1… No.2… No.3…
Learn more
Even though this is the harder format, it shows us the foundation of how management
consulting works, i.e: the consulting problem-solving logics!
If you were exposed to case interviews, you have probably heard about some of these
concepts: framework, issue tree, benchmark, data, root cause, solutions, etc. But how do
they all 몭t into the picture?
This sounds easy but can be quite tricky. Here are a few guidelines:
1. What’s the objective?
For example, one client can state a problem as: “I lost my car key”. In normal contexts, this is
a perfectly simple and straightforward problem. But a consultant tackling this would go ask
clari몭cation questions to achieve even more details:
1. Objective: the client in fact just needs to be able to use the car.
2. Timeline: this is an urgent need. He is happy only if we can help him within the next hour.
3. Speci몭city: help the client put his car into normal operation like before he lost the key.
Find the ROOT-CAUSE, don’t just 몭x the symptom
To completely wipe out the problem and create long-lasting impacts, consultants
always search and 몭nd the root causes.
For example, 몭xing the symptom is like you breaking the door lock, getting into the ignition
electrics behind the wheel, and connecting the wires to start the car.
That does 몭x the surface symptom: the client can drive the car. But it does NOT create a
long-lasting impact because without you there, the car can’t be started. The client will need
to rely on you every single time. Plus, more problems even arise (now he needs to 몭x the
broken door lock too).
A much better approach is to 몭nd the root cause. What is the bottom-line reason causing the
problem? Once we trace, 몭nd, and 몭x it, the problem will be gone for good.
In this example, the root cause is “the lost key”. We need to 몭nd its location!
Use ISSUE TREE to isolate potential root-causes into groups
There could be thousands of possible root-causes. How do we make sure every possible one
is examined? If we are to list out all thousands and test one by one, there is simply not
enough time. On the other hand, if we just list out some of the most “possible” ones, we run
a high risk of missing the true root-cause.
This is where we need issue trees! We would group possible root-causes into big groups.
Those big groups will have smaller sub-groups and so on. All is done in the spirit of top-down
and MECE. By doing this, we have an organized way to include all possible root-causes.
Continue with the example: A “bottom-up” approach to search for the car key is to go straight
to speci몭c places like the microwave’s top, the black jacket pocket, under the master bed,
etc. There can be thousands of these possible locations.
The top-down approach is to draw an issue tree, breaking the whole house into groups and
examine the whole group one by one. For example: 몭rst 몭oor, second 몭oor, and the
basement.
Issue Tree only works if it’s MECE
What happens if we break down the search area into the First 몭oor and East wing? The
search area would not cover the whole house and there will be some overlapping which
creates ine몭ciencies.
So for an issue tree to work properly, it has to be MECE – Mutually Exclusive and Collectively
Exhaustive … which in simple language just mean 2 things: no overlap and no gap
How to draw MECE issue trees? Use FRAMEWORKS!
Each problem requires a unique issue tree. Coming up with MECE and spot-on issue trees for
each problem can be really di몭cult. This is where “framework” helps.
Think of frameworks as “frequently used templates” to draw issue trees in any particular
context. Many people use the word “framework” to refer to “issue tree” but this is
conceptually incorrect.
We will talk about frameworks in more detail in the below chapters. You can also check out
this deep-dive article on Frameworks.
So let’s say you have an issue tree of First 몭oor, Second 몭oor, and Third 몭oor. Now what?
To make the problem-solving process even faster and more e몭cient, we use hypotheses. In
simple language, it’s the educated guess of where the root cause may lie in. So we can
simple language, it’s the educated guess of where the root cause may lie in. So we can
prioritize the branch with the highest chance.
So let’s say, the client spends most time on the 몭rst 몭oor, it’s where he/she most likely leaves
the car key. Any consultant would hypothesize that the root cause is in the 몭rst-몭oor branch
and go search there 몭rst.
Notice: hypothesis and issue tree always go together. It doesn’t make sense to draw an issue
of First, Second, and Third 몭oor and hypothesize that the key is in the East wing. Many times,
hypotheses are even the inspiration to draw issue trees.
We prove or disprove our hypothesis by collecting DATA. That data is then compared with
benchmarks to shed more meaning. Two main types of benchmarks are: historical and
competitive. For example, let’s say by some magic, the client has a metal detection machine
that can measure the metal concentration of any space.
To test the “몭rst-몭oor” branch, the consultant would come to the 몭rst 몭oor, measure the
metal concentration and compare it with the data before the car key is lost, a.k.a: historical
benchmark.
