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CONSULTING

VICTOR CHEING

Hi, Maria

I wanted to welcome you to the CaseInterview.com community and to explain how to


make the most of the MANY resources available to you.

CaseInterview.com contains over 600 articles, 6 hours of video tutorials, numerous


handouts, and more... all of which are free. In short, there's a lot of stuff!

What I thought I'd do is give you an orientation of what information exists, where it is
located, and most importantly, where to start.

There are 3 types of resources you should be aware of:

1) Case Interview Training Videos

The first section of the site is the free 6 hours video training tutorial on case interviews.
These are the videos the site is most known for.

If you are totally new to case interviews and are looking for a very detailed education
on how to do well in case interviews, start with the video tutorials.

The videos and the accompanying slides, notes, and handouts on case interview
frameworks are all available in the members-only section of the site.

To access the members-only area, login here:

CaseInterview.com Login

As a reminder, here's your login info:

Username: ziguratmaria@berkeley.edu
Password: e4e2ac4b

(In the future, you can always log in by clicking on the "Login" link on the home page
of www.caseinterview.com )

2) Frequently Ask Questions

The second section of the website consists of approximately 600 articles related to
"frequently asked questions" that members of my case interview prep community have
asked me.

Who knew people had so many questions!

All of these questions and my answers are accessible by


visiting http://www.caseinterview.com and clicking on the links at the top.

Currently, these articles are located here:

http://www.caseinterview.com/category/articles
http://www.caseinterview.com/category/success-stories

The latter are "field reports" from other community members like you who have
reported in on their actual case interview experiences.

They include what happened, what they expected, what was surprising, what they
learned that others should be aware of.

You will find that members of this community are very generous in sharing their
experiences.

I do hope that when you get your job offers that you'll share with me how you did it --
so that I can pass along your tips to others.

3) Case Interview Tips eMail Newsletter

The final resource to be aware of is my email newsletter.

I send out regular email tips on various aspects of the case you should be mastering,
what certain firms are doing in specific rounds of their interview process, and other
information from the front lines (as reported back by other community members).

Many members who have gotten multiple job offers specifically cite the usefulness of
these email tips to help them better appreciate some of the more subtle (yet still
important) case interview skills.

If for any reason, now or in the future, you'd rather not receive these email tips, just
click the "unsubscribe" link at the bottom of any email I send.

----

Finally, if you STILL have a question that you did not get answered from the videos or
by searching my 600 articles at http://www.caseinterview.com/search then feel free to
email me your questions.

My email address is victor@caseinterview.com

Since I get thousands of email questions, here are a few guidelines to follow that will
maximize your chances of my answering your question.

a) If I already answered your question on my website, then I most likely won't reply to
your email.

Tip: Go to www.caseinterview.com and use the search feature to see if your question
has already been asked and answered by someone else.
b) Be concise. If I have to scroll to read your entire "life story" email, then I save those
emails to read last (which unfortunately often seems to end up being never).

This is a very important skill in a case interview, so you might as well start practicing
the skill.

c) Ask questions that others would be interested in knowing the answer.

These tend to be more general questions, "In X situation what should one do, etc..."
(which many people care about) as opposed to "Here is my GPA, can you read my
resume, etc.." (which nobody else but you cares about).

Here's the deal with respect to my answering your questions.

If you write in and I write you back, you give me permission to publish our entire email
conversation (excluding your name, identity, etc...) in my newsletter and on my
website.

This allows me to serve the tens of thousands of people from 100+ countries who visit
my website and read my newsletter -- while still being able to help people individually.

Feel free to specify which pieces of information you do not want shared and I will do
my best to remove it.

On that note, best wishes in your recruiting process and don't forget to start with the
video tutorials:
CaseInterview.com Login

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

******

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http://www.caseinterview.com/search

******
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A Look Over My Shoulder (r) Learning Guide

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Hi Maria,

There are 7 primary case interview formats that the major consulting firms use to
evaluate candidates.

You should DEFINITELY be familiar with each of the formats so you don't do poorly
in an interview just because you did not know what to expect.

Here are descriptions and examples of all 7 interview formats:

------
Format #1: Traditional Candidate-Led Case
-------

In this kind of interview, the interview (aka the person pretending to be "the client")
asks you an incredibly ambiguous question (Should we enter the Latin American
market? We're losing money, how do we fix it?) and you need to solve the whole case
from that starting point.

BUT, this is just ONE of MANY case interview formats.

Before I describe the various formats and how they are different, it is useful to point
out how the different formats are SIMILAR.

All the formats test your ability to:

1) "De-construct" a very ambiguous problem into smaller sub-problems that are easier
to solve

2) Logically analyze each sub-problem

3) Do math while analyzing these problems (both precise math and estimation math)

4) Develop a hypothesis that explains why a client's problem exists and how to fix it

5) Determine what data is needed to prove or disprove a hypothesis

6) Communicate your conclusion in a CEO-friendly style

In the Case Interview Secrets demonstrations, you go through all 6 skill areas in a
single continuous case -- very naturally flowing from one skill area to the next as the
skills listed above also tend to appear chronologically in that order in a case.

For more on this case type, see the video tutorials available in the members-only
section:
CaseInterview.com Login

-------
Format #2: Interviewer-Led Case (Stop & Go Style)
-------

A variation of the traditional format is what I call an interviewer-led case. This format
is the one that McKinsey tends to use.

It has two distinguishing features.

1) The INTERVIEWER (not you) determines which parts of the case are important,
tells you to tackle a specific issue at a specific time, and asks you specific question
where you are expected to give specific answers.

In contrast in the more traditional candidate-led interview, you are deciding which
questions are worth asking AND determining the answers. (For the interviewer-led
cases, the interviewer decides which questions are worth asking, asks you those
questions, and expects you to answer them)

2) The flow of the case is very ABRUPT. If a case has 4 key areas, in a traditional
case you would determine which of the 4 areas is most important, analyze the 1st area,
move on to the 2nd most important area, determine your conclusion and present it.

In the interviewer-led case, the interviewer might ask you which of the 4 areas you
think is most important and why... and then regardless of how you answer, the
interviewer will say, "Let's tackle Area #4," (even if you thought that was least
important).

So in an interviewer-led case, you JUMP AROUND a lot.

Now in an interviewer-led case, you will still be tested on all 6 skill areas. BUT, it
happens in a little more of an abrupt and artificial way... not always in a naturally
evolving sequence.

Here's additional information on this interview format:


Interviewer-Led Case Interview
McKinsey Interview Format

------
Format #3: The Written Case Interview
------

In a written case interview, you are given a lot of data in the form of charts and
powerpoint slides (think: 20 - 40 slides).

You are given 2 hours to review all the information and then you are asked to take a
test about the client company.

Bain has used this format on certain occasions in some European offices.

Again, the written test will typically test all 6 skill areas -- but in a written format.

For more on the written case format, look here:


Monitor's Written Case Interview
Bain Written Case Interview Format and Prep

----
Format #4: The Group Case Interview
----

Monitor is known for using a group case interview. In this format, you and typically 3
other candidates are presented with a case and are expected to work together as a team
to solve the case. (NOTE: Monitor was acquired by Deloitte, and time will tell if
Deloitte adopts Monitor's interview approach or
drops it entirely.)

