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Case Interview 2024 – Guide for Your Consulting Case Interview

A case interview is a type of job interview in which the candidate must analyze and solve a problematic business scenario (“case study”). It is used to simulate the situation on-the-job and to find out if the respective candidate meets the necessary analytical and communications skills required for the profession. Case interviews are commonly and globally used during the selection processes at management consulting firms such as McKinsey, Boston Consulting Group (BCG), or Bain & Company. It is the most relevant part of the process for consulting jobs, and they are usually based on projects that the hiring firm has delivered for a client. It is an exercise that requires a logical approach to finding the problem and an appropriate solution.

  • 1. Case Interview Questions and Answers
  • 1.1 What Is a Case Interview?
  • 1.2 Who Uses Case Interviews and Why?
  • 1.3 What Are the Skills Required in a Case Interview?
  • 1.4 What Are the Differences Between …?
  • 2. Case Interview Examples from McKinsey, BCG, Bain and Other Top Consulting Firms
  • 3. How to Solve a Case Study in 10 Steps [Infographic]
  • 4. Case Interview Secrets: 13 Final Tips for Your Actual Case Interview 
  • 5. PrepLounge: The Key to Your Success 
  • 6. Get Started Right Away and Practice Your First Cases

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A  case interview  is part of the job interview process in which you as the candidate have to analyze and solve a problematic business scenario while interacting with the interviewer. The case study is often based on a problem the interviewer has worked on in real life. This part of the interview is intended to be more of a dialogue. You will need to be proactive and ask questions when attempting to close in on the correct conclusion. Oftentimes, the consultant will attempt to guide you in the correct direction by asking questions himself.

An example question might be :​ The CEO of Deutsche Bank has become increasingly concerned about their declining profitability over the last 36 months and has asked you to determine the factors causing the decline as well as recommend a strategy to reverse this trend.

During the entire application process, you will partake in  up to six case interviews  in two rounds or more. This is dependent on the position you are applying for. Most case interviews have the same underlying structure. An individual case interview may take up to an hour and usually consists of four parts:

Case Interview Format

  • ~ 5 minutes: Introduction and small talk
  • ~ 15 minutes: Personal Fit Interview
  • ~ 30 minutes: Case Interview
  • ~ 5 minutes: Your questions to the interviewer

Case interviews have always been a part of management consulting interviews. Nowadays, also marketing, strategy, operations, or retail positions tend to use similar formats because they are a great tool to probe the quantitative and qualitative skills of an applicant . It allows interviewers to get a deeper insight into how you present yourself as a candidate and apply the limited amount of information given to you.

The reason for the prevalence of the case interview format in management consulting is that the topics and themes handled in most cases reflect conditions close to the reality of the day-to-day activities of a consultancy. It requires the applicant to  ask the right questions , apply  structured frameworks,  and think outside the box . As a consultant, you will spend a lot of time client-facing, and so soft skills are just as important as hard skills to the interviewer. The case interview allows hiring companies to ask the question "Would I be happy to put this candidate in front of a client?".​

Due to the scenario set up in a case interview, it is also a test of general business acumen. Many consultant projects will be in industries where the consultants aren't experts, especially junior consultants. This is normal, but to be effective as a consultant business acumen is an important foundation for consultants to maintain effective strategy recommendations. Companies pay consultants for their minds rather than their industry expertise.

Case Interview Skills

A case interview has no “correct” or “standard” answer. There are often many solutions to a single case and in the end, what counts is your train of thought and how you got to your solution. The interviewer will evaluate you across five main areas:

1)  Problem-Solving Skills 

The interviewer will analyze your ability to identify problems, isolate causes, and prioritize issues. During a case interview, you will be presented with a wide range of relevant and irrelevant data pieces. You must know how to use this data to make your recommendations and you have to prove that you are able to construct a logical argumentation without rushing to conclusions based on insufficient evidence.

2)  Creativity and Business Sense Skills 

As a consulting candidate, you should know the basic business concepts as well as show a certain amount of business sense and creativity. If the interviewer asks you to find innovative ideas to increase the profitability of a hotel chain, you will have to come up with a range of ideas that make business sense. You are not expected to have deep knowledge of the hospitality industry, but to be able to ask relevant and insightful questions on the aspects important for you to solve the client’s issue at hand.

3)  Structure 

Maintaining a structure means that you solve the question with a clear step-by-step approach that you communicate actively with your interviewer. A good structure is the most important part of a case interview, as it is the underlying base of your whole approach and argumentation. It is also the main reason why candidates fail their case interviews. A common mistake that candidates make is that they try to apply standardized frameworks to any case they are given. Instead, you should solve each case by creating a framework specifically tailored to its needs – as you would do as a consultant on the job. Practice your structure with our Structuring Drills .

4)  Math Skills 

As a consultant, part of your job is number-crunching and interpreting data. Therefore, it is important that you have a good feeling for numbers and have great mental math skills. You should be able to perform simple calculations in your sleep. You can practice your math skills with our Mental Math Tool .

5)  Communication Skills 

In times of digitalization, soft skills become more and more important for management consultants. On the job, you will be in contact with high-level CEOs, clients, partners, and colleagues. Strong communication is crucial for you to get your work done efficiently. Thus, your interviewer will pay close attention to the way you communicate and present yourself during your conversation. Always be professional, answer concisely, and communicate the key message first (see Pyramid Principle ).

First and Second-Round Interviews 

While the format of the first and second-round interviews stays the same, the seniority level of the interviewer differs . The person interviewing you in the first round is usually more junior, having up to four years of consulting experience (Associates or Engagement Managers). The second round is led by Partners who have more than ten years of experience and tend to drill you to understand how you cope with challenges. Therefore, second rounds are perceived as more difficult by candidates. Since partners have a stronger voice when discussing an applicant, your performance during the second round of case interviews carries also more weight. For more information on the different positions, please read McKinsey Hierarchy: The Different Position Levels .

Candidate- and Interviewer-Led Case Interviews

In candidate-led cases, the interviewer expects the candidate to lead him/her through the case. As a candidate, you can do so by asking relevant questions, and by developing and testing your hypotheses. Candidate-led cases are the most common  types of cases . You will encounter them at the majority of the big consulting firms such as BCG, Bain, and occasionally at McKinsey.

Interviewer-led cases are most frequently used at McKinsey. As the title suggests, the interviewer’s guidance through the case interview is firmer.

You can find more information on the two different interview styles in our BootCamp article: Interviewer-Led vs. Candidate-Led .

In the following, you can find some examples of initial case interview questions :

McKinsey Case Interview Examples ​

  • Product launch strategy for a soft drinks producer (McKinsey website)
  • Market entry strategy for a major pharmaceutical company  (McKinsey website) ​

BCG Case Interview Examples ​

  • Profitability of a low-cost airline (BCG website)
  • Pricing strategy for a new drug (BCG website) ​

Bain Case Interview Examples ​

  • Market analysis for old winery
  • Increase revenues for a Women's fashion retailer (Bain website) ​

Oliver Wyman Case Interview Examples

  • Profitability of a Chinese theme park operator (Oliver Wyman website)
  • Growth strategy for a small power boats (Oliver Wyman)

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10 Steps to Crack the Case Interview Infographic

Step 1: Listen actively and take notes. Write down every piece of information, especially numerical data.