If a hypothesis is true, drill down; if it’s false, go sideways
What happens when we test a hypothesis?
Assuming that we have access to enough data, it either gets proven TRUE or proven FALSE.
How do we proceed from here?
Proven True: go DOWN the issue tree to sub-branches! Let’s say the metal detector
identi몭ed the key IS indeed on the 몭rst 몭oor. Go deeper. Draw sub-branches of that 몭rst-
몭oor branch and repeat the process.
Proven False: go HORIZONTAL to other big branches! Let’s say the metal detector denies
the key presence on the 몭rst 몭oor. We then can cross out this branch and go test others,
a.k.a: the second and third 몭oor.
Learn more
In this chapter, we touch on some of the most popular ones. You can read in-depth about
each in this designated article.
This is one of the most popular question types in case interviews, often asked in the
beginning. It comes with several shapes and forms, but the real meaning is always: “Give me
the bloody issue tree!”
So how do you tackle it? Just like in candidate-led cases. Take a timeout; brainstorm about
the problem and how it should be broken down into; plug a few frameworks to see how it
looks; and go for the most appropriate issue tree.
Unlike in candidate-led cases where you only present the upper-most layer, here you should
walk the interviewer through the whole issue tree, covering at least 2 layers. Interviewer-led
cases are much less interactive. It’s more like they ask you a question, and you deliver a
comprehensive and big answer. They ask you another one. And so on.
This is among the most popular question types and you will likely face a few of them
throughout several interview rounds. These questions ask you to “guess” and come up with
number estimations in non-conventional contexts. These questions are called
“Guesstimate”.
“Guesstimate”.
When a guesstimate question asks you to “guess” the size of a market, it’s called a “Market-
sizing” question. Though this variation is very popular in consulting, the nature is nothing
di몭erent from other Guesstimate questions.
It can be intimidating to face a question like this. Where to start? Where to go? What clues to
hold on to?
The key is to understand that you don’t have to provide an exact correct answer. In fact,
nobody knows or even cares. What matters is HOW you get there. Can you show o몭
consulting traits, using a sound approach to come up with the best “estimate” possible?
Read the designated article on this for great details. Here, let’s walk through the 4-step
approach that you can apply to absolutely every market-sizing question.
Step 1: Clarify
Make sure you and the interviewer are on the same page regarding every detail and
terminology, so you won’t be answering the wrong question.
Break the item in the question (number of trees in Central Park, market size of pickup trucks)
down into smaller, easy-to-estimate pieces.
Estimate each small piece one at a time; each estimation should be backed by facts, 몭gures,
or at least observations.
Combine the previous estimations to arrive at a 몭nal result; be quick with the math, but don’t
rush it if you aren’t con몭dent.
Math questions
“If the factory can lower the clinker factor by 0.2,
how much money will they save on production cost?”
Almost all cases involve some math. So you will face math questions for sure. These
“questions” can go at you either explicitly and implicitly. Sometimes, the case interviewer will
ask out loud a math problem and have you solve. But sometimes, you have to do multiple
calculations on the background to push the analysis forward.
Either way, a strong math capability will help you a lot during cases and the future career in
consulting. See this Consulting Math article for more details.
Consultant works with data and a big chunk of those data are presented by charts. Many
times, the interviewer would pull out a sanitized exhibit from an actual project and have you
list out insights you can see from it.
There are many types of charts. Getting yourselves familiar with the most popular ones is not
a bad idea.
Bar charts simply compare the values of items that are somewhat parallel in nature.
Line charts illustrate the continuous nature of a data series, e.g: how my heart rate
evolved through time.
Pie charts illustrate proportions, i.e “parts of a whole” analyses.
Scatter-plots use data points to visualize how two variables relate to each other.
Correlation for example.
Tips on tackling chart-insights questions:
1. Read labels 몭rst: from Chart titles, Axis titles, Legend titles, etc. Don’t jump straight to the
content of the chart. It takes more time to get lost there and has to go back to read the label.
Besides, you may also run a risk of misunderstanding the content.
2. Look for abnormalities: important insights always lie in those unexpected and abnormal
data. Look for them!
In simple language, this question type asks you: what do the customers want?
Understanding exactly this need will put any company in the best position to tailor
products/services.
Like any other questions, Value-proposition questions are not only about correctly identifying
customer preferences (insights) but also about analyzing and delivering the answer in a
structured fashion. Here are a few tips for you to do that:
It always helps to break customers into groups and provide di몭erent substances for each.
Put yourselves into the customers’ shoes. Think from the 몭rst-view perspective and more
insights will arrive.
insights will arrive.