This format ALSO tests all 6 skill areas + 1 more... your ability to work in a team in a
respectful, collaborative manner.

(Tip you do well in this case by helping your "competitors" (other candidates) do well,
not by shooting them down)

Here are two articles on this type of interview format:


Group Case Interview
Monitor Group Interview

----
Format #5: The Presentation-Only Case
----

BCG in certain interview rounds in certain offices will use what I call a Presentation-
Only case. In some countries, I am hearing early signs that Bain is doing this too.

If you recall the 6 key skill areas that all firms test:

1) "De-construct" a very ambiguous problem into smaller sub-problems that are easier
to solve

2) Logically analyze each sub-problem

3) Do math while analyze these problems (both precise math and estimation math)

4) Develop a hypothesis that explains why a client's problem exists and how to fix it

5) Determine what data is needed to prove or disprove a hypothesis

6) Communicate your conclusion in a CEO-friendly style

In this format, the first 50% of the case is written in that you are presented with a stack
of charts or powerpoint slides that describe the client situation.

Then you are given some time to analyze the case (without an interviewer in the room),
and asked to prepare a 6 - 10 page presentation to present your conclusions.

You are asked to both write the presentation and then actually deliver it.

The philosophy in this case format is it is impossible to do skill area #6 well


(communicate your conclusions) unless you did skill areas 1 - 5 well on your own.
When you present your conclusions, the interviewer(s) will challenge you on
everything you say. WHY did you conclude that? Did you consider X factor? What
facts do you use to support your statement?

They are basically asking these challenging questions to see if you actually did do
steps 1 - 5 well when you were working on your own.

Here's a structure I recommend when creating slides for a presentation in a case


interview:
Creating Slides

----
Format #6: The Estimation Question
----

The next format of case is an estimation question. This type of case ONLY tests skill
area #3 -- your ability to do math.

If you add up all the interviews and evaluations you have with an employer, you can
expect approximately 1/6th of that time to be spent on testing your math skills.

The estimation question is one way this is done.

In this type of question, you are asked to numerically estimate some number --
typically the size of a market (e.g., how many of X product is sold in your country?
How many rubber tires are sold in your country in a year? How many gallons or liters
of gasoline/petrol does a typical filling station pump on a Saturday?)

Of course it is impossible to provide a precise answer to such a question. Instead, you


are expected to estimate the answer using two things: a) making a few assumptions, b)
doing math.

By the way, this is NOT just some exercise invented to torture candidates like you.
These are questions CLIENTS routinely ask us consultants (or the topic comes up in
conversation where you're just trying to figure out if an opportunity is "big" or
"small"... and generally if small, it's often not worth the effort to try to get a more
precise answer).

Here's one example of an actual McKinsey estimation question:


Estimation Question

----
Format #7: The Problem Solving Test
----

This final type of candidate evaluation tool is not really a case. Instead, it is just a math
test that tests general math skills, critical reasoning skills (involving numbers) and data
interpretation skills.

McKinsey is most famous for using this type of testing tool. Their test is called the
McKinsey Problem Solving Test (also know as the McK PST).

BCG in one country in Europe (as far as I can tell so far) has just started using
something similar -- the BCG "Potential" Test.

The types of questions on this test are:

a) computation problems (If prices are raised by 15% and costs go up 20%, units sold
increase by 15%, what is the company's profit after these changes)... basically it's a
word problem.

b) data sufficiency / interpretation problems (Based on Chart Exhibit 1, which


conclusions are factually supported... conclusion A, B, C or D ?)

Here's my guide on the McKinsey PST:The Definitive Guide to the McKinsey PST

Here's my guide on the BCG's version of the same:BCG Potential Test

Also to practice the math that is commonly on this test, you will want to use my case
interview math practice tool.

This tool is basically a timed flash card test of common types of arithmetic problems
seen on problem solving tests and in live cases.

Whereas the word problems test your ability to translate words into equations, this tool
helps you improve both your speed and accuracy at the equations themselves.

It also allows you to compare your performance to those of other members and to my
own test scores.
CaseInterviewMath.com

--- How to Prepare ---

So these are the 7 major case types. Now the obvious next question is how to best
prepare.

There are two schools of thought on this.

Approach #1: "Teach to the Test"

Approach #2: Master the 6 skill areas

Let me explain what each one means.


***
Approach #1: "Teach to the Test"
***

In the United States, there is a phrase often used to criticize the US education system
for children between the ages of 5 - 18 years old.

This phrase is "teach to the test". The idea (or criticism, depending on your point of
view) is to structure what is taught to children so that all they learn is how to TAKE
THE TEST.

For example, rather than teaching children how to think mathematically, the teacher
focuses on teaching the child how to do well on the math test at the end of the year.

The teacher focuses on things like familiarizing the student with time (length) of the
test, the multiple choice format of the questions, the scoring algorithm (whether or not
it is advantageous to guess when you don't know the answer), and of course at some
point, teaches the actual math concepts that
will be tested.

***
Approach #2: Master the 6 Skill Areas
***

The other approach is to just get really, really GOOD at the 6 skill areas.

So rather than just teach the student how to take the math test, the teacher just teaches
the student how to do math... thinking that a student that really knows math should be
able to handle any kind of math test regardless of format.

As you might have guessed, I lean heavily towards the second approach of mastering
the 6 skill areas.

Here's why.

The consulting firms, especially in the last 3 years, have been making a LOT of
changes to their recruiting process. Within the SAME firm, offices in certain countries
are experimenting with different formats.

I get hundreds of emails each month from my community members giving me the
latest real-time updates of which firms are using which formats in which countries...
and in which offices in those countries.

It is just exhausting to keep up with all the variations.


At the moment, I am seeing Bain and BCG revamping many of their recruiting
processes. For the time being, McKinsey (interviewer-led), LEK (candidate led),
Oliver Wyman (candidate led) seem to have the most stable recruiting processes. But
that could change in any given year. (I had Monitor in this list last year and they have
since been acquired by Deloitte.)

And while my global network of case interview students spans over 100 countries and
I probably find out about any change FIRST before anyone else, it is STILL hard to
keep up.

So my personal recommendation is to spend 80% of your efforts mastering the 6 skill


areas, and 20% specifically familiarizing yourself with, preparing for, and to the extent
feasible practicing the specific case interview format you anticipate seeing given the
specific firms you have interviews with.

This provides a good balance that allows you to be prepared for ANY case interview
type format or question you might receive.

If you're in a hurry and want to learn more in less time, I've written a book on how to
get multiple offers in consulting. To find out more and get purchase options, see:
Case Interview Secrets book

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

To subscribe directly to this email newsletter on Case Interviews:


http://www.caseinterview.com

To subscribe to my email newsletter on how to succeed as a New Consultant, visit:


http://www.caseinterview.com/new-consultant

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http://www.caseinterview.com/search

******
(c) Victor Cheng, All Rights Reserved
A Victor Cheng (tm) Production
A Look Over My Shoulder (r) Learning Guide

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on an "as is" basis with no warranties expressed or implied. The information is
believed to be accurate, but is not guaranteed to be so. By reading this content, you
agree to waive the author and the company Fast Forward Media, Inc of any liability
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privacy policy:
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reference 3rd party resources we strongly recommend.
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Hi Maria,

As a former McKinsey interviewer, I thought I would comment on what we


interviewers are looking for in candidates.

