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McKinseyGuidelinesforCasePreparationKelloggstudentswhoparticipateinMcKinsey&Company’sCaseInterviewWorkshopsareusuallyaskedtobringapreparedcasetobeusedinbreakoutsessionsduringtheworkshop.Theseguidelinesaredistributedinadvancetoaidparticipantsintheircasepreparation.WHATISACASEINTERVIEW?Acaseisadescriptionofarealbusinessproblem.Caseinterviewsaredesignedtotestproblem-solvingskills.Acaseinterviewtypicallylasts20to30minutesandisaverbalexchangebetweentheintervieweeandtheinterviewer.Duringacaseinterview,theintervieweeaskstheinterviewerquestionstogetenoughdatatorecommendasolution;theinterviewerprovidestheinformationthatisaskedforandhelpstheintervieweestayontracktodevelopanapproach.Attheendoftheinterview,theintervieweeshouldbeabletorecommendasolutiontotheoriginalproblempresentedbytheinterviewer.Understandthattheintervieweeisnotoftenexpectedtofindasolutiontotheproblem;alogicallystructured,fact-basedrecommendationisusuallyenough.Remember,thecaseinterviewisdesignedtomimicatypicalMcKinseyclientengagement:clientshireMcKinseytomakearecommendationaboutaproblemthattheyarehaving.Theobjectiveoftheintervieweeistoidentifythekeyissuesoftheproblem,developpotentialapproachestomakingarecommendation,andifpossible,hypothesizeasolution.HELPFULGUIDELINESFORPREPARINGYOURCASEThefollowingsectionsprovideguidelinesdevelopedbyMcKinsey&Companytoassistyouduringyourcasepreparation.SelectingYourCaseMcKinseyinterviewerschoosetheircasesbasedonpastbusinessexperiences.Whendevelopingyourowncase,wesuggest,ifpossible,thatyoudothesame.Trytodrawonreal-worldexperiencesorbusinessproblemsthatyouhavebeenexposedtoaspartofyourKelloggcourses.Theseexperiencesandproblemsprovideagreatfoundationforacase.Youcanalsopickaninterestingsituationbeingcoveredinthemedia(e.g.BusinessWeek,TheWallStreetJournal,etc.).2Kicking-offYourCaseInterviewMostcasesstartoutwithaphrasesuchas“ACEOofahockeyequipmentmanufacturerhasaskedMcKinseyto...YouaretheAssociateontheteamandweneedtogetbacktotheCEOwithourpreliminaryanswertohisorherquestionwithinthenexthalfanhour.”Thefollowingquestionsposetypicalproblemsthatyoucouldexpectincaseinterviews.Thecaseyoudevelopfortheworkshopmightinvolvethesolutiontoasimilarquestion.Keepthesetypesofquestionsinmindwhendevelopingyourcasecontent.¶“HowshouldCompanyXrespondtosignificantenvironmentalchanges?”¶“Whatproductsandtowhatcustomersegmentsshouldacompanysell?”¶“ShouldCompanyXaddcapacity?”¶“HowshouldCompanyXreacttoanewcompetitor?”¶“ShouldCompanyXenter/exitanew/oldmarket?”CaseContent&DeliveryAsmentionedearlier,the“meat”ofacaseisadialoguebetweentheintervieweeandinterviewer.Theintervieweeasksaseriesofquestionstogatherdatanecessarytosolvethecase.Theinterviewerwillaskprobingquestions,orredirectstheconversationiftheintervieweebecomesstuckorheadsinawrongdirectionwhileapproachingtheproblem.Toeffectivelydeliveracase,itiscriticalthattheinterviewerhasadeepunderstandingofthefactsandbackgroundofthecase.Thus,mostofourinterviewershaveabackgroundsheet(s)torefertoduringthecourseoftheinterview.Someinterviewerstakethisonestepfurtherandpreparesummarychartsofthekeydatatheintervieweemayneedtosolvethecase.Backgroundsheetsshouldcontainalltheinformationthattheintervieweewillneedtologicallysolvethecase.Wesuggestthatyouprepareabackgroundsheetforyourpracticecase,butpleasedonotfeelobligatedtogointogreatdetail.Asolidunderstandingoftheproblem,therelevantbusinessissues,andpossiblesolutionswillbesufficient.Below,wehavesummarizedsomemajorcategoriesofinformationyoumightwanttocompileforyourpracticecases.3ElementDescriptionProblemdefinitionBeveryclearintheproblemthattheclienthasaskedyoutosolve.IndustryUnderstandwhatindustrytheclientcompetesinandwhatindustrywearehelpingtoevaluate(ifdifferent).CompetitiveenvironmentUnderstandtheenvironment,includinghowconcentratedtheindustryisandwhyithasbeengrowing,shrinking,orstayingthesame.Understandtherelevantchangestothecompetitiveenvironmentincludingchangesinregulation,pressurefromnewcompetitors,impactoftechnology,impactofdemographictrends,etc.CustomerssegmentsUnderstandthesize,profitabilityandgrowthofthekeycustomersegments.CompetitorsUnderstandthemarketshare,growth,profitabilityandstrategicstartingpointsofourleadingcompetitors.Understandwhatthebestplayersintheindustrydoandwhythisissuccessfulforthem(youshouldalsounderstandwhythesestrategieswouldworkorfailforyourclient).Client’sstrategicstartingpointUnderstandtheclient’sdistinctivecompetenciesandcapabilities.EconomicsofbusinessdecisionHavedetailedsupportoftherevenues,costsforthecompany,majorbusinessunitsandcustomersegmentsasnecessary.Havedetailedsupportoftherevenues,costs,capitalexpendituresandpotentialNPVofanybusinessstrategyalternatives.Understandthebreakdownofrevenueandcosts(e.g.fixedversusvariable).Thislistisbynomeansexhaustive,butwehopeitgivesyouagoodstart.Ifyouhavedifficultypreparingyourcase,pleasecallChuckBarenat(312)551-3909forguidance.