If there is any data/ information previously provided in the case, de몭nitely use it.
Follow this structure: Customer group 1, Customer group 2, etc. Under each: Factor A,
factor B, factor C.
Develop your personal script for this question type. Make sure it’s easy to follow and
structured in nature.
Information questions
What kind of data do you need to test this hypothesis? How do you get data
Consulting is a data-driven industry. As consultants, we spent most of our time gathering and
presenting data to clients ( see the What the heck does a consultant do video). No surprise
information questions are relatively popular in cases.
The best way to tackle this question type is to understand inside out the types of data actual
consultants use in real projects. Because almost no candidate knows about this. This is also
a very quick way to build rapport. The interviewer will feel like he/she is talking to a real
consultant.
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The dynamic of a case. How energy transfers from one to another person.
Every case is unique in its own way but principles are universal. The more examples you see,
the better. This video is extracted from our Case Interview End-to-end Secrets program,
where you can 몭nd 10 complete examples like this and many other supplement contents.
▶
Case Interview End-to-End Secrets Program
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Too much theory in the beginning can burn brain power very quickly.
Tackling cases without basics can develop bad habits, which eventually cost more time to
unlearn.
Practicing complicated (or even just normal) cases in the beginning can destroy morale
drastically.
So a good study plan is constantly switching between 3 activities: reading theory, watching
examples, and practicing, with cases increasing di몭culty level. It’s so crucial to start with
super easy cases, be patient, and stay on that level until you are ready to move up. There are
so many skills, habits, and scripts to develop and these take time.
Even for candidates with cases coming up urgently, I still strongly recommend spending the
most valuable time practicing cases that match your level. After all, cases are just the
context. What you will be evaluated on is your approach, your skills, your techniques, etc.
So, this is a sample study plan you can adopt for yourselves:
By either:
By either:
Go to this list of free case examples and try to select a very simple one. If you can’t follow
one, it’s probably not good for you. Just skip it.
Read deeply about the logical foundation of problem-solving in this BCG & Bain Case
Interview article.
Watch intensively the logical foundation of problem-solving in this Candidate-led cases
video.
By either:
Practice with consultants. They have the insight and knowledge to help you pass the
interview. Discover our experienced coaches from McKinsey, BCG and Bain here.
Find a partner to practice with. Make sure you both watch this Guide on how to conduct a
case. A bad coach can do more harm than good.
Get your hand on another example in the End-to-end Program. But this time, don’t just
watch. Actively solve the case as you see it! Try to say out loud your version, then listen to
the candidate, then hear the feedback!
Business Intuition is like your natural sense of the business world: how to be insightful and
creative in various business contexts, how to feed the “content” into your approach, etc.
Think of this as a basketball player trained for muscle strength, agility, or durability. Intuition
can be improved gradually through constantly exposing yourselves to a wide range of
business situations and contexts.
Read consulting publications. One article per day for example. Three wonderful sources
are: McKinsey Insights, BCG Perspectives, and Bain Publications
Train case interview questions individually. By isolating each part of the case, you can
focus more on the substance. Hit that link or get more question training on the End-to-
end Secret Program.
At this stage, please still stick to very basic cases. The goal is to see all of the knowledge and
At this stage, please still stick to very basic cases. The goal is to see all of the knowledge and
skills above in real action. Again, this can be done by either:
Find another partner to practice with. Just make sure you both watch this Guide on how
to conduct a case. A bad coach is always more harmful than not practicing at all.
See another example in the End-to-end Program. Like the previous one, try actively
solving the case as you see it! Say out loud your version, then listen to the candidate, then
hear the feedback!
By either:
Read on! The below chapters of this very article will provide you with more advanced
theory and killer tips.
Watch the whole Tips & Techniques sections of the End-to-end Program. You will 몭nd 10
examples with clear walkthroughs of tips and techniques right in the middle of real
action.
Practicing for case interviews is a time consuming process – but as long as you have the
right method, you will make it!
First, brush up on knowledge related to case interviews with the Case Interview End-to-
End Secrets Program.
Second, get personalized practice with ex-consultants. That way, you’ll receive clear and
tuned feedback to understand what to improve, building your own proper case
approaches. See a list of experienced coaches here.
Stay tuned with us on this website and our Youtube channel for continuously updated
information on case interviews and management consulting recruitment; you can also
subscribe to the newsletter below for free materials and other insightful content!
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▶
Imagine a case interview just falls out of the sky and into your lap, scheduled for tomorrow –
how can you even prepare?
The answer lies in a few “quick and dirty” tips, which I’ll share with you in a moment.
