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VaultGuidetoCaseInterview-Page1of94VaultGuideToCaseInterviewCHAPTER1:INTRODUCTION•Whythecase?•Whatisacase?•Typesofcaseinterviews•Skillsassessedinthecaseinterview•WhatkindofcasewillIget?CHAPTER2:CASESTRATEGIES•Yourobjective•Top10caseinterviewtips•Groupcases•Commonproblemsandtroubleshooting•Thinkingaboutthecase•SpecifictypesofbusinesscasesCHAPTER3:CASEFRAMEWORKS•Yourcookbook•Basicconcepts&frameworks•Basicaccountingconcepts•TheBalanceSheet•TheIncomeStatement•TheStatementofRetainedEarnings•TheStatementofCashFlows•Advancedconcepts&frameworks:netpresentvalue•TheCapitalAssetPricingModel(CAPM)•Porter'sFiveForces•Productlifecyclecurve•Strategytool/frameworkchart•TheFourPs•TheFourCs•TheFiveCs•ValueChainAnalysis•Corecompetencies•Benchmarkingandbestpractices•The2x2matrixVaultGuidetoCaseInterview-Page2of94•TheBCGMatrix•M&Acases:Determiningthevalueofanacquisition•AframeworkcautionCHAPTER4:BEINGTHERE•Let'spretend•ThecaseCHAPTER5:BUSINESSCASES•Practicequestions•Thinkingstrategically•UsingtheFourPs•SailingtheFiveCs•Moresamplecases•Pressure/stresscases•Awrittencase•Thefinancialcaseinterview•M&Acases•AdditionalpracticequestionsCHAPTER6:GUESSTIMATES•Guesstimatecasequestions•Acingguesstimates•Theextrastep•Practiceguesstimatequestions•Otherguesstimates•Andtrytheseforpractice...CHAPTER7:BRAINTEASERS•Thedrill•PracticebrainteasersCHAPTER8:FINALANALYSIS•FinalanalysisCHAPTER9:APPENDIX•Consultingglossary•RecommendedreadingVaultGuidetoCaseInterview-Page3of94Chapter1:INTRODUCTIONSUB-CHAPTERS:Whythecase?Whatisacase?•Typesofcaseinterviews•Skillsassessedinthecaseinterview•WhatkindofcasewillIget?Whythecase?Yourimpressiveresumemaygetyouaninterviewwithaconsultingfirm,butitwon'tgetyouthejob.Consultantsknowthataresume,atitsverybest,isonlyatwo-dimensionalrepresentationofamulti-faceted,dynamicperson.Andbecauseconsultingfirmsdependonemployingthosemulti-faceted,dynamicpeople,thefirmsrelyheavilyonthecaseinterviewtoscreencandidates.Theinterviewprocessisespeciallypertinentintheconsultingindustry,sinceconsultingprofessionalsspendthelion'sshareoftheirbusinessdayinteractingwithclientsandcolleagues,andmustthemselvesconstantlyinterviewclientemployeesandexecutives.Furthermore,consultantsmusthaveaselectsetofpersonalityandleadershiptraitsinordertobesuccessful.Aconsultant'sworkenvironmentisextremelyturbulent.Therearenonstopengagementteamchanges,hostileclientenvironments,countlesspoliticalinfluences,andnear-perpetualtravel.Thesefactorsdictatethatanindividualbecoolunderpressure,beinfluentialwithoutbeingcondescending,behighlyanalytical,havetheabilitytounderstandthegranularaspectsofaproblemwhilesimultaneouslyaggregatingthemtoseethebigpicture,andhavetheabilitytoself-policeabalancebetweenpersonalandprofessionallifestyle.Consultantsareoftenstaffedinsmallgroupsinfar-flungareas.Asaresult,theindividualmustbeabletofunction,andfunctionwell,withoutmanyofthetraditionalworkplacestandards:apermanentworkingspace,theabilitytoreturnhomeeachnight,easilyaccessedservicessuchasadministrativeassistance,faxing,andphotocopying,andthecamaraderiethatdevelopsamongco-workersassignedtothesamebusinessunit.Allthesefactorsnecessitateauniqueinterviewstructurefocusedonassessingacandidate'sabilitytomanagetheseparticularcircumstanceswithprofessionalismandexcellence.Thecaseinterviewhasevolvedasamethodforevaluatingthesecharacteristics.Whatisacase?Simplyput,acaseinterviewistheanalysisofabusinessquestion.Unlikemostotherinterviewquestions,itisaninteractiveprocess.Yourinterviewerwillpresentyouwithabusinessproblemandaskyouforyouropinion.YourjobistoasktheinterviewerlogicalquestionsthatwillpermitVaultGuidetoCaseInterview-Page4of94youtomakeadetailedrecommendation.Themajorityofcaseinterviewersdon'thaveaspecificanswerthatyou,thecandidate,areexpectedtogive.Whattheinterviewerislookingforisathoughtprocessthatisatonceanalyticalandcreative(whatconsultantslovetocallout-of-the-boxthinking).Specificknowledgeoftheindustryinquestionisabonusbutnotnecessary.Businessschoolstudentsandcandidateswithsignificantbusinessworldexperiencereceivecasequestionsthatrequireadeeperunderstandingofbusinessmodelsandprocesses.Theinterviewwithaconsultingcompanynormallylastsabouthalfanhour.Ofthistime,about10minutesistakenupwithpreliminarychatandbehavioralquestionsandfiveminutesofyouraskingquestionsaboutthecompany.Thisleaves15minutesforyourcaseinterviewquestionorquestions.Makethemcount!TypesofcaseinterviewsWhatcaseinterviewsarenotdesignedtodoistoexploreeducational,professionalorexperientialqualifications.Ifyou'vereachedthecaseinterviewstage,takeadeepbreath-theconsultingfirmhasalreadyweighedyourbackground,GPAandexperienceandfoundyouworthyofadeeperskillassessment.Thismeansthatthecaseinterviewisyourstolose.Triumphoveryourcaseinterviews,andchancesarethataslotatthefirmwillopenforyou.Caseinterviewsvarywidely,butingeneraltheyfallintothreegroups:businesscases,guesstimates,andbrainteasers.Thesequestionsaredesignedtoassessaparticularsetofcandidatecharacteristicsthatanindividualwouldberequiredtopossessaspartofthetacticaland/orlifestyleaspectsofbeingac