Education Series Session 1 September 5, 2012. Agenda Introductions Internship strategies Case...

Education Series Session 1

September 5, 2012

Agenda

• Introductions• Internship strategies• Case interview overview• Case interview process• Practice Case

Introductions

Internship Strategy Overview Process Next

Steps

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


Steps

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


Steps

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


Steps

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


Steps

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?


Steps

…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


Steps

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:


Steps

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)


Steps

A case is more than just a question with an answer

IntervieweeInterviewer

Summary/Q&A

Q A

The process


Steps

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)


Steps

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)


Steps

An interviewer looks for 3 essential traits


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


Steps

A case can be good fun too


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?


Steps

• 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!


Clarify Problem

Listen to Case

Summarize Findings

Test Hypothesis

The first action step for a candidate is to clarify the problem and key question


Steps

• 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


Clarify Problem

Listen to Case

Summarize Findings

Test Hypothesis

Create a structure to give yourself a plan of attack


Steps

• 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


Clarify Problem

Listen to Case

Summarize Findings

Test Hypothesis


Steps

– 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!


Clarify Problem

Listen to Case

Summarize Findings

Test Hypothesis

Ensure your recommendation answers the key question and is short and to the point


Steps

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


Steps

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


Steps

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

Education Series Session 1 September 5, 2012. Agenda Introductions Internship strategies Case...

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