I am a 몭rm believer in the 80-20 rule – which states that 20% of the causes lead to 80% of
the consequences.
In the case interview prep context, 20% of your learning e몭orts will bring about 80% of the
improvements – so the key to instantly and dramatically improving your case performance is
to identify and focus on that 20%.
In the next 8 chapters, I’ll tell you the killer tips and tricks that helped me get a McKinsey
o몭er, the majority of which were previously only available in the premium End-to-End Secrets
Program, including:
One thing before you proceed: don’t forget to learn the fundamentals, the question types,
and the frameworks. Remember, these 20% tips can only get you 80% performance; if you
want 100%, there’s no substitute for hard work.
Learn more
The result of a case interview is determined the 몭rst 3 minutes – and I’m not even
exaggerating.
Most people will be put o몭 by this fact – indeed, with all those e몭orts spent on learning for
the later part of the case, and the hiring decision is made when you’re not even properly
warmed up yet.
However, putting a spin on it, this is the 20% to focus on – if you nail the opening, you’ll make
a better impression than most candidates; it’s also easier to perform well in 3 minutes than in
30 minutes, especially when the case hasn’t gotten tricky. Additionally, you can prepare the
opening in a formulaic manner – essentially learning by heart until it becomes natural.
1. Show appreciation
3. Recap
4. Clarify
6. Align
7. Ask for a timeout
The quickest way to score the 몭rst points with any interviewer is to sincerely compliment
them. Everybody loves compliments.
Case interviewers are not dedicated HR sta몭, but Engagement Managers, Partners, and
Directors who conduct interviews ON TOP OF their projects as goodwill for the 몭rm, so you
should at least be thankful for the time they spend with you.
Begin your interview with a sincere “thank you” for the interesting case (if you have to fake
these words because deep down you don’t like case interviews, you aren’t exactly cut out for
the job).
This step is related to what I call the “map habit”, which I’ll describe in detail in the next
chapter. For now, just understand that it helps the interviewer follow your introduction, and
shows you’re a structured person.
Step 3: Recap
On a side note: one common mistake is to mix up step 3 with step 4 (clarify) – remember,
don’t ask anything, just rephrase the case to ensure that you get it right.
Ask questions to clear up any potential confusion about the details of the case.
Case questions are always very short with a lot of vague details; if you don’t see the need to
ask anything, you’re doing it wrong.
Run this checklist through your mind to help you clarify as many unclear points as possible:
De몭nitions: are there words you don’t understand or can be interpreted in multiple ways?
Timeframe: what is the “deadline” for solving this problem?
Measurement: how are the important variables (performance, revenue, etc.) measured?
Additionally, number your questions so it’s easier for you and the interviewer to keep track.
Again, this is related to the map habit, which makes the overall case progress easier to
follow.
There are 3 types of cases: (1) problem-solution, (2) should I choose A or B, and (3) how to
do C. For each type, there is a di몭erent approach. The latter two are discussed in the
“Advanced Logic” chapter, for now, we’ll continue with the 몭rst type: tell the interviewer
you’re going to 몭nd the root cause to ensure long-lasting solutions, and to do that you’ll
develop an issue tree.
Step 6: Align
Simply ask “Does this sound like a reasonable approach to you?” – most likely the interviewer
will give you the green light, but if you’re lucky he/she may even suggest a better approach.
After you’ve gone continuously through the 6 steps above, ask the interviewer for timeout to
(make this explicit) gather your thoughts and develop the 몭rst part of the issue tree.
Make the most of your timeout session, and keep it as short as possible. Any unnecessary
silence will damage the impression and hurt your chances (refer to the End-to-End Program
example in Chapter 6 to “feel” how awkward a lengthy timeout session is).
The 몭rst step in solving any business problem is to make sure we solve the right one, so
before diving into the problem, I would like to 몭rst recap the case, then ask a few clari몭cation
questions to make sure we’re both on the same page, and lastly announce my overall case
approach.
[client]
[question 1]
[question 2]
[question 3]
Thank you for the clari몭cation. Is there anything else I should be aware of?
Thanks for all the insights. It’s great that we all agree on the key details.
For the overall approach to this case, to completely wipe out the problem for a long-lasting
impact, we will need to 몭nd out the root causes of this problem. To do that I will try to break
the problem down into bite-size pieces with issue trees, in order to quickly isolate the root
causes inside the branches, then drill down accordingly to gather information until we can
draw actionable solutions.
So before I go on to establish my 몭rst issue tree, does that approach sound reasonable to
you?