Step 2: Restate the question. Pause, paraphrase, and make sure you understand the problem statement by confirming with the interviewer.

Step 3: Clarify the objectives and identify the problem. Ask specific questions and double-check on objectives. Make sure you completely understand the problem.

Step 4: Write out your structure. Ask your interviewer for a minute to prepare your structure and organize your notes. Identify your case type and use an issue tree to customize your structure. The branches of your issue tree should be MECE .

Step 5: State your hypothesis. Now that you have set up the issue tree, your task is to test each branch to see if it is the root cause of the problem. Where to begin? A hypothesis based on an educated guess helps here.  (e.g. "Since you have mentioned that revenues are more or less flat, my hypothesis is that the problem is mostly driven by the cost side of the business. If it is okay with you, I will start by […]")

Step 6: Think out loud. Sharing your thoughts allows the interviewer to interact. Refine or rebuild your hypothesis as you find out more.

Step 7: Gather more data in order to test your hypothesis. Proactively ask for relevant data and always segment it (e.g. using the ABC analysis ). Try to evaluate whether trends have been company-specific or industry-wide.

Step 8: Dig deeper while staying structured (MECE!) throughout the case. Always refer to the structure you have set up at the beginning of the case, but be flexible as the case evolves. If you conclude that your hypothesis is false, eliminate that branch and go to the next one. Summarize findings when switching major branches. If your test confirms your hypothesis, go deeper into that branch, and drill down to the lower levels until you identify all proven root-causes.

Step 9: Choose a recommendation and use the Pyramid Principle to structure your conclusion. Ask for a minute to gather your thoughts and then state your recommendation. You need to deliver a one minute, top-down, concise, structured, clear, and fact-based summary of your findings.

Step 10: Stand by your conclusion. Your interviewer will likely challenge your recommendation (either to see if you can handle pressure or to assess if you really believe in what you are saying).

1. Focus on the task at hand 

Don’t think too much about the approach your interviewer is taking. It should not matter much if the conversation is interviewer- or candidate-led. If you go into your interview with a profound understanding of how to handle even a difficult case, the format of the interview should not be an issue. Keep a cool head and structure your thoughts.

2. Ask the right questions 

At the beginning of the case, your interviewer will present you with the situation of the client. Don’t rush into the analysis without developing a deep understanding of the problem first. Ask your interviewer questions to clarify the case. This is expected behavior that also takes place later with the client. Make sure you understand what the  business model  and your  objective  in the respective case are (regarding both money and the timeline). If there are any other possible limitations you are unsure about, ask your interviewer in a concise way. Asking unnecessary questions will raise doubts about your ability to work efficiently under pressure.

3. Buy time with repetitions 

A common trick consultants use is the  repeating of facts or overall goals . By doing this, you are showing a fundamental comprehension of the case and are emitting an aura of control, gradually heading towards a solution. This technique can give you more time to think. Articulating the facts of the case can also be a source of clarity and allow you to form solutions more quickly.

4. Only form a hypothesis with sufficient information 

Do not state a hypothesis at the beginning, a stage in which you may still have incomplete information. Get a good sense of the case’s environment and ask sensible follow-up questions . Only then frame a structure and formulate a hypothesis.

5. Utilize data for your analysis 

Taking wild guesses is a death sentence for your case interview. Make sure your claims are backed up by the facts, and remain calm when presented with new information. Consultancies will closely observe how you  make use of new data and incorporate it into your hypothesis .

6. Take clear notes 

Taking  structured notes  is a highly underrated skill when dealing with a case. Making sure your notes are coherent and clear will make your thoughts easy to navigate and ensure you do not lose your footing during the interview.

  • Place your sheet horizontally to maximize your space, and jot down the case’s  key question on the left side of the page. This way you will never lose sight of the main objective . The remaining portion will be dedicated to the issue tree, with your hypothesis included above the issue tree.
  • Make sure that you highlight key pieces of information that add substance to your hypothesis.
  • When it comes to calculations , use a separate page, but practice having it organized in case you need to go back through your assumptions or calculations.
  • Try to limit the number of pages you use to a  maximum of three sheets . Otherwise, you will stress yourself out while trying to find what you are looking for.

7. Structure is key 

The most important aspect of a case interview is having a good structure. You can structure your case by following these four steps:

  • Craft an issue tree as the overall foundation for your structure. This is a customizable framework used to analyze the root causes of problems in a case. It helps you to break a complex problem down into its components.
  • Make sure that your issue tree is MECE to avoid inefficient dependencies between branches that will slow down your analysis. MECE is a way of segmenting information into sub-elements that are mutually exclusive and collectively exhaustive. 
  • Prioritize and concentrate on high impact issues of your issue tree that will create value for your client. Always make sure you explain the reasons behind your choices to the interviewer.
  • Use the Pyramid Principle to structure your conclusion , a three-step structure to present your synthesis in an effective and convincing manner. First, state the recommendation (What?). Second, provide three reasons supported by data (Why?). Third, provide information on how to implement the recommendation (How?). 

To practice your structure, you can use our Structuring Drills.

8. Don't force-fit frameworks

Standard frameworks can be a source of inspiration, but should never be force-fitted to a case. They are very stiff and do not allow room for customization . If you use pre-defined frameworks, you run the risk of missing important elements of the specific problem you are trying to solve. A consultant would not just force-fit frameworks to their specific client’s problem, so you should not do this in your case interview, either. Each case is unique and requires an individually customized framework that is MECE as well as adapted to the problem you are trying to solve, the company, and the industry.

9. Don’t panic if you get stuck 

If you ever get stuck, don’t freak out – it happens. What counts is how you deal with the situation. Here is what you can do:

  • Take a deep breath  or a sip of water if you have a glass of water nearby.
  • Take a moment to grasp the big picture , to recap what you have learned so far and what you still need to find out to address the main question at hand.
  • Outline how these sub-questions can be answered , and what kind of data or information you will need to do that.
  • Double-check whether data or information provided by the interviewer at an earlier stage is now getting new relevance.
  • Think out loud and take the interviewer along with your thinking process. If you are puzzled by some obvious contradiction, actively discuss this with your interviewer. Oftentimes, an interviewer will wait for you to explicitly verbalize your confusion before gently guiding you.

10. Sometimes there is no clear answer 

Oftentimes, a case interview has no “correct” or “standard” answer. The case may encompass you  exploring the issues and walking down several paths . There are often many solutions to a single case that may differ from the interviewer’s expectations. In the end, what counts is your  train of thought and how you got to your solution . You are not expected to know everything about business, but demonstrate a logical judgment and a good approach to solve problems.

Nevertheless, you should always give a clear recommendation at the end of the interview, when the interviewer will ask for your conclusion. The trick is to use supporting arguments based on what you have learned during the analysis, to point out limitations, and to also highlight additional areas to explore to confirm that your current understanding is the right one.