It is actually quite simple.

We are seeking the answers to only TWO key questions about you:

1) Do you think like a consultant?

2) Are you client safe?

Let me start with one little pet peeve of mine. Consulting is not the end all and be all of
business. I know lots of CEOs and business owners who are wildly successful in their
careers, but would be terrible consultants.

Steve Jobs is one person that comes to mind. He was clearly a wildly successful
entrepreneur and CEO... AND he would make a LOUSY consultant.

So realize even if you don't end up able to work in consulting, it really doesn't mean
anything as to your chances of success in your career.

Just keep that point in mind.

Here's why.

There is a certain style of thinking that is very conducive to being a good consultant.
Firms are looking for data-driven, analytical, highly structured, problem solvers.

It does not matter if you use your gut instinct to find the right answer for a client... and
it doesn't even matter if your gut instinct is right. You have to prove your ideas as
consultant.

Often times clients have all kinds of opinions internally. They are looking for some to
substantiate or challenge beliefs they have about their businesses... beliefs that have
not been validated by market, company, or industry data. This is where there's a role
for consultants.

In addition, many clients (individual executives) have to present their business plans to
their bosses. The person running the $1 billion division of a big company, reports to
the person who runs a $15 billion portfolio of the business.

If the person doesn't go in there with a well thought out, researched, factually
supported plan, she'll get ripped to shreds in an operating plan review meeting.

Again, this is why there's a need for consultants.

So what makes a good consultant is someone who can take an analytical and highly
structured approach to solving a business problem.

The primary method in which consulting interviews attempt to measure this skill in
candidates is through the case interview (either in a 1:1 format or group format).

This process is remarkably similar to what happens literally every single day on the
job. In general, if you do well in case interviews and you enjoyed it... there's a very
good chance you will love consulting.

I loved the 61 cases that I received as a candidate because the problems were so
fascinating and interesting... and I always left an interview having learned something
about some industry.

It was very intellectually stimulating. And it turns out my on-the-job experience was
very similar.

So you gotta do cases to prove you can think in this particular style of thinking...
numbers driven... data/facts driven... highly structured.

If you can think in this way, that's a huge plus.

The next question is to figure out if you're an A**hole or not.

The interviewer is asking himself or herself, can I put this person in front of a client
and not embarrass myself?

In short, are you arrogant?

Are you a jerk? Are you offensive?

Are you able to tell a client they're totally wrong, in a way that doesn't make the client
lose face so they'll still want to work with you?

If a client is hostile, do you have the EQ (emotional quotient) and diplomacy skills to
win them over anyways?

So the role of the interview in consulting is to determine both your consulting IQ and
your consulting EQ.

Both are very important on the job, and thus both are very important aspects of the
interview process.

To learn more about what interviewers are looking for, consider my resource
revealing Insider Secrets: How Case Interviewers Decide. For more information, Click
Here.

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

To subscribe directly to this email newsletter on Case Interviews:


http://www.caseinterview.com

To subscribe to my email newsletter on how to succeed as a New Consultant, visit:


http://www.caseinterview.com/new-consultant
Search my blog and email archives:
http://www.caseinterview.com/search

******
(c) Victor Cheng, All Rights Reserved

A Victor Cheng (tm) Production


A Look Over My Shoulder (r) Learning Guide

The information provided in this email is for educational purposes only. It is provided
on an "as is" basis with no warranties expressed or implied. The information is
believed to be accurate, but is not guaranteed to be so. By reading this content, you
agree to waive the author and the company Fast Forward Media, Inc of any liability
from the action you may take as a result of reading the information within. To see our
privacy policy:
http://www.caseinterview.com/privacy

This email may contain links to third parties. These links often involve us receiving
financial compensation if you buy something after clicking the link. We only
reference 3rd party resources we strongly recommend.
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Hi Maria,

When you get rejected from a case interview, if you’re lucky you might get some
feedback on your performance. In many cases, you don’t get any feedback at all.

This is a frustration for a lot of candidates.


To this day, I STILL don’t know why I didn’t pass my first round BCG interview —
and that was many years ago.

From the firm’s point of view, they tend to follow the rule, “If you have nothing nice
to say, sometimes it’s better to not say anything at all.”

Of course, this isn’t very helpful for candidates.

Have you ever wondered how interviewers decided whether or not to pass you to the
next round? What do they say to each other in deciding whether you move on or get
rejected?

I recently hosted a FASCINATING roundtable discussion with a small group of former


McKinsey, Bain and Boston Consulting Group case interviewers that have collectively
gone through 1,500+ case interviews!

(That is NOT a typographical error.)

During this "behind closed doors” private conversation, we all compared notes about
what we look for in candidates and why.

Since I worked at McKinsey, my perspective is skewed in that direction. Another


interviewer worked for Bain, another BCG, and a third worked for both Bain AND
BCG (which is very, very rare).

That’s a LOT of multi-firm case interview experience in one room.

During that recorded conversation, we had a "no holds barred," brutally honest
conversation of what we as interviewers really think of your case performance.

We discussed the things candidates do that drive us absolutely crazy.

These are the kinds of things that we as interviewers could NEVER tell a real
candidate. We’d probably have been fired by our former respective firms if we had
done that.

When you’re a representative of a major consulting firm and a candidate stinks so


badly at a case that it smells, you can’t exactly be very candid in your feedback. In
those situations, we just say, “You weren’t a good fit for us.”

For the first time, you have the opportunity to eavesdrop on what we interviewers
REALLY THINK about you and other candidates. In my new case preparation
resource, you’ll get to hear our perspectives, in our own words, about you and other
candidates.
To discover what my other case interviewer colleagues have looked for in their 1,500+
case interviews, be sure to get a recording of this brutally honest roundtable
discussion, Insider Secrets: How Case Interviewers Decide.

To learn more and secure your copy, Click Here.

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

To subscribe directly to this email newsletter on Case Interviews:


http://www.caseinterview.com

To subscribe to my email newsletter on how to succeed as a New Consultant, visit:


http://www.caseinterview.com/new-consultant

Search my blog and email archives:


http://www.caseinterview.com/search

******
(c) Victor Cheng, All Rights Reserved

A Victor Cheng (tm) Production


A Look Over My Shoulder (r) Learning Guide

The information provided in this email is for educational purposes only. It is provided
on an "as is" basis with no warranties expressed or implied. The information is
believed to be accurate, but is not guaranteed to be so. By reading this content, you
agree to waive the author and the company Fast Forward Media, Inc of any liability
from the action you may take as a result of reading the information within. To see our
privacy policy:
http://www.caseinterview.com/privacy

This email may contain links to third parties. These links often involve us receiving
financial compensation if you buy something after clicking the link. We only
reference 3rd party resources we strongly recommend.
*****
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Hi Maria,

As a former McKinsey resume screener, I thought I'd share my thoughts on how to


avoid the top mistakes made in a consulting resume or CV.

Click to learn the top five mistakes that most people make when writing a resume for
consulting: The Top 5 Mistakes on Consulting Resumes

Good luck in your recruiting process.