<assumes the interviewer agrees with your approach>
It’s great to see that we’re on the same page regarding the key details as well as the overall
approach to the case. I do need some time to gather my thoughts, so may I have a short
timeout?
Learn more
I’ll be sharing with you my 3 most impactful tips for keeping the structure in case interview:
I call it the map habit because it’s similar to using a map while traveling – pausing every once
in a while to check your location, destination, and direction.
This habit gives you a sense of direction and authority while making it easier for the
interviewer to follow your case progress. It also makes you sound organized and systematic
– a de몭nitive mark of management consultants – and the interviewer will love it!
You’ll see this habit a lot in our Case Interview End-to-End Secrets Program, where
candidates would often pause at each key step during the case. Do the same thing in your
own case interviews, and you’ll greatly impress the interviewer.
The formula is simple: “There are X items that I’m going to say; they are: No.1 … No.2 … No.3
…”
By now you may have noticed that I use this structure many times throughout this guidebook
– it’s already quite e몭ective in written language, but it’s even more impactful in spoken
communications!
Having this numbering habit will make it very easy for the listener to follow your speech, and
it creates an impression of MECE (even if content-wise it’s not MECE).
1. Occasionally check your position on the issue tree, and quickly get back on track if it
seems you’re “derailing”. If this sounds like the previous map habit, you’re right, it is the map
habit.
2. Take good notes, with the case question being written big and bold on top of your scratch
paper. That way you’ll be reminded every few seconds.
That last point brings us to the next issue: how to take notes.
Learn more
The best notes for case interviews are always clear-cut, structured, and relevant.
Even the smartest candidates su몭er from seemingly silly problems in case interviews –
forgetting data, messing up the numbers, getting stuck with frameworks, losing sight of the
original objective, etc. And in the true management consulting spirit, I set out to 몭nd the root
causes.
And looking back at hundreds of coaching sessions I did, I found one thing in common –
none of those candidates could take good notes.
I’ll tell you precisely how I took notes to get a McKinsey o몭er; however, I hope that after this
chapter, you can install the spirit of the method, not just the method itself.
So here we are, with the 3 groups of sheets laid out for the ideal note-taking:
1. Data sheets
2. Presentation sheets
3. Scratch sheets
Data sheets
Data sheets are used to store and process every piece of incoming data.
Try to draw tables for these sheets, because this not only makes the calculation process
easier but also gives the impression that you’re a careful and organized person.
Also, remember to write only the results of calculations on this sheet, to keep it neat and tidy.
Most of your calculations should be done mentally (see the article on Consulting Math for
more details); if you really need to jot down the calculations, do it on the scratch sheets.
Presentation sheets
Presentation sheets are used to develop and present any “outgoing” content.
Your issue trees should be drawn on these sheets, along with the big-and-bold case
question/objective right on top. When delivering your pitches, always turn around the
presentation sheets so the interviewer can clearly read what’s on them.
As with the data sheets, avoid any messy “mid-process” drawings. Put them on the scratch
sheets instead.
Scratch sheets
Scratch sheets exist to keep other sheets clean.
Ever felt irritated receiving a notebook full of correction marks? That’s exactly how the
interviewer feels if you present with untidy notes. You should try your best to hide all the
unorganized, messy parts of your thought process.
The scratch sheets provide a sanctuary for that unstructured part of yours – it’s okay to go all
over the place for brainstorming, as long as you can organize the incoming resources and
present in a systematic manner.
“I took the notes just as you instructed, but I still get stuck in cases. How can I avoid it?” –
Well, that’s the subject for our next chapter – “Stuck” situations and how to get out of them.
Learn more
Stuck in cases – What to do
We’ve all been there – that scarily awkward feeling when you don’t know what to do next in a
case interview, that fear of being rejected.
In every “stuck” situation, the most important thing is to remain calm and collected (you’ll
lose points if you panic) – then methodically work your way out. I’ll teach you how to get out
of those situations, with style.
There are actually 3 di몭erent kinds of “stuck”, and for each, I have a di몭erent solution:
Segmentation works just like any framework, and like a Swiss Army knife, it’s usually safe
and easy to use. So if you’re unsure how to break things down, say these magic words:
“At this point, I’d like to break down this X item, and one good way is to use the natural
segmentation within this line of business. So may I ask how they break this X item in this
industry?”
If you get it right, the interviewer will reply with the most industry-relevant way to segment
the item.
You may be wondering why I’m not talking about issue trees and frameworks here, after all
the theory at the beginning of the guidebook.