11. Engage the interviewer 

The interview should be a dialogue, so make sure to engage the interviewer and demonstrate not only your business judgment, but also your communication and people skills . This gives the first insight into how you might interact with future clients and colleagues. How can you do that?

  • Explain. Share your thought process with the interviewer, and always let them know what your next steps are.
  • Listen. During your case interview, the interviewer will usually give you hints and steer you in a direction. Notice that! If they ask a specific question, e.g. “Name three points about…”, answering in two or five points will mean that you didn’t pay attention.
  • Ask questions. Create a discussion, initiate small talk, and use your chance to make a positive connection with the interviewer, especially at the end of every interview when you get to ask final questions. Find a point in common and try to stand out. Here is a list of the best questions to ask at the end of an interview .  

12. Be confident 

You don’t necessarily need to be extroverted to be a top management consultant, but you need to be confident. Consulting is a people job as much as it is an analytical job. It is important for the client to feel that you know what you are doing. Thus, this is something the interviewer will take into consideration. Here are five things you can do during the interview to come across as more confident:

  • Try to enjoy the interview by focusing on the challenge, the satisfaction it brings you when you solve the case, and the joy of sharing your life experiences with someone else. If you have fun, chances are high that the interviewer has fun, as well.
  • Find your own style and don’t try to pretend to be someone that you are not. It is fine if you are not the most outgoing person. Just be genuine!
  • Sit up straight , but don’t be too stiff. Push your back against the back of the seat and don’t just sit on the edge of the chair.
  • Make eye contact , but don’t stare, either.
  • Speak in a clear , calm, and unrushed manner. Don't mumble or whisper, but equally don't shout. Think before you speak!

13. When in doubt, reschedule 

If you’re not feeling confident about your chances, don’t hesitate to reschedule. If you take this course of action, take a few things into consideration. Make sure to suggest an alternative day and avoid rescheduling multiple times at all costs. The consultancy will be grateful for you to suggest an immediate alternative. Try to be transparent as to why you are rescheduling without going too deeply into details. However, rescheduling should only be used as a last resort.

To become the best, you must learn from the best. That is exactly what PrepLounge can offer you. The vast  PrepLounge community  makes it easy to  find case partners with the same ambitions and goals as you. Whether you are looking for a  professional case coach  or other aspiring consultants, you will have no problem finding case partners in the build-up to your interview. Our PrepLounge coaches – from Bain to McKinsey – are uniquely qualified to provide you with insights into the mastery of a case interview.

Apart from case partners from every imaginable background, PrepLounge provides a colossal collection of online resources to give you the best preparation leading up to your case interview. We will provide you with questions and answers to the most important consulting case types and share in-depth knowledge for the best possible case interview preparation. You will be able to find case partners to practice online and always be on top of the latest insights and news regarding consulting jobs and top consulting firms.

As a PrepLounge member, you will receive access to all these perks. PrepLounge will accompany you all the way from your application through to your contract negotiation. You strongly diminish your chance of success without sufficient preparation. Invest in your future and give yourself the best chance at acing your case interview! Exchange your experience with peers from all around the world in our  Consulting Q&A . Join our case interview community today and embark on your journey into consulting!

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Case Study Interview Guide (2024) With Sample Questions and Answers

The World of Consultants, Their Clients and Business Cases

What is a case study interview and why do consultancies like to use them, at what stage of the application process can you expect the case study, what skills are case studies looking to test, what to expect on the day of the case study interview in january 2024, case study example topics, how to prepare and practice effectively for a case study interview in 2024, tips on how to perform well during the case study interview, frequently asked questions, final thoughts, case study interview guide (2024) with sample questions and answers.

Updated June 9, 2023

Edward Melett

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The case study interview is a critical piece of the employee selection process for professional service firms. For consultancies, its specific purpose is to assess aptitude for partner-track roles.

Historically, the case study interview has been used to hire associate-level employees – those who are expected to work directly with business clients and produce a stream of billable services.

In recent years, case study interviews have expanded to analyst-level employees, in organisations that are usually the target clients of consultancies, especially in tech, healthcare, eCommerce and even NGOs.

Such analyst-level employees provide internal support to senior management, researching and vetting strategic opportunities.

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The case study interview typically consists of a single session, in which the candidate is presented with an authentic business scenario similar to one the firm regularly handles with its clients.

The candidate is asked to study the problem, perform analysis and render advice on how to handle the scenario. Depending on the industry the consultancy serves, the candidate may be asked to demonstrate how that advice might be implemented, and show specialized technical proficiency.

The session most commonly takes place onsite, in person, and one-to-one with the interviewer, but may be conducted remotely, or in a group setting.

No particular formal training is required to 'ace the case'. Yet most candidates find they need substantial preparation to get into the consulting mindset and sharpen the skills that interviewers are most looking for.

Prepare for Case Study Interview

Consultants are hired by senior managers of client organisations to advise on business strategy .

An effective business strategy drives competitive advantage, which in turn creates economic efficiencies that sustain multiple periods of cash generation, ultimately boosting the business value of the client organisation.

A business strategy is often characterised by a range of possible decisions, each having a unique set of risks and rewards. Deciding which path to pursue is highly momentous. Everything the client does hence comes at the expense of some opportunity it does not pursue.

The primary job of senior managers is to craft business strategy, determine the best course of action, and direct its execution. It is extremely difficult work requiring great focus, assimilation of tremendous amounts of information, intensive analysis, and serious reflection on all possible consequences.

The reality of senior managers’ jobs, however, is often much different. Their days are usually spent shuttling from one meeting to another, putting out fires, answering emails and phone calls, and in general, dealing with matters that are more urgent than important.

Time and attention are their scarcest resources, and there is never enough of either to devote to all the important aspects of business strategy.

Senior managers are fond of saying something to the effect of: “If I had just two weeks when I didn’t have to do anything else, I could do it myself”.

While that might be true, the fact is they aren’t ever likely to get even two hours, much less two weeks. Consultants provide that additional capacity senior managers so desperately need.

In some cases, that extra capacity comes in the form of expertise that the client firm doesn’t have readily available.

In others, consultants provide independent validation of business strategies, thereby assuring governing boards and executive committees that they aren’t committing their company’s fortune to a cleverly articulated hunch.

In short, successful consultants are trusted advisors and partners of their client firms’ senior managers, doing much of the work they would do if not so time-constrained.

Consultants perform research and analysis , evaluate business cases , and help manage the pipeline of business opportunities for their senior manager clients.

Over time they learn to complement their clients’ business intuition and anticipate future consulting needs.

case study job application

A case study interview is a miniature simulation of a typical client engagement, centred on a business problem that a client has likely contended with.

The interview is usually conducted in a single session lasting 20 to 30 minutes, though sometimes it can be considerably longer.

During this time, candidates are briefed on a strategic decision similar to one a client has faced and will be asked to analyse the situation, interact with the interviewer, and devise a solution.

The case study interview may also include the candidate outlining a PowerPoint presentation that would be delivered to the client, and giving a verbal summary of each slide.

Most case study interviews are conducted in-person by the interviewer, with ample opportunity for interaction with the candidate.

Some case study interviews are less structured, and in these cases, it is up to the candidate to drive the interview.

