Education Series Session 1
September 5, 2012
Agenda
• Introductions• Internship strategies• Case interview overview• Case interview process• Practice Case
Introductions
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Company Presentations
Resume Drops Interviews
Starting Sept 10 November January-February
Plan Prepare Execute
• Industry Research
• Firm Research
• Personal Plan of Attack
• Resume
• Cover Letter
• Story
• Resume
• Cover Letter
• Story
• Networking
• Behavioral Interview Prep
• Case Interview Prep
• Networking
• Behavioral Interview Prep
• Case Interview Prep
Each key activity / deliverable is critical to success
As we prepare for internship interviews, it is important to keep in mind the key drivers
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Do…
Don’t…
• Show up if you have signed up• Pay attention, look interested• Be on time, stay for duration• Dress appropriately (usually BC)• Turn off cell phone• Leave your laptop closed
• Ask irrelevant or basic questions• Put to speaker on the defensive• Monopolize time with speaker• Have too much to eat or drink• Arrive late or leave early
Please make sure you are prepared before attending the presentations
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5
IntroductionBusiness case
25
Fit Portion
10Total: 45
Q&A
5
Most common
15
Fit portion
30Total: 45
Business Case
Also common
The structure of a case interview is a predictable process
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What are case interviews?• Case interviews are simulated mini-consulting projects used
by firms to evaluate candidates skills• The cases are often from actual projects the interviewers
have worked on
Why do consulting firms use case interviews?• Simulates a real consulting engagement• Simulates the communication between a client and a consultant as they
approach a problem• Identifies how a candidate handles a variety of challenges on a consulting
engagement
Case interviews accurately evaluate candidates on the merits of their consulting skills
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Firms look to answer a few key questions…
Do I want to staff this candidate on my
engagement?
Can I put this candidate in front of my client?
Can the candidate accurately complete the required work?
Would I want to spend 2 hours on an airplane
with this person?
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…however these questions require demonstration of many skills
Skill Key QuestionInterpersonal/Soft Skills • Is the candidate relaxed and confident?
• Is the candidate mature?• Does the candidate demonstrate poise?• Is there a good “fit”?
Communication Skills • Is the candidate engaging?• Is the candidate a good listener?• Is the candidate asking insightful clarifying questions?
Organization Skills • Is the candidate good at organizing the information provided?• Is the candidate good at developing a framework for analyzing information?• Is the candidate stating assumptions clearly?
Strategic Thinking/Problem Solving • Is the candidate comfortable discussing multifunctional aspects of a case?• Is the candidate examining the organizational, cultural, functional and strategic issues?• Is the candidate approaching the problem at the right level of detail?
Creativity • Does the candidate think creatively?
Analytical Skills • Is the candidate demonstrating analytical horsepower?• Is the candidate comfortable with complex, unstructured, and ambiguous situations?
Source: Dr. Paul N. Friga
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You can use this checklist to analyze your performance
Source: Dr. Paul N. Friga
Interpersonal Skills
Analytical Skills
Communicated in a clear, concise, and understandable manner
Seemed at ease – like somebody you would like to work with (smiled!)
Moved at a good pace and led the process when necessary
Listened to instructions and clues
Appeared to enjoy problem solving
Structured the problem well (initial framing, use of an issue tree, and buckets)
Was comfortable with math, science, and business topics
Asked insightful questions, made logical assumptions, and showed creativity
Focused on the key issues and the high-impact areas of investigation
Developed reasonable hypotheses/conclusions/recommendations
Comments:
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Additional tools are available for analyzing performance
• Fuqua Case Interview Feedback Form• Consulting Case Tracking Sheet
Available on L://public/Consulting Club Education Documents
Date Interview partner Case nameCase source
(e.g., Michigan 2005 book)Case number from source
(e.g., case #8)Case type
(e.g., marketing, pricing, operations)
Key learningscould be case specific (e.g., consider product mix in declining profitability cases) or
more general (e.g., increase eye contact with the interviewer, avoid nervous activity such as tapping my pencil while thinking)
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A case is more than just a question with an answer
IntervieweeInterviewer
Summary/Q&A
Q A
The process
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The business case can be broken down into various simple steps (holistic perspective)
Interviewee Activity
Listen Ask questions
Break problem into logical parts
Propose solution
Apply framework to test solution
Summarize results
Relative Amount of Information Sharing Interviewee
Interviewer
HypothesizeDecompose Problem
Clarify Problem
Listen to Case
Summarize Findings
Test Hypothesis
Summary/Q&A
Source: Accenture (01)
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Formulate recommendation backed by data & logic
Collect Relevant Data / Focus on the key issues
Structure the case well
Clarify the information and Confirm question
Exhi
bit
Confi
denc
e
Com
mun
icat
e Th
ough
t Pro
cess
This is another way to break down the business case process (interviewee perspective)
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An interviewer looks for 3 essential traits
IntervieweeInterviewer
Summary/Q&A
Logic and reasoningAlways ask yourself why
Sound business judgment Apply what you learn
Poise and presenceBelieve in your abilities
The secret is practice : a lot of itpractice
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A case can be good fun too
IntervieweeInterviewer
Summary/Q&A
• You are sitting in one of Atlanta's oldest scotch bars with a fellow intern. It is a Friday night after a busy week at your summer internship. The weather is mild—a perfect summer evening. While enjoying one of the bar's finest stogies and sipping an 18-year old McCallen single malt, your friend asks you how much you think the bar is worth. Using a back-of-the-envelope calculation, how would you go about determining the value of this bar?