The answer is that the textbook and “ideal” solution – learning the problem-solving
fundamentals and deep-diving the frameworks to increase your 몭exibility – takes a lot of
time, while the “cliched” solution – learning as many frameworks as possible, usually at the
cost of depth – is inherently dangerous.
Comparing with benchmarks is the quickest way to put data into perspective, yielding useful
insights. There are 2 kinds of benchmarks – if you remember from the chapter on Candidate-
led Cases:
“For now, I hypothesize that the root cause of the problem comes from the X branch of this
issue tree. However, to further break down the problem in a spot-on way, I do need some
information on the context of our client’s problem.
One of the quickest ways to grasp that context is to use competitor’s data; so can I have the
X 몭gure for our client’s competitors?”
The “I-Cannot-Find-The-Problem” stuck
This is the scariest “stuck” because there’s no obvious reason or solution – you’ve done your
math right, your framework is suitable, and you’ve got a lot of interesting insights from data.
Why are you still stuck?
From my experience in coaching sessions, there are 2 scenarios where this happens: (1)
your issue tree is not MECE, and (2) if your issue tree is MECE, it does not isolate the
problem.
You can try to avoid this in the 몭rst place by mastering the MECE principle, improving
intuition, as well as aligning with the interviewer early and often.
But what if you still get stuck? The answer is to calmly admit you’ve hit a dead-end, and ask
for time to 몭x the problem; be it the 몭rst or second scenario, you have to redraw your issue
tree.
“My whole analysis seems going towards a dead-end, which means either part of my issue
tree is not MECE or my method of breaking down does not isolate the problem. Either way, I
would like to take a timeout to have a look at it.”
You likely get stuck when practicing on yourself. That’s the reason why you need personal
coaching. Veteran coaches at MConsultingPrep will give insightful feedback, propose
actionable steps, and help you signi몭cantly enhance your performance. Find my coach!
Case Interview End-to-End Secrets Program
Elevate your case interview skills with a well-rounded preparation package
Learn more
The problem is that interviewers don’t simply give out precious data for free. It has to be
earned. There are 4 tips you can use to show that “worthiness”, and prompt the interviewer
to supply you with the best information:
The interviewer will love you if you think and act like a real consultant – if you can achieve
that, he/she will always give you the best pieces of data available.
In this guidebook, there are countless tips to show your consulting characteristics – I even
write a whole chapter on how to install consulting culture into your own personality.
Generally, you must always be (1) structured, (2) fact-based, and (3) action-oriented.
Additionally, common people skills and interview tips also apply – show your appreciation by
thanking for their help, keep a smile on your face to maintain a positive atmosphere, etc.
There are only two purposes for data in case interviews: (1) to test a hypothesis, and (2) to
understand the context.
You can use the following scripts to when to reason your data requests:
“For now, I’m hypothesizing that the root cause of this problem comes from the X branch.
Since this hypothesis can only be tested with the data on X, may I have those
몭gures?”<testing hypothesis>
“For now, I hypothesize that the root cause of the problem comes from the X branch of this
issue tree. However, to further break down the problem in a spot-on way, to better
understand the context of our client’s problem, I will ask a few more questions. Does that
sound reasonable to you?” <understanding the context>
By stating how to get the data, you prove its feasibility and reinforce your data request.
In real consulting projects, data is not always available; the interviewer may rely on this logic
and refuse to give you any information. So, when you ask for data, make sure your request is
realistic, then state the method to acquire it using these words:
“If this was a real project, this information can be acquired from/by X source/method”.
In our Prospective Candidate Starter Pack, there is a sheet listing all the possible sources of
information in consulting projects, which you can download for your own use, along with
many other free case interview materials.
Accurately explaining the data acquisition method also shows that you’ve done your
homework and you know the consulting industry inside-out. Any interviewer will be greatly
impressed.
This prompts the interviewer to give you data you haven’t thought of.
The precise questions mostly depend on speci몭c cases (meaning you need to sharpen your
intuition), but there is a Swiss Army knife here: “Is there anything else?” – which is a question
real consultants ask several times a day, at the end of their conversations.
Use open-ended questions when you feel you might be missing something – for example,
during clari몭cation – and only after a series of well-de몭ned, close-ended questions.
Otherwise, you risk appearing lazy and over-reliant.
Learn more
Time to shine! If you do these following 3 steps, even just once, in the interviewer’s mind, you
already pass:
Firstly, it con몭rms that you have received, and can understand the data.
Secondly, it’s always good to give out modest, subtle compliments to the interviewer. Trust
me, conducting case interviews is hard work, and the interviewer does appreciate those little
compliments.
Last but not least, it buys you a few seconds to fully absorb the new information and
minimize any possible silence.