Some may even be conducted remotely using a video-conferencing app, with the interviewer absent most of the time, and the candidate left alone to work on the case.

Consultancies favour case study interviews for several reasons. First and foremost, case studies represent an authentic work sample of the often fiendishly difficult work of business strategy, and the attendant tasks consultants deal with every day.

That includes gathering and analysing information, prioritising findings and determining what’s missing, creating structures to make things understandable, putting results into a greater context, understanding trade-offs, creating blueprints for implementation, and delivering presentations.

How candidates interact with the interviewer also provides insight into what sort of relationship they will have with senior managers who are paying hefty rates for the firm’s services. They are looking for evidence that candidates can communicate effectively with executives , and build durable, trusting business relationships with them.

Consultancies also like case study interviews because, as work samples, they are a valid predictor of future job performance . Additionally, the cases used in interviews are often standardised so that they can be used to compare multiple candidates according to the same criteria.

Finally, most applicants for consulting roles have high grades from top schools, a background of overachievement, and impressive work experience, and therefore cannot be differentiated on that basis. Case studies are an effective way to distinguish the best among a pool of the best.

If you need to practice consulting case interviews, try out this preparation pack from JobTestPrep .

The selection process for consultants always involves multiple stages, with the case study interview occurring later in the process, after you’ve successfully completed the so-called 'fit interviews' .

During the fit interview stage, candidates need to demonstrate that they have the temperament of a successful consultant, which is established mostly through behavioral interviewing . They also need to demonstrate that they’ll fit in well with the culture of the firm and its clients. In short, if you’ve made it this far, you have laid the groundwork to do the job.

But can you really do it? The case study interview seeks to determine whether you can apply your background, skills and achievements to future consulting work, day after day, client after client. No two consulting engagements are the same, and the work is often gruelling.

Much of the time you will find yourself stretched to the limit of your abilities. Your world will be full of unsolved problems, with no easy way to get answers. You will come to rely on the ingenuity of your colleagues as much as your own.

At the case study interview stage, the major questions the consultancy will want to answer include:

  • Are you someone they would want on their team, and can depend on for insight, energy and contributions?
  • Are you inherently curious, a quick learner, and eager to learn about things even if they aren’t particularly interesting to you?
  • Can you think on your feet and adapt to a changing conversation?
  • Do you come across as presentable, poised and confident in front of clients, most of whom are senior managers?
  • Can you make presentations that are clear, relevant, logical and actionable?

Specific skills they are wanting to see are:

Analytical thinking . Especially in framing issues, breaking situations down into a range of discrete alternatives, structuring complex situations, and rendering findings into concrete business language.

Asking appropriate questions . Interviewers want to see that you respect where the limits of available information are, and can quickly determine remedies. More practically, they want assurance that you are always mindful that both you and your client are understanding one another.

Business intuition . That includes focusing on relevant areas, avoiding getting hung up on trivia, and anticipating challenges in the absence of hard data.

Communicating effectively . That includes building rapport with clients and their staff, active listening, giving clients the confidence they’ve been heard, and speaking in the language of the client.

If you need to prepare for a number of different employment tests and want to outsmart the competition, choose a Premium Membership from JobTestPrep . You will get access to three PrepPacks of your choice, from a database that covers all the major test providers and employers and tailored profession packs.

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The case study interview session will likely begin like a standard interview, with introductions and a small talk to help put you at ease. The location will usually be an interviewing room or a vacant conference room.

The interviewer will introduce the business situation and provide exhibits, which often include an excerpt from a financial statement, and perhaps a bullet-point summary of the facts of the case. The interviewer will ask if you have any questions, and then you will be prompted to begin working on the case.

Cases are usually self-contained, so it is unlikely you will need internet access to do research. However, you will likely have to perform calculations, and will either be provided with paper and pens or allowed to use the calculator on your mobile phone or the whiteboard in the room.

During the case, the interviewer may stay in the room to address any questions you have. The interviewer may also offer prompts, guide you to the next step, or provide hints.

Many interviewers will offer verbal or tacit feedback along the way, and it is important to pay attention to it. You may occasionally find yourself getting stuck, and it is entirely appropriate to ask questions of the interviewer to help get back on track.

At the conclusion, you may be given feedback on your overall performance, or an opportunity to debrief with the interviewer.

Common Types of Case Study Questions

Case study questions usually fall into one of the following four categories:

  • Estimation questions
  • Actual or theoretical client questions
  • Brainteaser questions
  • Graphic interpretation questions

JobTestPrep offers practice packages to prepare for assessment centre case studies .

Estimation Questions

This type of question requires you to think on your feet and work out the solution to a problem with only your own limited knowledge. Such questions include:

  • How many cars are there in England?
  • How many children are born each year in Europe?
  • How many mobile phones will be sold in 2024?
  • How many night buses are there in London?

Actual or Theoretical Client Questions

This type of question requires candidates to analyse an actual or possible client issue. Examples include:

  • A well-known business wants to develop itself online. What is your advice?
  • A well-known high-street cafe chain is doing badly. How do you suggest they improve?
  • A company has found that its revenues are higher than ever, but the company is still operating at a loss. Why is this?
  • You have been contacted by a sushi chain to help them develop a plan to enter the home delivery market in a community where another sushi chain already has a market-dominant position. You are the lead consultant for this client, what do you suggest they do?

Graphic Interpretation Questions

This type of question requires candidates to interpret data from some kind of chart or graph. The data may be actual company data, data that has been made up or data that refers to something else entirely.

Case study questions are most likely to cover general business strategy topics. Candidates can expect any of the following during their case interview:

Build a business case for developing a major new product, service, technology solution, or customer experience

Build a business case for a developing new line of business, spinning off an existing one, or creating a subsidiary business

Recommend whether to pursue a purchase, divestiture, acquisition, merger, joint venture, strategic alliance, or major partnership

Recommend whether to enter a new market and if so, by what competitive strategy (for example, cost, service, quality)

Determine how best to improve company or business unit growth, and how it might affect critical areas of the company’s financial statements, especially revenue, gross margin, EBITDA, or profitability

Determine how best to price or segment a new product or service offering Determine whether to rehabilitate a brand

Determine how to respond to a major competitive threat (for example, “Google / Amazon / Microsoft just entered our space”)

When preparing for the case study interview, it is important to keep things in perspective. You are not being assessed on your mastery of business strategy. Rather, the interviewers are looking at whether you take a critical approach to complex business problems, and can break them down into components logically, thoroughly and clearly.

They want to see whether you apply a structure to those components, one that highlights meaningful differences in choices a client may face. And they are especially interested in whether you ask insightful questions that increase everyone’s knowledge and drive the conversation toward a solid conclusion.

In light of that, here are some practical ways you can prepare for the case interview:

Step 1 . Gain a Working Understanding of the Standard Frameworks Used in the Consulting Industry

There are numerous online resources to help familiarise you or refresh your understanding.

Keep in mind these frameworks are not hacks and must be applied appropriately if you decide to use them during your case study interview.

Step 2 . Get Comfortable With Fundamental Analysis Techniques

One of the most common is MECE (mutually exclusive and collectively exhaustive), but there are several others .