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• Believe it or not, this is a common problem!
• Before you start structuring the case, confirm the following with the interviewer:• The information given• The key question to be answered
• Classic mistake: • Focusing too much on costs when the question was about increasing
revenues!
HypothesizeDecompose Problem
Clarify Problem
Listen to Case
Summarize Findings
Test Hypothesis
The first action step for a candidate is to clarify the problem and key question
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• The structure is essentially your plan of action to solve the case
• If you don’t make a good structure, it is unlikely you will crack the case
• Make your structures relevant to the case• i.e. Do not just regurgitate frameworks like 5-Forces, 3-Cs, etc.
• Communicate your structure clearly to the interviewer
HypothesizeDecompose Problem
Clarify Problem
Listen to Case
Summarize Findings
Test Hypothesis
Create a structure to give yourself a plan of attack
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• Think of the case an a mini consulting project. You only have limited time and need to use it wisely. You are evaluated on this.
• Examples:– If your case is about market entry, don’t start with marketing strategy,
instead start with the market size, growth, competition, profitability, etc.
– If your case is about acquisition, don’t start with the analysis of the differences in information systems, instead focus on goals, synergies, investment success criteria
Collect relevant data and focus on the key issues
HypothesizeDecompose Problem
Clarify Problem
Listen to Case
Summarize Findings
Test Hypothesis
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– Formulate a strong recommendation– Backed by data & sound logical arguments– Concise and to the point
• Communicate your recommendation• “I recommend that our client enter the soap market by acquiring XYZ. This is because
the market seems profitable, and out client could earn $XX MM in two year. Also acquiring XYZ will enable the client to get the technical expertise and the distribution channel required to succeed in the market”
• A recommendation is not a summary of your findings or your analysis. Do not go through your analysis again!
HypothesizeDecompose Problem
Clarify Problem
Listen to Case
Summarize Findings
Test Hypothesis
Ensure your recommendation answers the key question and is short and to the point
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It is important to both communicate and exhibit confidence throughout the entire process
Communicate your thoughts• Interviewers aren’t mind-readers, they don’t know what you’re thinking unless you tell
them!• Throughout the case, let the interviewer know your thought process, especially:• When you uncover a key insight• Before bombarding them with a series of questions• When you feel you’re stuck
Exhibit confidence• The interviewer needs to be confident that they can put you in front of a client• This means you shouldn’t get flustered when your analysis / recommendation is
challenged• Just because you’re challenged doesn’t mean the interviewer thinks you are wrong
• Sometimes interviewers will take on the role of an unhappy client, and you need to be able to handle that
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Education Next Steps
•Practice, Practice, Practice!•PRACTICE!•Ask 2nd years if you can observe•2nd year case-off: September 14th
•Research companies – on- and off-campus•Career conferences (more consulting firms than NBMBA, NSHMBA)•Next Session: September 19th (Behavioral Prep – tentative)•Apply for liaison positions by September 15th
• We want to hear what things you want us to cover in the next 4 sessionsInitial thoughts:
• How to Research Consulting Firms• Company Specific Approach/Cases• Behavioral/Fit Interviews• Tool Box: Math, Charts, Graphs, Finance• Frameworks
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Resources
• Case Tracking Template, Behavioral Matrix and Case Books are on the L Drive• L://public/Consulting Club Education Materials
• More will be added as we get them• Resources will eventually be added to the Consulting Club Website as it’s
updated• Case in Point