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

To subscribe directly to this email newsletter on Case Interviews:


http://www.caseinterview.com

To subscribe to my email newsletter on how to succeed as a New Consultant, visit:


http://www.caseinterview.com/new-consultant

Search my blog and email archives:


http://www.caseinterview.com/search

******
(c) Victor Cheng, All Rights Reserved
A Victor Cheng (tm) Production
A Look Over My Shoulder (r) Learning Guide

The information provided in this email is for educational purposes only. It is provided
on an "as is" basis with no warranties expressed or implied. The information is believed
to be accurate, but is not guaranteed to be so. By reading this content, you agree to
waive the author and the company Fast Forward Media, Inc of any liability from the
action you may take as a result of reading the information within. To see our privacy
policy:
http://www.caseinterview.com/privacy

This email may contain links to third parties. These links often involve us receiving
financial compensation if you buy something after clicking the link. We only reference
3rd party resources we strongly recommend.
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Hi Maria,

I often get emails from my students reporting their success in the recruiting process.

Quite often, these reports from the front lines include tips on what worked / didn't
work that are VERY useful for those still in the recruiting process.

Here is one of them.

*** Top 3 Offer from Non-Target B-School ***

With the help of your videos, among other things, I received an offer from a Top 3
today. I stumbled across your videos right after my 1st round interview with a top 3
firm.

I had used the Vault guide to make my way through 1st round, and after receiving
feedback, I needed more structure for the next round.

Your frameworks work wonders and make things much easier to analyze - they make
sense!
I'm a graduate from a non top-tier business school in Canada (from a smaller city in
Canada), quite a bit of extra-curriculars such as case competitions and non-profit
work.

Coming from a school that isn't directly recruited was tough, especially off-cycle
hiring, made it a bit more difficult, but it all went well.

Prior to that, I had gotten declined from every investment bank during either 1st or
final round. I guess ibanking just wasn't for me, and they knew that when interviewing
me and I knew that too.

Again, just wanted to thank you for your easy-to-view videos and simplified case
structures. It definitely helped. Thanks!

Additional Details from This Person:

I only applied because I got a business card at a networking event from one of the
Associates. That was it.

I had missed regular recruiting in September since I had no idea I wanted to get into
consulting. I sent resumes to all the others, but most, right now, have finished their
hiring for the year.

Yeah, the frameworks, profit and business situation were most helpful. Just gave me a
good breakdown of how you would attack a case, and just ways to think critically.

As you mentioned in your videos, it helps you remember points you might not have.

I did find, however, that I would never, ever get through the entire framework (well,
only tested in 3 interviews).

The [Top 3 Firm] interviewer always led me one direction, and I'd just keep going
down that path after a few questions (almost always after I asked about segments, they
had data for - that was a saviour in every one).

Segmenting is ever so important, because that is the piece of data they most likely
prepare for you. Cost breakdown too, but I guess that's segmenting too. Haha.

Thanks again Victor, I'd love to keep in touch with you. Feel free to pull things from
this email as well to include. I guess one thing that I'd like to note, is that you don't
have to be from a top-tier school to get noticed.

--- My Reply ---

It's quite common to NOT go through the entire framework. The purpose of the
framework is to allow you to cover the major issues until you find THE issue.
Then as you did so well, you want to dive into THE issue -- which usually has data tied
to it.

Congrats! And have fun.

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

To subscribe directly to this email newsletter on Case Interviews:


http://www.caseinterview.com

To subscribe to my email newsletter on how to succeed as a New Consultant, visit:


http://www.caseinterview.com/new-consultant

Search my blog and email archives:


http://www.caseinterview.com/search

******
(c) Victor Cheng, All Rights Reserved

A Victor Cheng (tm) Production


A Look Over My Shoulder (r) Learning Guide

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on an "as is" basis with no warranties expressed or implied. The information is
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agree to waive the author and the company Fast Forward Media, Inc of any liability
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Hi Maria,

One of the most important skills to learn in the case interview is how to "structure" a
case.

Being good at structuring a business problem is THE skill highly desired by the top
management consulting firms.

The problem is structuring case is an UNNATURAL behavior. It is unlike how you


would typically behave in your everyday life.

In other words, it is a LEARNED skill.

I recently received a question from one of my students on this vital topic.

**** How to Structure a Case Interview ****

Thanks to your videos I made it to the final rounds, but the feedback from the last
interview said that I needed more structure.

As you surely know, case interviews at McKinsey (at least in my country) are pretty
standard in structure. This structure is as follows:

1. They open with a business situation, ask you to come up with areas to investigate.

2. They ask a more specific question, based on what you said at 1.

3. They give a numerical analysis and ask for conclusions.

4. Overall conclusions and recommendations.

Some steps may repeat during a case, for example instead of 1 2 3 4 it may be 1 2 3 2 3
4. My point is that you don't really drive the case, they ask you questions which you
have to answer.

Which brings me to my question.

For my last case I had a wine producer that we had to asses for a private equity buy
out.

So, for 1 I set up your standard framework, and after we went through it, the
interviewer jumped to the question : "What are the dimensions in which this firm can
grow?".

I asked what he meant by dimensions, but he restated the question. So, the first thing
that popped into my mind was market share. He didn't agree, but did not tell me right
away (I found out at the end of the case).

He asked what else, so I said increase products and products output. We moved on to 3
and 4 which went well, and that was it.

He told me that I need more structure, because for example at the dimensions growth
question, I should have said that market share is an objective, not a dimension, and that
he wanted to hear a MECE list like : Increase products, increase product output, grow
geographically etc.

They gave me 2 weeks, one already passed, in which I should practice this structuring.

So, my question is, in this case interview standard, how can I practice for gaining
MECE structuring capabilities in just one week?

They said I should find a partner (which I have already been doing, but having in mind
a case situation like you described) to do some mock interviews, although they don't
conduct the interviews the standard way (in which I drive the case, not them).

So, I ruled out their suggestion, and I came to you for help.

--- My Reply ----

To see my reply, click here:How to Structure a Case Interview (My Reply)

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.
******

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A Look Over My Shoulder (r) Learning Guide

The information provided in this email is for educational purposes only. It is provided
on an "as is" basis with no warranties expressed or implied. The information is
believed to be accurate, but is not guaranteed to be so. By reading this content, you
agree to waive the author and the company Fast Forward Media, Inc of any liability
from the action you may take as a result of reading the information within. To see our
privacy policy:
http://www.caseinterview.com/privacy

This email may contain links to third parties. These links often involve us receiving
financial compensation if you buy something after clicking the link. We only
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Hi Maria,

I am a big fan of "studying success." This involves finding someone who has
accomplished what you want to accomplish and learning from their experience.

Along these lines, I am reprinting an email I received from one of my students who got
offers from both BCG & McKinsey.

While this person was applying coming out of undergrad, it is worth examining closely
even if you are an MBA, PhD, or Experienced HIre candidate.

At the top firms, the recruiting process and skill expectations are far more similar than
most people assume.

It's worth studying this email and applying what you can to your own recruiting
efforts.

*** McKinsey & BCG Offers ***

Hi Victor!

I was just offered positions at both BCG and McKinsey!!

The firms are now in the process of "wining and dining" me, and for a kid who has
never seen any significant amount of money, it's really exciting.

I just received McKinsey's offer, and factoring in bonuses and their generous
retirement contribution, it's about $90k; my family's income right now is slightly over
$25k.

I will be able to help my mother financially.