But the goal is the same – lay out a range of feasible solutions with no gaps in between.

Step 3 . Sharpen Your Ability to Make Back-Of-The-Envelope Calculations

Especially financial ratios , so that you can make comparisons or decisions quickly.

Step 4 . Develop a Concise Style for Putting Business Situations and Solutions Into Narrative Form

Harvard Business Review or MIT Sloan Management Review articles contain particularly good examples of consulting solutions told as compelling stories.

Step 5 . Practice Several Actual Cases

Most of the top consulting firms offer online guidance, worked examples and actual cases.

Another good resource is your university’s careers services department. Many have extensive case interview preparation materials, and staff who can conduct a practice case study interview with you.

Step 6 . Practice Active Listening

Listening is a highly cultivated skill among senior managers. You will come across as very junior if you cut them off or act too eagerly when it’s your turn to speak.

Note that if you are answering a question in your head while the interviewer is still talking, you are not listening!

To develop your consulting case interview technique, consider practising further using online resources such as this preparation pack from JobTestPrep.

Actively engage with the interviewer . Ask questions to make sure you are both understanding matters, and being understood.

Demonstrate that you are enjoying the challenge . Consulting is gruelling work. Show that you can bring energy to a consulting engagement, and that you’re the kind of person clients would want to work with, especially when the going gets tough.

Treat the interviewer as you would one of the firm’s most valued clients . Communicate using the language of the client where appropriate.

Keep the conversation moving forward . At every step make sure that you are bringing structure to the business problem, and keeping all the issues in proper context.

What are case study interviews?

Case study interviews are used in the latter stages of the application process for top-level roles, especially in the professional services or consultancy industry.

Candidates are presented with a case study based on a realistic and relevant scenario and must study the problem, analyze the provided data and information, and present a conclusion or a recommendation.

Case study interviews are about your ability to effectively understand and analyze a business problem to produce a solution, but they are also about your thought processes and ability to communicate decisions and recommend appropriate solutions.

The case study interview will normally take place in a ‘typical’ interview environment – in-person, at the office and with either a single interviewer or a panel. In some cases, it might happen remotely or as part of a group exercise with other applicants.

In the case study interview , you are being assessed on your strategy, how adaptable and fast learning you are, and how you use critical thinking and logic to analyze information. You will also be evaluated on your general business acumen and your knowledge of the company and wider industry, alongside desirable characteristics like insight and curiosity.

When presenting your findings, the interviewer wants you to come across as confident, presentable, and poised, while being able to distill complicated ideas and solutions in the simplest form to make them both understandable and easy to implement.

What type of jobs have case study interviews?

Case study interviews have been traditionally used as a part of the application process for associate-level jobs in the consultancy industry. These roles are usually directly involved in generating income for the business by collaborating with clients in a consultant capacity, so the case study interview is an in-depth work sample.

In recent times, case study interviews are also being used in the recruitment of analysts, where strategy and business acumen are needed alongside analytical skills for success in a job that provides detailed support for senior management in terms of internal problem solving and external profit growth.

You might also expect to deal with a case study interview if you are looking for a role in IT, especially at higher levels with some level of business-wide decision making. Managers in many industries might be provided with an employee-related case study to deal with as part of the interview process to assess leadership style and understanding of typical HR processes and procedures.

How do I prepare for the case study interview?

The case study interview is not as much about getting the ‘right’ answer as it is about the process of getting there, so it is a difficult one to prepare for. However, the more you know about what to expect in the interview, the better you will be able to perform. Articles like this one on Wikijob will give you an extensive overview of the structure of a case study interview, as well as what to expect on the day.

One of the best sources of information about the case study interview is likely to be the business for which you have applied. This is especially true with the Big Four consultancy firms (PwC, Deloitte, KPMG and EY) as they use the case study in many recruitment processes and have lots of resources on their recruitment site to help candidates to get prepared.

You will also be expected to have a good working knowledge of the wider industry that you are a part of, and the company you have applied for in relation to that. Knowing more about the consultancy space, for example, will give you an idea about what the business values are, and you can use this when considering the right course of action to suggest.

You can also get excellent preparation advice from JobTestPrep , with guided practice cases and revision resources to help you get used to different types of questions, how to approach the problem, and different strategies and structures to use to answer.

The case study interview is not just about how effectively you can analyze the problem – it is also about selecting and recommending a course of action. You will need presentation skills to be able to give this information to the relevant clients if you get the job, and this means that you need to hone your skills to perform well in the interview, too.

Practice active listening, speaking clearly, and using popular presentation software like PowerPoint because you might be expected to put together and talk about a slide show to make your recommendation.

What types of case studies can be given in an interview?

The case study that you will be given in your interview is likely to be realistic and relevant to the role you have applied for. In some cases, it will be a fictitious problem based on something that you might need to do if you get the job, while in others it might be a real customer problem that you are being asked to solve.

The case studies are usually based around different strategy issues and topics that a consultant or analyst might be asked to help with, including things like:

  • Acquisitions – Whether to complete a merger or create a partnership or strategic alliance
  • Creation – New business, new product line, enter a new market
  • Growth – How to grow a business unit or the company as a whole
  • Threat – Dealing with a big company entering the space
  • Development – New technology, product, or service
  • Pricing – How to price and segment a new product or service

What are the common case study interview questions?

The common case study questions that you might be asked in a case study interview are about strategy, but they are also usually relevant to the role you have applied for. There are three main types of questions that you might be asked:

  • Graphic interpretation – Ability to read and understand data presented in a graph or table
  • Estimation – A question that challenges your ability to extrapolate from your limited knowledge to find an answer to a question like “how many cars are in England.”
  • Client questions – This is the most used type of question and is based on theoretical or genuine issues that a customer of the business might have. You might be asked to help a customer achieve a move into a new market, for example.

What are the best free online resources to prepare for case study interviews?

When you are applying for a job with a company that uses case study interviews as part of the recruitment process, you will often find the best free resources to help you prepare on their career site. Making use of the resources the company provides is the best way to be prepared because you will be using the information they have provided, which is usually closely aligned to the actual content of the assessments and interviews.

For a more broad view of case study interviews including techniques and definitions, articles like this Wikijob resource will provide you with a lot of information that will help you prepare, including tips.

We recommend that anyone facing a case study interview gets access to the free resources available at JobTestPrep , with practice case studies. The Prep Packs are a paid-for source of invaluable information that includes techniques, frameworks and extra ideas that will help you work to your absolute best in the interview.

How can you prepare a presentation for a case study interview?

It is highly likely that as part of the case study interview , you will be expected to create a presentation of your results.

In some cases, this might be through an informal discussion with the interviewer, but in many cases, you will have to present your recommendation more formally so that you can be assessed on your presentation skills, communication, and confidence.

In this case, you should prepare for the presentation by practicing presentations. Some case interviews will expect you to create a slideshow of your findings and speak about them, so knowledge of software like PowerPoint will help here.

The most important preparation you can do is about how you present yourself. The interviewer wants you to be poised, confident and comfortable with what you are saying, so you can get the best results by practicing speaking clearly, taking complicated ideas, and simplifying them, and actively listening when you are asked a question. Think of any topic – work-related or not – and create a short presentation on it that could be understood by anyone, and then present it to a friend or a relative.