Don’t recite a short essay about the data, there is no time for that. Quickly and mentally
calculate all the important points, then state it out loud in 1-2 sentences.
It showcases your consulting math skills (chart insights and mental calculation)
Concisely explain how the insights from the data related to the issue tree – do they con몭rm or
reject the current hypothesis? Do they open new areas for investigations?
This part is extremely important because it connects to the action-oriented mindset of actual
management consultants while laying solid foundations for your next steps (fact-based).
2011 75,123,682
2012 91,729,571
2013 103,123,375
2014 120,247,124
How would you respond? Try to answer it yourself before revealing the sample answer.
It seems that our client’s revenue has been increasing steadily throughout four years –
around the mark of 20% annual growth, in fact. (describe the data)
This suggests that the problem may not come from this side of the issue tree. However, in
order to fully reject the possibility, I need the 몭gures on the revenue of other companies in
this industry around this time. Do we have those numbers? (implications)
Case Interview End-to-End Secrets Program
Elevate your case interview skills with a well-rounded preparation package
Learn more
The closing pitch of the case interview is sometimes called the “elevator pitch”, where you
supposedly meet the client CEO inside the elevator and must somehow deliver the results of
the project before the elevator arrives at its destination 몭oor (it’s even worded like that
sometimes).
Regardless of the wording, the principles remain the same, and your closing pitch must
consist of these 4 parts:
1. Introduction / Lead-in
4. Next step
Open your pitch in a client-friendly way. Remember, consulting is a service – a premium one,
in fact.
“Mr. CEO, it has been a great pleasure to be working with you on your company’s X problem.”
Don’t go into detail about your analysis – show them the results 몭rst.
CEOs are busy people, they have no time for a 15-minute break-down of your issue tree. They
only care about the “big picture” – “Why is the problem happening?”.
You need to sum up root causes in a structured manner, with a numbered list – in the case
interview context, that’s one characteristic the interviewer looks for, and in real projects, it
helps the listener follow your pitch.
“After careful analysis, we have found X root causes for the company’s problem: 1… 2… 3…
X”.
The solutions are what the clients pay for in the 몭rst place, so make sure to deliver them
clearly and systematically.
This step must also be structured. Additionally, list the solution in the same order as their
corresponding root causes, to imply the connection between them (if the root causes are
listed as A, B, C, then the solutions should never be C, B, A).
“To solve the aforementioned issues, we propose the X following solutions: 1… 2… 3… X”.
The ending must lead the customer towards a follow-up project, in a client-friendly way.
This step shows that you have an action-oriented mindset and necessary people skills to
represent the 몭rm before the clients.
Moreover, follow-up implementation projects are a major source of revenue for the top
consulting 몭rms (such as McKinsey, BCG or Bain), so mentioning them in your case interview
ending pitch proves that you did the appropriate research before applying.
So here’s what you’ll say when the elevator reaches the destination:
“We would be more than happy to work with you to implement these solutions”.
Learn more
What that means for you – the candidate – is that you can make personal scripts and learn
them by heart until they all become your second nature. That will save you a lot of brainpower
to use on the issue tree. This approach has proven successful with all of my coachees, and
it’s also a major part of our Case Interview End-to-End Secrets Program. You will 몭nd my own
personal script I used back in the day, and I will also personally give feedback to scripts of
members of the program.
So open your document tool and start writing now. Once you’ve 몭nished the scripts, learn
them by heart one at a time. When you feel comfortable with every one of them, you can
move up to a higher level and practice with whole cases.
Learn more
If you ever spend your e몭orts trying to improve a piece of work that your boss already
approved, just because you know it is the right thing to do, because you feel so good seeing
a job well-done, you have that “ownership” mindset.
In management consulting, you are expected to possess that mindset. In my early days at
McKinsey, I was almost thrown out the window for working on a cement project but not
knowing where the aggregate mines were (which was outside my responsibilities, but my
boss expected me to know it, since I “owned” that cement project).
No excuses
If you fail to do your work, don’t ever blame anyone or anything. Your responsibility is to draw
up contingency plans for the “worst-case scenarios”:
Missing the deadline because the client did not send you the data? You should have
accounted for it in your schedule.
Late for work because of a tra몭c jam? Why didn’t you get up earlier?
Your pet bite your suit? Any sensible person should have a spare one; even if that one is
bitten, aren’t we paying you enough to get a new suit at the store this morning?
The result orientation inside a consulting 몭rm is intense – saying that it’s “Mission
Impossible” everyday would not be an exaggeration, but at the end of the day it’s always
“Mission Accomplished”.