Even 10 days before my first round interview with BCG, I had zero case interview
preparation experience. I read Case In Point and scoured the internet for preparation
help, and thankfully I came upon your website!

Your workshop was very helpful, as were the printouts. I brought the page detailing
the Customer - Product - Competition - Company analysis everywhere I went, and
studying that helped me ask the right questions during my interviews.

While Case In Point certainly helped, I honestly found it too complex and difficult to
use in live cases; your "system" was more user friendly, as I was able to incorporate
elements from Case In Point and my own experiences to form my own "Case Guide."

My advice to those reading this website is to study and consume all resources related
to case interview preparation.

You cannot control how naturally good you are, but you can outwork and outstudy
everybody else.

Thanks so much, Victor, for everything.

You helped make my senior year of college more enjoyable, and the investment in my
education seem (more) worthwhile.

Keep up the great work!

-------- My Reply --------

When I first read this email, I was quite moved by it.

For me case interviews, solving business problems, and the CEO coaching work I do
now is like a game -- something that's a lot of fun. Whereas others play golf for fun, I
like solving business puzzles.

And my original intention for sharing my tips for case interviews was just for fun. For
some reason, it just never occurred to me that a consulting job offer could make such
an impact on someone's life.

So I was quite touched by the wonderful news.

From a coaching standpoint, there is one part of that story that I want to really
emphasize for you -- because I COMPLETELY agree with it.

"You cannot control how naturally good you are, but you can outwork and outstudy
everybody else. "

I couldn't agree more.

When I was interviewing with all the major firms, I really had no idea if I was any
good at this stuff -- seriously.

So I worked REALLY, REALLY, REALLY hard to figure out how to do these case
interview things.

I bought people lunch to ask for their advice. I begged friends to practice with me. I
practiced by myself. And I'm pretty sure that I outworked and out-studied everybody at
Stanford -- with the exception of 1 person (and he too ended up at McKinsey).

And after all that work, I was pretty certain that I would be able to perform to the
maximum of my natural ability.

And as fortune would have it, my natural ability was actually quite high.
BUT -- and this is very important -- without the EFFORT to practice and outwork
everyone else, my natural talent would have NEVER had the opportunity to come out.

My very first case interview, I totally bombed. For a 40-minute interview, I lasted
literally 3 minutes before I was stuck. Fortunately, it was only a practice interview.

Whew!

My second practice interview, I basically stunk a little less.

The third time around, I was only extremely mediocre.

But eventually I understood the underlying mechanics of how to do a case (and had to
work really hard to REMEMBER what to do during a particular case situation).

And then eventually with sufficient practice and experience it became a natural skill
for me -- kind of like how someone can drive a car without really thinking too much
about how to do it.

Let me share with you something I have not told many other people. You probably
know that I got 7 consulting job offers, before canceling the remainder of my
interviews.

What you probably don't know is that the year before I graduated, I applied for an
internship position at Bain -- and I got rejected.

I just flat out wasn't good enough. I know in hindsight I had the raw talent back then,
but I hadn't yet mastered the case interview skills.

So I decided to immediately start practicing my case interview for next year's


interviews... getting a 12-month head start on the competition. So by the time
interviews for full time jobs came around, I had 15 months of practice under my belt.

My first "real" live case interview for a full time job was in reality my 31st case. (I had
done 2 or 3 practice interviews with others and about 25 cases practicing with
myself).

So I got rid of all the bad HABITS that held me back from getting that Bain internship
offer.

And it paid off. Of the other 400 people that applied from Stanford, the vast majority
were doing their 2nd or 3rd case ever in their life. I was doing my 31st.

And the results showed. Out of 400 people applying from Stanford, only 6 received
offers. I was one of the 6.

Was I amongst the top 1.5% at Stanford with the most talent? Maybe...
Was I amongst the top 1.5% at Stanford that worked harder than everybody else?

ABSOLUTELY - there's no doubt what-so-ever about that one.

So bottom line, you gotta study, get face-to-face practice and use simulated practice
like my Look Over My Shoulder program to get really good.

And in my latest analysis of who's getting offers, those that have been MOST
successful at using my Look Over My Shoulder Program have consistently gone
through the approx. 10 hours of practice materials FIVE times before getting their
offers.

That's 50 hours, BEFORE considering the time spent watching the free videos on my
site, not to mention 1:1 practice, not to mention practicing estimation questions on
your own.

Your success is in case interviews is NOT determined by your case interview SKILLS.
It IS determined by your case interview HABITS.

The two are not the same, and like everything in life, repetition builds habits.

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

To subscribe directly to this email newsletter on Case Interviews:


http://www.caseinterview.com

To subscribe to my email newsletter on how to succeed as a New Consultant, visit:


http://www.caseinterview.com/new-consultant

Search my blog and email archives:


http://www.caseinterview.com/search

******
(c) Victor Cheng, All Rights Reserved
A Victor Cheng (tm) Production
A Look Over My Shoulder (r) Learning Guide

The information provided in this email is for educational purposes only. It is provided
on an "as is" basis with no warranties expressed or implied. The information is
believed to be accurate, but is not guaranteed to be so. By reading this content, you
agree to waive the author and the company Fast Forward Media, Inc of any liability
from the action you may take as a result of reading the information within. To see our
privacy policy:
http://www.caseinterview.com/privacy

This email may contain links to third parties. These links often involve us receiving
financial compensation if you buy something after clicking the link. We only
reference 3rd party resources we strongly recommend.
*****

For customer service or technical support inquiries email:


support@caseinterview.com

Fast Forward Media, Inc. 93 S. Jackson St, #75551 Seattle, Washington 98104 United
States (206) 701-0250

To Unsubscribe / Update eMail Address:

Click Here

Hi Maria,

I am a big fan of "studying success." This involves finding someone who has
accomplished what you want to accomplish and learning from their experience.

Along these lines, I am reprinting an email I received from one of my students who got
offers from both BCG & McKinsey.

While this person was applying coming out of undergrad, it is worth examining closely
even if you are an MBA, PhD, or Experienced HIre candidate.

At the top firms, the recruiting process and skill expectations are far more similar than
most people assume.

It's worth studying this email and applying what you can to your own recruiting
efforts.
*** McKinsey & BCG Offers ***

Hi Victor!

I was just offered positions at both BCG and McKinsey!!

The firms are now in the process of "wining and dining" me, and for a kid who has
never seen any significant amount of money, it's really exciting.

I just received McKinsey's offer, and factoring in bonuses and their generous
retirement contribution, it's about $90k; my family's income right now is slightly over
$25k.

I will be able to help my mother financially.

Even 10 days before my first round interview with BCG, I had zero case interview
preparation experience. I read Case In Point and scoured the internet for preparation
help, and thankfully I came upon your website!

Your workshop was very helpful, as were the printouts. I brought the page detailing
the Customer - Product - Competition - Company analysis everywhere I went, and
studying that helped me ask the right questions during my interviews.

While Case In Point certainly helped, I honestly found it too complex and difficult to
use in live cases; your "system" was more user friendly, as I was able to incorporate
elements from Case In Point and my own experiences to form my own "Case Guide."

My advice to those reading this website is to study and consume all resources related
to case interview preparation.

You cannot control how naturally good you are, but you can outwork and outstudy
everybody else.

Thanks so much, Victor, for everything.