What is the best way to structure and layout your notes in the case study interview?

When you undertake a case study interview , you will be provided with some source material and the facility to make notes – and these notes will be pivotal in your performance, ensuring that you can make the best recommendation through detailed analysis.

The way you approach the case study will depend on several factors, but you should always create some form of ‘issue tree’ that considers the problem that needs to be solved and can be branched out into smaller questions and problems.

To do this effectively, take a good couple of pages of notes related to the data and information that is provided by the interviewer. There will likely be some extraneous information provided that could muddy the waters of your thinking but making notes will help clarify it. It is especially useful to keep numbers in mind, whether that is related to staffing, profit, or stock – this is important.

You will then need to use a couple of pages to create the issue tree structure and begin to answer some of the questions.

The final part of your note-taking should be the recommendation and the preparation that you need to do to present your findings to the interviewer.

Don’t forget that you are expected to make notes through the process, but you should also speak to the interviewer and let them know what your thought processes are – and ask for more data if you have any gaps. When they are speaking, make sure you are listening and you understand what they are saying before taking any notes – active listening is an important skill in a consultant or analyst.

How much time do you have to think about the answer in a case study interview?

In the case study interview , you are not necessarily going to be given a specific amount of time to think about your answer because the whole interview is about your thinking process.

What this means in practice is that you will be reading and analyzing the information, devising a structure and a strategy and concluding in a live environment, consulting with the interviewer to ask questions and get clarity.

By thinking aloud and making notes, you will have enough time to contemplate how you are tackling the question.

A typical case study interview can last as little as 30 minutes, but many are considerably longer at half a day or even a full day (depending on the role, the company, and the industry you have applied for).

What should I study to ace the case study interviews?

One of the first things that you need to study for the case study interview is the material that is provided by the company you have applied for – or ones in the same industry.

As many of the major consultancy firms use case study interviews for associate-level recruitment and analysts, the case studies tend to be similar enough that the resources provided will be useful even for a job at a competitor.

You also need to be au fait with the company and the wider industry, identifying trends across businesses and the specific values of the organization you have applied for.

In terms of the case study itself, knowledge of analysis techniques and the frameworks used in consulting will be useful – even if you don’t use them in that particular case, you might need them later in the role (once you ace the interview).

Aside from confidently creating issue trees and ensuring your data gathering is Mutually Exclusive and Collectively Exhaustive (MECE), some things you will need to know include:

  • Porter’s Five Forces (barriers to entry, competitive dynamics, supplier power, buyer power, threat of substitutes).
  • 3 C’s (Company, Competitors, Clients)
  • BCG Growth-Share Matrix
  • McKinsey 7S Framework
  • Affinity Diagram
  • 4 Ps of Marketing (Product, Price, Promotion, Placement)
  • Force Field Analysis
  • Product Market Grid
  • SWOT (Strengths, Weaknesses, Opportunities, Threats

Think about what is important to analyze for a business too, like profit margins, expenses, and ROI, as well as consumer metrics like User Lifetime Value and demographics.

What is the next step after a case study interview?

The case study interview is usually the last step in a recruitment process for top-level roles and will have taken place after the more traditional ‘fit’ interview where you will be asked competency-based and motivational questions.

You will have already surpassed other applicants through the initial paper sift, any aptitude or psychometric testing, and interviews to get to the case study.

This means that if you are successful in the case study interview, the next step will be a job offer or a salary discussion.

You can’t cram for a case study interview. But you can prepare in such a way that your analytical acumen, communication skills , and business intuition are all razor-sharp on the day of the interview. Furthermore, you can show that you are one of the few who can take on the consultant mindset, and appear natural doing so.

In summary, here are the steps you can take that will show you grasp the fundamentals of consulting, and have the aptitude to master them over your career:

Get familiar with the most common business case scenarios, and the important differences between them.

Develop a working method for breaking down business cases into components, and for structuring these components.

Get knowledgeable about analysis frameworks , how they can be used as problem-solving tools, and where it is appropriate to use them.

Cultivate a narrative style that gets people interested and excited about your work.

Use a conversational style that begins with asking good questions, and is driven by wanting to be the best listener in the room – not the best talker.

This article was written in partnership with LiveCareer . Since 2005, LiveCareer has been developing tools that have helped over 10 million users build stronger resumes and CVs, write persuasive cover letters, and develop better interview skills. These tools include their free resume builder and CV builder .

You might also be interested in these other Wikijob articles:

Brain Teaser Questions (2024 Guide)

Or explore the Interview Advice / Interview Questions sections.

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Case studies during job interviews: how to protect your work

Jul 29, 2021

Case studies during job interviews: how to protect your work

You’ve landed an interview for your dream job, but making sure you get hired is a whole other story. The recruitment process can be long and demanding with five or more steps. One of them may include asking you to do a case study interview. What are case studies exactly? How common are they? Can it be unlawful for a recruiter to ask for one? Here we look into this particular step during the hiring process and how you can protect your work.

What are case studies?

Are you new to the concept of case studies during the hiring process? The first thing to note is that a case study interview puts you in the driver’s seat. You’re given a real business problem or scenario to work through and solve. You will probably be required to do one if you’re applying for a role in management consulting, although they are also used in other industries. Most case study interviews are conducted face-to-face with a recruiter or a panel in a session that usually lasts 20 to 30 minutes.

Case study interviews are different from standard interviews, as they involve working through a business problem to reach a logical conclusion. The idea is to put you in a situation that mimics the work you will be doing and give the interviewer an insight into how you might perform on the job. The case may be given to you verbally or in writing. Then you’ll be asked to describe the assumptions, strategies, and steps you’re using to solve the case out loud or in writing within a specific period.

The type of problem will vary depending on the employer and the role. There are a few common types of cases you may be faced with: real or theoretical business scenarios; those that test your numeracy skills and ask you to estimate figures; those that expect you to interpret graphs or charts; those that test your skill at developing corporate and business strategies; those examining profitability or growth opportunities.

If the scope of the issue worries you, remember that having in-depth knowledge of the industry on which the question is based is not necessary . Nonetheless, it is useful to have an understanding of basic business principles and current affairs in the corporate sector. Doing some research on the company before the interview to find out more about its work and clients is helpful.

Working through a case study allows you to show your skills and your ability to work through a problem in real-time. The recruiter may also be assessing personal qualities such as your capacity to stay calm in a stressful situation.

Are case studies legal?

Case studies have become common in some hiring areas, but does this mean they are always entirely legal? According to Suzanne Staunton, an employment barrister and partner at JMW Solicitors LLP, asking an interviewee to do a case study is unlawful only when the company looks to flout the law. “By way of example, if the request is in some way harassing or discriminatory in nature, it will of course be unlawful,” she said. “If the case study request is not genuine and it is an attempt on the company’s behalf to get free work, then potentially it could amount to negligent or fraudulent misrepresentation.” If this happens, can the interviewee do something about it? Yes, but it can be “expensive to pursue ” and it is “ usually hard to prove,” said Staunton, adding that costs may be recoverable if the interviewee wins.