The boss doesn’t pay much attention to how you do a task, or what resources it takes, as
long as you get it done. The 몭rm has enough resources of every kind to help you with that, so
there’s no reason you can’t pull it o몭.
Top-down communication
Communications made by consultants are always short, concise, to-the-point, action-
oriented, and structured.
We were all given full-on lectures by our parents back when we were kids, for wasting food or
not exercising (or not studying, for Asians like me). If they were management consultants,
most of those lectures would be replaced with powerful, action-oriented messages: “Go
study. If you don’t get an A+ for the next test, I’ll have to discipline you”.
MECE
A consultant seeing something non-MECE is like your mom seeing your messy bedroom. It’s
that discomforting.
If you wish to be a consultant, train yourself to be MECE in everything you do. Once you can
be MECE e몭ortlessly, and you start spotting the annoying non-MECE-ness in everything
around you, you know you’ve got it.
Structured
If you’re unstructured, you won’t get into the business.
Being “structured” is a pretty vague concept, but everyone in the consulting industry knows
when they see it. It’s about being organized, logical, top-down, MECE, etc.. Basically, if you
can approach things the same way as real consultants, you will be deemed “structured”
Deadlines
If you can’t meet the deadline, you’re dead (of course, not literally).
A consulting 몭rm works like the perfect machine, where every part operates as intended.
When consultants promise to help you with something, you can be nearly 100% sure that
they’ll keep their word. This makes work management that much easier.
Consequently, if you start missing the deadlines, you’ll be out of the game soon enough.
▶
In short, even as an entry-level associate, you’ll be managing a multitude of resources
(experts, specialists, etc.), contents (reports, client data, expert knowledge,…), and
stakeholders (the two most important being your client and your boss).
Pulling all of these together to create impactful results would be an impressive feat, even for
the best and brightest new hires.
Client 몭rst
Don’t. Ever. Piss o몭. The client.
Management consulting is a special service industry – besides the usual “don’t disrespect
the client” and “don’t leave a bad image of the 몭rm”, there’s also “don’t make them hate you
while telling them to do what they probably hate.” (which is a good way to sum up a
consultant’s job).
In case interviews and PEIs, the interviewer will be asking himself a big question: “Can I trust
this guy to represent me and my 몭rm before the client?” – if the answer is anything below a
stellar impression, you won’t be receiving an o몭er.
Fact-based
Consultants will have valid reasons for everything they do.
In both consulting work and case interviews, you need to be very explicit about the basis of
your actions – every conclusion must have backing data, every idea must be explained, and
every request must serve a purpose. Don’t ever assume that you’re justi몭ed.
Being fact-based is part of the foundation for the trust people place in consulting 몭rms, so
people who draw ideas out of thin air and act impulsively will never get into the industry.
E몭ective time & resources management
Every consultant works hard, so the only way to stand out is to work smart.
Yes, I know it’s a buzzword, and I know it’s cliched, but the 80-20 rule really does apply in this
line of work. The best performers are always the ones to identify the most important lever
and focus on it.
With the intense workload and up-or-out policy at major consulting 몭rms, this skill is vital.
Don’t be surprised if you pull all-nighters and work hard all the time but still get 몭red, while
that one guy who goes home at 5 gets promoted. If you want to survive, learn from him.
Consultants are e몭cient people, they don’t simply waste time, e몭ort, and resources on
irrelevant things. Things are only worthy of their attention if they have an interesting, helpful
“so what”:
You tell a story? So what?
You perform a data analysis? So what are your key insights, and what’s the implication?
You draw a slide? What’s the key message you’re trying to deliver?
If you already think like this, trust me, the interviewer will love you.
Just pause for a second and think: would you be more ready to help someone who really
tries their best at the job or someone who does nothing and relies solely on you?
The same thing is true in consulting work, and even in case interviews: the interviewer will
assist you if you can deliver well-informed opinions.
With that said, “asking without thinking 몭rst” is a very common mistake in case interviews,
which you can see in the numerous examples from our End-to-End Secrets Program.
Nobody wants to spend a whole week building a model that the team doesn’t need; it’s a
huge waste of time and resources. As such, consultants have this aligning habit very early
and often – a little time spent on reaching an agreement now will save a lot of trouble later.
Remember to align in case interviews as well – at the start of the case, and every important
step.
Next step
Consultants are very action-oriented people who always think about the next step.
Every meeting, phone call, even random catch-up must end with everybody being explicitly
and absolutely clear about what to do next.
So what’s YOUR next step, after reading this guidebook?
Read next
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