You helped make my senior year of college more enjoyable, and the investment in my
education seem (more) worthwhile.

Keep up the great work!

-------- My Reply --------

When I first read this email, I was quite moved by it.

For me case interviews, solving business problems, and the CEO coaching work I do
now is like a game -- something that's a lot of fun. Whereas others play golf for fun, I
like solving business puzzles.

And my original intention for sharing my tips for case interviews was just for fun. For
some reason, it just never occurred to me that a consulting job offer could make such
an impact on someone's life.

So I was quite touched by the wonderful news.

From a coaching standpoint, there is one part of that story that I want to really
emphasize for you -- because I COMPLETELY agree with it.

"You cannot control how naturally good you are, but you can outwork and outstudy
everybody else. "

I couldn't agree more.

When I was interviewing with all the major firms, I really had no idea if I was any
good at this stuff -- seriously.

So I worked REALLY, REALLY, REALLY hard to figure out how to do these case
interview things.

I bought people lunch to ask for their advice. I begged friends to practice with me. I
practiced by myself. And I'm pretty sure that I outworked and out-studied everybody at
Stanford -- with the exception of 1 person (and he too ended up at McKinsey).

And after all that work, I was pretty certain that I would be able to perform to the
maximum of my natural ability.

And as fortune would have it, my natural ability was actually quite high.

BUT -- and this is very important -- without the EFFORT to practice and outwork
everyone else, my natural talent would have NEVER had the opportunity to come out.

My very first case interview, I totally bombed. For a 40-minute interview, I lasted
literally 3 minutes before I was stuck. Fortunately, it was only a practice interview.

Whew!

My second practice interview, I basically stunk a little less.

The third time around, I was only extremely mediocre.

But eventually I understood the underlying mechanics of how to do a case (and had to
work really hard to REMEMBER what to do during a particular case situation).

And then eventually with sufficient practice and experience it became a natural skill
for me -- kind of like how someone can drive a car without really thinking too much
about how to do it.

Let me share with you something I have not told many other people. You probably
know that I got 7 consulting job offers, before canceling the remainder of my
interviews.

What you probably don't know is that the year before I graduated, I applied for an
internship position at Bain -- and I got rejected.

I just flat out wasn't good enough. I know in hindsight I had the raw talent back then,
but I hadn't yet mastered the case interview skills.

So I decided to immediately start practicing my case interview for next year's


interviews... getting a 12-month head start on the competition. So by the time
interviews for full time jobs came around, I had 15 months of practice under my belt.

My first "real" live case interview for a full time job was in reality my 31st case. (I had
done 2 or 3 practice interviews with others and about 25 cases practicing with
myself).

So I got rid of all the bad HABITS that held me back from getting that Bain internship
offer.

And it paid off. Of the other 400 people that applied from Stanford, the vast majority
were doing their 2nd or 3rd case ever in their life. I was doing my 31st.

And the results showed. Out of 400 people applying from Stanford, only 6 received
offers. I was one of the 6.

Was I amongst the top 1.5% at Stanford with the most talent? Maybe...

Was I amongst the top 1.5% at Stanford that worked harder than everybody else?

ABSOLUTELY - there's no doubt what-so-ever about that one.

So bottom line, you gotta study, get face-to-face practice and use simulated practice
like my Look Over My Shoulder program to get really good.

And in my latest analysis of who's getting offers, those that have been MOST
successful at using my Look Over My Shoulder Program have consistently gone
through the approx. 10 hours of practice materials FIVE times before getting their
offers.

That's 50 hours, BEFORE considering the time spent watching the free videos on my
site, not to mention 1:1 practice, not to mention practicing estimation questions on
your own.

Your success is in case interviews is NOT determined by your case interview SKILLS.
It IS determined by your case interview HABITS.

The two are not the same, and like everything in life, repetition builds habits.

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

To subscribe directly to this email newsletter on Case Interviews:


http://www.caseinterview.com

To subscribe to my email newsletter on how to succeed as a New Consultant, visit:


http://www.caseinterview.com/new-consultant

Search my blog and email archives:


http://www.caseinterview.com/search

******
(c) Victor Cheng, All Rights Reserved

A Victor Cheng (tm) Production


A Look Over My Shoulder (r) Learning Guide

The information provided in this email is for educational purposes only. It is provided
on an "as is" basis with no warranties expressed or implied. The information is
believed to be accurate, but is not guaranteed to be so. By reading this content, you
agree to waive the author and the company Fast Forward Media, Inc of any liability
from the action you may take as a result of reading the information within. To see our
privacy policy:
http://www.caseinterview.com/privacy

This email may contain links to third parties. These links often involve us receiving
financial compensation if you buy something after clicking the link. We only
reference 3rd party resources we strongly recommend.
*****

For customer service or technical support inquiries email:


support@caseinterview.com
Fast Forward Media, Inc. 93 S. Jackson St, #75551 Seattle, Washington 98104 United
States (206) 701-0250

To Unsubscribe / Update eMail Address:

Click Here

Hi Maria,

When learning ANY activity, there is a transformation that takes place as you skills
improve.

Is is like learning to drive a car. Initially, you have to THINK about every little thing.

Check your mirrors.

Check your blindspot.

Focus on where you want to go.

Look out for bad drivers on the road.

But somewhere in that learning process, all those things that seemed challenging when
first learning to drive suddenly became automatic.

There is no magic moment when this happens, but at some point there is a realization
that, "Hey I did it right without even thinking about it."

When I took public speaking in college, my instructor explained to me there are 4


stages of learning something.

Stage 1: Unconscious Incompetence


Stage 2: Conscious Incompetence
Stage 3: Conscious Competence
Stage 4: Unconscious Competence

Translated into case interview terminology:

1) You stink at cases and have no idea you stink so bad


2) You stink at cases, and you now KNOW you stink
3) You're good at cases, but you have to remember all the steps
4) You're good at cases, and it's as automatic as breathing

To get a consulting job offer, you need to be at Stage 3 or 4.

The more competitive the other candidates are (e.g., later rounds with a firm, or
interviewing with more selective firms), the closer you need to get to Stage 4.

Here's why.

The hardest cases you get as a candidate are ones that are very unusual. Often you
have to not only be strong analytically, but also creatively as well.

As an interviewer, I really like the unusual cases because they distinguish from the
candidates that are merely good vs. those that are exceptional.

This happens in part because really unusual cases defy being solved with a memorized
formula. It forces a candidate to think both analytically and creatively simultaneously -
- just like I had to do every day as a consultant at McKinsey.

Of course it is hard to be both analytical and creative at the same time, unless you have
mastered (i.e., are at stage 4) for one of the two skills.

When I interviewed, somewhere around my 20th or 30th live case interview, I made
the transition from stage 3 to 4.

From those cases onwards, it was basically a given that I could do the analytical
portion of any case. It was as natural as breathing.

What I could then do is FOCUS my energy on looking on the unusual aspects of the
more difficult cases. Cases where standard frameworks didn't apply and where nothing
obvious came to mind for components of an issue tree.

These were cases that I had NEVER seen before... nothing even close. They were very
unique cases (just like the client situations I ended up facing as a consultant).

Today's success story comes from someone who followed a similar journey. What
follows is what this person learned from the process that you can apply to yours.