Should you be paid to do a case study?

An employee must be paid by an employer. But what happens when the person performing the work is not employed by the company? Is it legal for a recruiter to ask for a case study, which is a type of labor, without paying the interviewee? According to Staunton, as long as it remains a genuine recruitment exercise with no intention on the firm’s part to use the work, “then there is no limit to what a company could ask you to do and it is a matter for the interviewee what they will accept,” she said. In other words, as long as you agree to perform the work during a hiring process, it is legal for the recruiter not to pay you.

If you find yourself in a situation where you have done a case study but didn’t even get a response from the recruiter, you are allowed to ask the company “to irretrievably delete the case study,” said Philip Partington, an intellectual property partner at JMW Solicitors LLP. However, “taking this course of action is likely to result in the interviewee not being considered for future roles,” he added.

Your work was stolen, now what?

If you realize that the recruiter has used the work you did for the case study afterward, you may be tempted to consider taking legal action. So what are your options? Partington says the interviewee owns the copyright of the item or piece of work. Hence, “if the interviewer uses the item or piece of work, then it infringes their intellectual property rights,” he said. If the company didn’t hire you, Partington says you can bring a claim against it for that item or piece of work. But “this could be very expensive for the interviewee and may not result in much by way of damages,” he said.

Moreover, if a recruiter ends up using the work you’ve done for a case study, “it could potentially amount to theft,” said Amy Shaffron, a criminal partner at JMW Solicitors LLP. “But as it is very hard to quantify the loss, it is unlikely the Crown Prosecution Service would seek to prosecute it.”

While case studies may be demanding and may sometimes be on the verge of legality, the means you have to protect your work and your rights are limited. At the same time, you have the right to refuse if you are asked to do one although doing so may prevent you from getting the job or being considered for future roles within the company.

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Impress your interviewers: the case study

Jacky Barrett

Last updated: 21 Jun 2023, 15:38

How to prepare for consulting case study interviews, and tips for impressing your interviewers on the day.

Confident businessman in a suit with arms outstretched in an urban setting.

Why do consultancies use case study interviews?

Case studies test you in all manner of ways so they are one of the best – and fairest – methods of seeing a candidate ‘in action’. They are designed to evaluate how you process information, solve problems and react to new and surprising situations, as well as showing how you work within a team. Individuals or a small group of candidates are presented with a business problem and then given time to evaluate the information and brainstorm a solution. Case studies can be on almost any topic. 'The topic itself doesn't matter. No one expects you to know the market size for diapers in Southeast Asia offhand, for example,’ says Roland Berger. ‘But what is your approach? Can you estimate it? Educating yourself in basic data, such as average population sizes, will help prepare you for market estimation cases. Can you demonstrate common sense and make educated guesses?’ Oliver Wyman advises: ‘Think of the case interviewer as your client. Your interviewer wants you to solve the problem, and can help. Work together.’

What to do in advance

Read the firm’s graduate recruitment literature and check its website to see if it has sample case studies (the vast majority of consultancies do). Have a look at recent press releases to get a feel for the type of work it’s involved with as well as what industries it works across. Read the business pages of newspapers and imagine one of the businesses to be your client. How would you advise them? What would you base your recommendations on? What factors would you and your client need to consider before proceeding to the next step? Also check with your careers service as many run workshops and presentations on how to prepare successfully for case studies and assessment centres.

‘I practised with friends beforehand, so by the time I started interviews I was more comfortable with what to expect,’ says Olivia, an associate at The Boston Consulting Group, echoing the views of the graduates targetjobs has interviewed. The message is: practise, practise, practise.

Advice from consulting firms

Through our research of top consulting firms the targetjobs team has come across some valuable nuggets of advice for succeeding at case study interviews, such as:

  • 'Sketch out a structure: your path to the solution. If you go astray, it will help you get back on track.' (Roland Berger)
  • ‘Don’t panic if the answer is not apparent.’ (Boston Consulting Group)
  • 'Pause periodically during the discussion to give your interviewer a chance to course-correct.' ( PwC )
  • ‘If you need more data, ask for it. If you're stumped, take a creative leap.’ ( Oliver Wyman ).

Thinking out loud

The targetjobs team has been struck by a common thread – almost everyone we spoke to stressed that applicants should talk through their thought process with the interviewer. As L.E.K. Consulting puts it, ‘Formulate hypotheses – share your thought process as information is revealed.’ It’s a bit like making sure you show your calculations in a maths exam – it’s not enough just to come up with the answer. Given that case studies tend not to have ‘right’ or ‘wrong’ answers anyway, making your thinking process transparent is particularly important. ‘We do not expect candidates to actually solve the cases in interviews,’ says OC&C Strategy Consultants , Instead, the person interviewing you must be able to understand how you reach your conclusions – how you’ve broken the problem down, analyse information and structure conclusions.

If you're in a group...

If you’re working in a small group divide the tasks – you’ll get through them far quicker. There may be different personalities in your group and recruiters will be watching to see how you interact. They will also be looking for evidence of leadership and teamwork. Don’t dominate proceedings but do pitch in and contribute where appropriate. It’s important to be yourself rather than play to a type.

Expect the unexpected

Additional information may be sprung on you so be prepared. Interviewers will be looking to see how you deal with the unexpected as well as how flexible you are with processing last-minute information. Ask if you’re unsure about something. Asking clarifying questions such as ‘Does that make sense?’ to the interviewer, will ensure you’re on the right track and shows self-awareness.

Example case studies

We can’t tell you exactly which case study you’ll face, but we can give you a couple of examples of what it might be like:

Expanding a business

Your client is a global organisation that manufactures and distributes a wide range of chocolate products. They have two ideas to expand the business: either to introduce a new range through existing distribution channels or move into a completely new business, which will involve building a set of retail stores. To approach this, you will need to compare the returns of each of the different investments and decide which will be the better solution for the business. Make sure you can explain the reasoning behind your decision.

Increasing a supermarket's profitability

A supermarket chain has noticed a decline in its profitability. They have hired you to find out why this is and to recommend and implement a solution. You’ll need to work out why there is a decline in profitability – for example, is it specific sites or the entire chain’s performance that is suffering? Once you have identified the problems, work out a cost-effective solution that will allow the supermarket to address each in turn.

targetjobs editorial advice

This describes editorially independent and impartial content, which has been written and edited by the targetjobs content team. Any external contributors featuring in the article are in line with our non-advertorial policy, by which we mean that we do not promote one organisation over another.

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Investment Banking Case Studies – Job Application

By Ivy Wang |

 Reviewed By Rebecca Baldridge |

November 21, 2022

What are Investment Banking Case Studies

Candidates will normally encounter case studies at the final stage of the application process, likely during an assessment or final-stage interview. Investment banking roles are highly competitive, and candidates must be properly prepared.

Investment banking case studies are commonly used to assess how a job candidate would perform in a real situation by presenting them with a theoretical scenario similar to those encountered on the job.

Most investment banking case study questions center on acquisitions, raising capital, or company expansion. The case may be given to you ‘blind’ on the day of your assessment with only a short amount of time provided for preparation. If the case is likely to involve deep analysis, financial modeling, or a company valuation, you will likely be given the case in advance to give you more time to work on it before the assessment day.

Key Learning Points

  • Investment banking case studies are often used to assess how job candidates would perform in a real situation by presenting them with a theoretical scenario like one they would encounter on the job.
  • While general questions give the interviewer a superficial impression of the candidate’s skills and fitness, case study questions allow the interviewer to assess the candidate’s ability to handle multiple levels of analysis and problem-solving.
  • Case study questions test reasoning and communication skills as well as analytical skills. They are useful for assessing how candidates approach complex issues, make critical judgments, and deliver recommendations.
  • With many case study problems, there will be more than one path to success and more than one possible solution.
  • Investment banks are looking for decisive candidates who can articulate and logically present their solutions and defend their decisions under scrutiny.

What are the Types of Investment Banking Case Studies?

In general, there are two types of case studies during an investment banking assessment, the decision-making case, and the financial modeling case.

Decision-Making Investment Banking Case Studies

Decision-making case studies appear more frequently than modeling case studies. In this type of case study, the candidate must make decisions for their client and provide advice. The client case studies could be based on finding funding sources, or whether a proposed merger should proceed and why or why not.

You should expect these questions to be given to you at the interview. Therefore, you must analyze and present the case within a given time frame. Throughout, you will have 45-60 minutes of preparation time and a 10-minute presentation, followed by a round of Q&A.

These case studies do not involve in-depth analysis of the case, given the short amount of time available.

Decision-Making Case Study Example

One of your clients is a global corporation that manufactures and distributes a wide range of perfumes. They are contemplating ways to expand their business. They may either introduce a new range of fragrances with their current distribution channels or start a completely new company with different stores.

You need to determine which solution is better for the business. To do so, you need to compare the return on investment and decide on a solution. Be ready to support your reasoning.

Modeling Investment Banking Case Studies

Modeling case studies are usually take-home assignments where you must do financial modeling and a simple valuation. Thus, it is more of a modeling test than a case study. The Investment Banker provides an introduction to building models, developing multiple techniques for a comprehensive and practical understanding of the topic.

The modeling case study will either employ a free cash flow to the firm (FCFF) valuation on a company or require a simple merger or leveraged buyout model. You would be expected to analyze the corporations’ valuation multiples to determine whether they are undervalued or overvalued.

Generally, you will be given a few days to complete your analysis. Then, you need to spend 30-45 minutes on the day of the interview presenting your case to the bankers. The analysis will go much deeper than a client case study because you will have more time to work on it.

Modeling Investment Banking Case Study Example

A pharmaceutical company wishes to make an acquisition. It has identified the target company and approached you to determine how much they should pay. You will be provided with the necessary financial information, metrics, and multiples, as well as the buyer and seller company profiles.

To complete the case study, you need to determine if the acquisition is feasible. Second, what would be the structure and synergies of the deal if the buyer has access to capital? You need to use multiples and valuation metrics to determine the price range for the transaction.

Access the three-statement case study example to practice a modeling case study.

How to Prepare for Investment Banking Case Studies

Regardless of which type of case study a candidate is presented, the thought process and deliverables are the same. The best way to prepare is to:

  • Ensure that key business concepts are well understood and that you can use the associated terminology comfortably in a conversation.
  • Learn about various valuation techniques, how to employ them, and how to interpret them. Prepare for case studies by mastering valuation for investment banking with the online investment banker course . Learn how and when to utilize key valuation methodologies and the supporting calculations
  • Make sure you read business news regularly and focus on discussing the details of banking transactions in the news.
  • Read as many case studies as possible so you get the knack of understanding business scenarios and analyzing Especially for modeling and valuation-based case studies, you must be prepared to format your work using PowerPoint and Excel.
  • Check company websites to see if sample case studies are available for reference. Investment banks do not tend to publish case study questions for practice. However, it is possible to formulate your own questions by looking at business scenarios involving possible mergers, valuations, or capital raises.
  • Candidates must practice streamlining their thought process so judgments can be made under time pressure.
  • Read through the scenario carefully before beginning to form an opinion on how the problem should be tackled. This will ensure that no intricacies are missed, and your response addresses all facets of the case.
  • Learn how to stand out from the crowd in your interview with the investment banker interview skills course , designed to prepare you for your interviews and enable you to make a great impression.
  • Investment Banking Case Study Example

1.     Scenario

A magazine publisher is evaluating whether it should sell, continue to grow organically, or make small “tuck-in” acquisitions to maximize shareholder value. It is selecting an investment bank to advise on its options and has requested a presentation from your bank.

2.     Task

Review the company’s financial and market information and create a 30-minute presentation analyzing its options. Recommend a specific course of action – selling the company, continuing to grow organically, or making smaller acquisitions.

3.     Solution

The answer to this case study is rather subjective. You should take a stand and support it with well thought out reasons. Here’s how you should approach it:

  • First, read through everything and get a sense of the industry, where it’s heading, and how much this company might be worth based on comparables. If they don’t give you much information on comparable public companies or precedent transactions, you’ll have to do your own research.
  • Complete a brief valuation using public comps, precedent transactions, and a DCF.
  • Weigh the numbers the valuation gives you, the company’s organic growth prospects, and whether there are any good companies to acquire.
  • Make a decision-it’s usually best to say “sell” unless the industry is growing quickly (over 10% per year), the company is extremely undervalued, or there are acquisition targets that would boost revenue or profit by at least 20-30%.
  • Keep this simple and straightforward-the numbers should back up your reasoning, not take over the entire presentation.
  • You could get much fancier with the analysis and look at the company’s valuation now, 5 years from now, and if it acquires 1 or 2 companies, but that isn’t necessary and it may just make your presentation more confusing.

4.     Sample Answer

If you decide to sell, you can write:

Slide 1: Recommendation to sell and the three key reasons why.

Slide 2: Industry overview – Is it growing?  Shrinking?  Stagnant?

Slide 3: Company’s position in the industry – Leader?  Tier 2 player?  Where is it strong / weak?

Slide 4: What organic growth would look like 5 or 10 years in the future – how much bigger / more highly-valued would the company be?

Slide 5: Potential tuck-in acquisition candidates.

Slide 6: Why neither organic growth nor acquisitions are the answer.

Slide 7: Why selling now produces the greatest shareholder value.

Slide 8: Valuation – Show public comps and precedent transactions.

Slide 9: Valuation – Show DCF output and sensitivity table.

Slide 10: Conclusion – Reiterate that selling now is the best option and that neither organic growth nor acquiring smaller companies will result in a higher valuation 5-10 years from now.

If you come to a different conclusion – for example, that acquisitions are the best strategy, you would reverse the order and list the solutions you’re not recommending first, concluding with the one you are suggesting.

Investment banking case studies are an important element in the interview process, it is an opportunity to showcase your skills and talent to investment bankers. In general, there are two types of case studies, the decision-making case study and the financial modeling case study. Candidates will need to be confident in their valuation skills. They will also need to display a good level of commercial awareness. Presentation skills are also critical.

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