*** Lessons from 3 Consulting Offers ***

I wanted to drop you a thank-you email to tell you that I managed to secure offers from
3 different consulting firms (AT Kearney, Arthur D Little and a boutique consulting
firm) thanks to all your preparation materials.

I have been following your advice the last two months and have been practicing a lot
using your different materials.

I went through your LOMS program at least 7 times, and practiced around 20 case
interviews with partners.

Having gone through the consulting interview process, I wanted to share my learnings.

According to my experience, success in the consulting interview process is based on 3


pillars:

** Networking **

In order to secure interviews at top firms as well as to show my deep interest in the
firm, I have always first contacted consultants working in the company I was interested
in.

This enabled me to have a point of contact within the firm and to tailor my motivation
letter as well as to ask for any specific HR person to contact.

By doing so, I have seen a huge increase in the number of positive responses for first
round interviews.

** Preparation **

I think this is no secret, preparation is key. In my case, I mainly relied on specific


frameworks, LOMS and case interview partners. Look Over My Shoulder

I think the key here, as you mentioned many times, is not only to read or to listen
passively to case, but also to try to repeat specific parts of the case and to use a stop
and go approach trying always to answer personally first and then to listen/read the
solution.

By doing so, I really was surprised that during real case interviews, I was opening,
structuring, synthesizing the case without even having to think to do so.

This became a habit and I think only a lot of preparation can help with that.

** Flexibility ** (Mainly regarding the frameworks)

If at the beginning I was heavily relying on frameworks, my approach changed with


time and practice.

I began to use the different box of analysis (for example: customer, competition,
company) as tools and began to build my own frameworks using my previous "rigid"
frameworks as toolboxes.

I think this is a key (mainly in more advanced case interviews) and candidates
shouldn't hesitate to ask for one, or two minute at the beginning of the case to be able
to build your own decision tree.

Once again, I wanted to thank you Victor for the LOMS and HSMC programs, and I
am looking forward to the coming webinars [Apex Club monthly web conference
calls].

--- My Comments ---

I wanted to add to this person's comment about shifting from using "rigid" frameworks
to using a more flexible approach -- using PARTS of each framework as TOOLS in a
toolbox.

This is a VERY important point that many people don't quite grasp.

For example, the business situation framework has 4 major sections to it:

1) Customer
2) Product
3) Company
4) Competitors

Now a CIB (Case Interview Beginner) would typically go through all 4 sections of the
framework for EVERY case and ask ALL the questions listed under each section.

This is what the person who wrote in meant by being "rigid."

Now this isn't a bad place to start as a CIB, but you do want to move beyond this entry-
level habit. Otherwise, you just end up being a FR (Framework Robot).

Instead, it is useful to think of the business situation framework as a single framework


that has nested within it 4 SEPARATE frameworks -- one for customer analysis, one
for product analysis, one for company analysis, and one for competitors analysis.

So whereas a CIB sees the business situation framework as ONE framework, a F1Y
(Future First Year Consultant) sees it as FIVE frameworks.

When you get more advanced in your case interviewing skills, you instinctively
develop the ability to use PARTS of pre-existing frameworks that you are familiar with
and often combine them with custom issue trees.

For example, perhaps you are working on a case where understanding the customer is
extremely important.

You can use JUST the customer portion of the business situation framework to help
structure that particular branch of your issue tree.
In other words, if CUSTOMERS is the main focus of the case, don't force the
interviewer to listen to you analyze the PRODUCT.

Let your HYPOTHESIS determine your framework or issue tree... instead of


stubbornly sticking to a framework (because you're "supposed" to) and ending up using
all of your time analyzing issues that are not that relevant.

This is the big difference between a CIB and F1Y.

At the end of the day, the goal is NOT to analyze everything. It is to analyze as
LITTLE as is necessary to solve the client's primary issue.

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

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A Look Over My Shoulder (r) Learning Guide

The information provided in this email is for educational purposes only. It is provided
on an "as is" basis with no warranties expressed or implied. The information is
believed to be accurate, but is not guaranteed to be so. By reading this content, you
agree to waive the author and the company Fast Forward Media, Inc of any liability
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privacy policy:
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Hi Maria,

I thought I'd pass along the following field report from a F1Y (Future First Year).

*** Triple Offers from McKinsey, BCG & Booz ***

I would like to extend my sincerest gratitude for providing your case interview study
materials on-line for free access to the world.

I applied to 3 selected firms that I felt a connection with (McKinsey, BCG and Booz)
and received offers from each of them.

As I was about to travel overseas on volunteer work, I had a very condensed interview
process with each firm (including one day with 6 straight case interviews in 8 hours!)
with only a few days to practice before my first interview.

To tell the truth, once I found your website, I decided to use it exclusively and didn't
even consider checking anywhere else as it seemed to have everything one could
potentially learn about the recruitment process.
Also, having to remember only two frameworks (Profit and Business Situation) is so
much easier than the other complex alternatives that I discovered after completing the
interview process.

I found your materials highly relevant to the recruitment process and your interviews
provided an broad picture of what to expect, which is what I felt was most important
during my brief preparation time.

Although I only used the frameworks directly in 50% of the cases provided to me,
having the flexible frameworks and list of useful questions in my head provided the
confidence to be able to respond to any case questions that were thrown at me from
any direction.

Towards the end of the process, I also appreciated the concept of mixing the
frameworks together to solve the compound cases.

It just started to come naturally after a while as they fit so well together.

As a bit of feedback, I didn't necessarily "crack" each case given to me.

I now understand the point you stressed about being able to show you can think
logically and demonstrating that your line of thinking can be used repetitively to
rapidly collect information from the client in order to reach a defensible conclusion.

The most important part of the case that I found was the synthesis. Even if my analysis
hadn't reached anywhere, if I could come up with a strong synthesis it seemed to turn
the tide of every case.

I selected the BCG offer due to:

(1) the amazing culture of the firm and the personalities of the people I met and

(2) as it provided a unique proposition (instant promotion from the entry-level


Associate position that I applied for) that I was simply not expecting.

I can definitely credit my in-depth understanding of your simple frameworks to this


success.

---- My Comments ----

Congratulations! I love hearing about people's successes.

There were a few comments this F1Y mentioned that are worth emphasizing.

The main one is the importance of using a REPEATABLE analytical problem solving
process. The extent to just how much the APS process is valued by consulting firms is
often under-appreciated by many CIB's (Case Interview Beginners).
Think of it this way.

Let's say I'm the Engagement Manager on a project and I sent you on an airplane trip
half way around the world to get some data... and it's your first week on the job... and
you're totally on your own.

Can I trust your analytical process to eventually figure out how to solve the problem?

This is why candidates who cracked the case, but did so by guessing or via totally
intuitive thinking (even if the intuition is correct) can't be hired.

This kind of person is an IPS (intuitive problem solver) which is not conducive to
being a good consultant... because it's not clear to the interviewer that the IPS's process
is repeatable with any kind of consistency.

And even if one's IPS process is repeatable, it is still not conducive to consulting
because clients can not see the justification behind why a particular recommendation is
correct if all the justification is intuitive and none of it is analytical in nature.

In comparison, an APS (Analytical Problem Solver) uses a systematic, logical,


methodical process where it is VERY obvious this person is going to figure out this
problem eventually.

Even when an APS runs out of time in say a 30-minute interview, the interviewer can
tell the APS is clearly and obviously on the right track... and using such a disciplined
and logical process that it's just INEVITABLE the APS will isolate the problem and
solve it.

That is what an interviewer sees when they see an APS in action.

So long story short, demonstrating a strong analytical problem-solving process is vital


to doing well in case interviews.

Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

To subscribe directly to this email newsletter on Case Interviews:


http://www.caseinterview.com
To subscribe to my email newsletter on how to succeed as a New Consultant, visit:
http://www.caseinterview.com/new-consultant

Search my blog and email archives:


http://www.caseinterview.com/search

******
(c) Victor Cheng, All Rights Reserved

A Victor Cheng (tm) Production


A Look Over My Shoulder (r) Learning Guide

The information provided in this email is for educational purposes only. It is provided
on an "as is" basis with no warranties expressed or implied. The information is
believed to be accurate, but is not guaranteed to be so. By reading this content, you
agree to waive the author and the company Fast Forward Media, Inc of any liability
from the action you may take as a result of reading the information within. To see our
privacy policy:
http://www.caseinterview.com/privacy

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financial compensation if you buy something after clicking the link. We only
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Hi Maria,

I have continually emphasized the importance of taking a structured approach to


tackling a case.

Using frameworks is one way to do this. But it is NOT the only way to do it.

Depending on which firms you interview with, it is possible that up to 40% of your
cases will be cases where standard frameworks just do not apply.
In these situations, what are you supposed to do?

Read the following question from a CIB (and my reply) for the answer.

*** How to Solve a Case When Frameworks Don't Apply ***

Thank you for all the great material you provide. It really helps me understand what a
case interview is and how to tackle a case.

I am still far from mastering the frameworks, but I am getting more and more
confident.

I have two specific questions that I found during the study process and look forward to
hearing your answers.

I had a first round interview with my dream company, during which I got a 45-minute
case with a operations spin.

I followed the main rules you mentioned and thought out loud. However, I wasn't sure
at all if there was a framework I could start with.

Can you please give some suggestions on this specific case and generally operations
ones?

The case was that our client is a major discounted retailer. They have been experiencing
high shrinkage rate (theft rate) at about 3.5%, which is higher than the industry. 60% of
the shrinkage is internal and 40% is external.

How would you go about finding out what's the problem and how would you suggest to
solve it?

I just downloaded Look over my Shoulder and am listening to it all the time to prepare
for a final round interview coming up in a few days.

Thank you again!

--- My Reply ---

The case in question does not fit a standard framework, but that doesn't mean it can't be
structured.

A framework or a structure is nothing more than an organized way of approaching the


problem.

Basically what you want to do in this case is create a customized "Issue Tree."

(In your copy of Look Over My Shoulder, refer to the 3 sample issue tree diagrams for
Cases 2, 4 and 5 to see what I'm referring to.)
In fact, based on how the case is presented, I'd say you've already been given the first
piece of the issue tree.

The top of the tree is 3.5% shrinkage. This breaks out into 60% internal and 40%
external.

You would want to break down internal into its component parts (such as by location,
by time of day, by retail floor vs. warehouse) and same with external.

You'd also would want to see if these shrinkage numbers have changed over time. If
they have, figure out which component changed the most.

If this sounds familiar, it's because it comes directly from my case interview
frameworks handout (I think it's the last page).

In those tips, I say ALWAYS segment your summary numbers into its components, and
always get a historical trend for those numbers.

Now those tips were originally geared towards how to use a framework effectively.
However, they apply equally well when using a custom issue tree.

As I mention repeatedly in Look Over My Shoulder, a very common but problematic


mistake many people make is they try to "solve" the case immediately from the start.

There are several examples of candidates making this mistake in the LOMS recordings
and transcripts as well as several instances of my voice-over commentary pointing out
the mistake and how the candidate could have avoided it.
Look Over My Shoulder

In most cases, the temptation to try to solve the case from the start is WRONG.

Here's how you can tell if a candidate is making this mistake.

They start saying things like...

"Well, maybe the client could install more security cameras to stop the shrinkage,"

"Oh, they already have security camera."

"Maybe they could hire some more security guards,"

"Oh, they already have security guards."

Basically each proposed solution is trying to solve a problem that may not even exist.
The reason the candidate is doing this is because the candidate has NO IDEA what's
causing the actual problem.

Write this Down:


ISOLATE THE PROBLEM FIRST, THEN PROPOSE SOLUTIONS.

Many CIB's (Case Interviewer Beginners) just start proposing solutions one after
another.

90% of the work and time spent in a case interview is spent on isolating and DEFINING
the ACTUAL problem.

Often less than 10% of the time is devoted to solving the problem.

Many people are surprised by this ratio. But here is why it is true in cases as well as in
client engagements.

Once you are able to very PRECISELY define the problem, quite often the solution is
VERY obvious.

The main problem is many people (clients, CIB's) quite often misunderstand the
problem, and spend all their time solving the WRONG problem.

Let's go back to our earlier example regarding shrinkage.

Using these new concepts, let me argue that the 3.5% shrinkage is NOT the problem.

It is merely a SYMPTOM of the problem.

To start this process, you begin by ISOLATING THE PROBLEM.

In other words, for internal shrinkage, what is DRIVING that number to be so high?

Is it a particular location? Is it when goods are in transit? Is it a particular time of day?

Phrased differently, if shrinkage from internal sources is one category of shrinkage (the
other being external sources)... what are the SUB-categories of shrinkage WITHIN the
internal category?

In other words, take the internal shrinkage and SEGMENT it further.

The problem with trying to propose solutions for the 3.5% shrinkage "problem" from
the start is you don't yet know what the problem is.

And as a result, many CIB's will often propose these amazing solutions to the WRONG
problem.

Once you've broken down the issue tree into its component parts, you should be able to
isolate which causes contribute to the majority of the shrinkage problem.

Then it's a matter of using common sense or intuition to figure out how to address that
specific cause of shrinkage -- knowing if you can fix it, it has a big impact on the
overall shrinkage number.
Thanks,
-Victor Cheng

Author, Case Interview Secrets


www.CaseInterviewSecrets.com

P.S. Pass this email along to any really good friends who are also interested in doing
well in the case interview process.

******

To subscribe directly to this email newsletter on Case Interviews:


http://www.caseinterview.com

To subscribe to my email newsletter on how to succeed as a New Consultant, visit:


http://www.caseinterview.com/new-consultant

Search my blog and email archives:


http://www.caseinterview.com/search

******
(c) Victor Cheng, All Rights Reserved

A Victor Cheng (tm) Production


A Look Over My Shoulder (r) Learning Guide

The information provided in this email is for educational purposes only. It is provided
on an "as is" basis with no warranties expressed or implied. The information is believed
to be accurate, but is not guaranteed to be so. By reading this content, you agree to
waive the author and the company Fast Forward Media, Inc of any liability from the
action you may take as a result of reading the information within. To see our privacy
policy:
http://www.caseinterview.com/privacy

This email may contain links to third parties. These links often involve us receiving
financial compensation if you buy something after clicking the link. We only reference
3rd party resources we strongly recommend.
*****

For customer service or technical support inquiries email:


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Fast Forward Media, Inc. 93 S. Jackson St, #75551 Seattle, Washington 98104 United
States (206) 701-0250

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