NC-ZZG001-103198Shimp-RC.ppt
McKinsey Case Interview Workshop
FUQUA SCHOOL OF BUSINESS
October 31
2NC-ZZG001-103198Shimp-RC.ppt
TODAY’S TOPICS
•Case interview overview
–Purpose
–Types
–Suggested approach
•Successful problem-solving
3NC-ZZG001-103198Shimp-RC.ppt
RESUME AND CASE INTERVIEWS – WHAT FIRMS ARE LOOKING FOR
From your resumeWork experience
•Advancement faster than norm•Selection by superiors to lead important projects/special recognition•Evidence of leadership and teamwork
Education•Academic excellence•Significant leadership roles•Personal initiative
Outside interests•Athletic/cultural achievements•Community activities•Drive/perseverance
From the caseApproach
•Genuine interest in solving complex problems•Structured, logical approach•Curiosity, creativity•Logical, probing questions•Synthesis and conclusions
Skills•Comfort with ambiguity/poise under pressure•Broad functional skills•Analytical rigor•Quantitative, numerical agility
Practicality•Judgment, common sense•Business acumen/instinct•Clear, logical communication
Evidence of Excellence Problem Solving Ability
4NC-ZZG001-103198Shimp-RC.ppt
TYPES OF CASES
Business cases•“What will the impact of industry consolidation be on company X?”•“Should company X enter/exit a new/old market?”•“How should company X react to a new entrant?”•“Should company X add capacity?”
Estimation cases•“How big would the Ivy Gardens apartment complex have to be for everyone on Earth to live there?”•“What is the size of the skateboard market in the U.S.?”•“What do you think annual residential real estate commissions are in Atlanta?”
Responses should demonstrate•Big picture perspective•Ability to structure•Broad functional skills•Comfort with details, analysis
Responses should demonstrate•Comfort with ambiguity•Ability to structure•Facility with numbers•Poise
5NC-ZZG001-103198Shimp-RC.ppt
. . . but there are wrong answers
Ignoring or forgetting important facts
Not recognizing that some material may be extraneous
Defending impractical solutions
Force fitting a framework that just does not work
There is no
right answer
The goal is to demonstrate
“how you think”
WHAT TO REMEMBER WHEN APPROACHING A CASE
6NC-ZZG001-103198Shimp-RC.ppt
SUGGESTED APPROACH FOR CASES
What to do
•Listen to introduction – do not think ahead to your answers•Ask 1-2 clarifying questions, if necessary; take a few notes if you like; do not expect every piece of data to be available
•Organize your thoughts and structure the problem
•Pick one branch to probe, develop hypotheses, ask for a few relevant facts, defend/refine hypotheses based on new information, probe further, and describe implications you see•Pick another branch and continue (Make sure you are prioritizing your responses)
•Put it all together: try to answer the overall question (big picture) with a reasonable, actionable conclusion
–Review what you know–Clarify what you do not understand–Solidify and tender recommendation
What not to do
•Play 20 questions•Assume 1 framework fits all•Cover 1 issue without mentioning and prioritizing all key issues•Dig your heels in•Hide from the details (or the numbers)•Get frustrated•Conduct a postmortem in the interview
7NC-ZZG001-103198Shimp-RC.ppt
FIVE EASY STEPS TO BULLET-PROOF PROBLEM SOLVING
Step 1
State the problem
Step 2
Disaggregate the issues
Step 3
Eliminate allnon-key issues
Step 4
Conduct critical analyses, porpoise between data and hypotheses
Step 5
Synthesize findings and build argument
?
8NC-ZZG001-103198Shimp-RC.ppt
Clear statement of problem to be solved or issue to be resolved 断定
STEP 1: STATE THE PROBLEMLEM
Characteristics of a good problem statementA leading question or firm hypothesis (对答案有诱导性的提问或稳固的假说)Specific not general (详细和精确的非概括性的综合的)Not a statement of fact or non-disputable assertion (不是事实的陈述或武断:没有讨论余地的断言)Actionable (可控告的)Focuses on what the decision maker needs to move forward (关注于什么是决策者需要前进的)
?
Interviewer states the problem
Problem has been clearly stated, and you understand it
Problem has NOT been clearly stated, or you don’t understand it
You must clearly understand the problem
Paraphrase the problem to make sure
you have it right
Ask questions to clarify the issue
Step 2.
You are responsible for ensuring the clarity of the problem
9NC-ZZG001-103198Shimp-RC.ppt
STEP 2: DISAGGREGATE THE ISSUES
Why use logic trees?
1. To break a problem into component parts so that
•Problem-solving work can be divided into intellectually manageable pieces
•Priorities can be set among the parts
•Responsibilities can be allocated to individuals
2. To ensure that the integrity of the problem solving is maintained
•Solving the parts will really solve the problem
•The parts are mutually exclusive and collectively exhaustive (i.e., no overlaps, no gaps)
Subissue
Subissue
Subissue
Subissue
Subissue
Subissue
Issues/hypothesis No. 1
Issues/hypothesis No. 2
Issues/hypothesis No. 3
Problem statement
Suggestions - Describe your approach to the interviewer as you proceed. Don’t assume they know what you are thinking! 向面试者描述你的过程方法,不要假定他们知道你的想法! - State your hypotheses as crisply as possible. 陈述你的臆测(假设)尽可能的清楚! - Only use frameworks if they are appropriate - don’t force fit. 仅用模型描述只要适用,但不要强加引用, - The ideas are important, not the framework. “I think we should look at the power of buyers and industry competitiveness” is better than “I’d like to apply part of the Porter Five Forces framework”. 思想的重要性,不是模型。
10NC-ZZG001-103198Shimp-RC.ppt
STEP 3: ELIMINATE ALL NON-KEY ISSUES
Why•First step in constant, interactive refinement process (首先,坚决地、交互地提练过程)。•Focuses your effort on what is most important (把努力关注在什么是最重要的
Do’s & Don’ts (做和不做)•Always ask yourself “so what” . . . but also ask yourself what you might have missed (经常问自己那又怎么样,而且问自己什么可能已经失败)•Tell the interviewer what you are cutting and why (告诉面试者砍掉什么及为什么。)
Problem statement
Issue 1
Issue 2
Issue 3
Issue 4
11NC-ZZG001-103198Shimp-RC.ppt
STEP 4: CONDUCT CRITICAL ANALYSIS (实施评论分析)
Do’s (做)Be hypothesis-driven and end products-oriented (基于假设和最后结果导向)“Porpoise” frequently between hypothesis and data (经常窜梭于假说和数据之间)Keep the analyses as simple as you can. Be suspicious of huge linear programs and their ilk. (保持分析近可能的简单。Do order of magnitude estimates before you start detailed analyses (做数量级估计在你开始详细分析之前)Use 80/20 and back-of-envelope thinking (运用 80 / 20 原则和信封背面思考)Do not be afraid to be creative (不要害怕创造性)
Don’ts (不做)Do not just “run the numbers”– ask yourself “what question am I trying to answer?” (不要仅“运用数字”,问自己“什么问题是我试图去回答”)Do not chase your tail (不要追你的尾巴。如狗 。不要追牛角尖)
Do you really need to calculate the WACC?
Don’t miss the forest for the trees. (不要只见树不见森林)Beware of “polishing dirt” 对“磨污垢 ”小心Look for breakthrough thinking 洞察力
12NC-ZZG001-103198Shimp-RC.ppt
STEP 5: SYNTHESIZE FINDINGS AND BUILD ARGUMENT
Complication复杂化
Situation 情形
Resolution
Use situation, complication, resolution format
Pyramid structureor decision tree
Main assertion
Supporting data
Supporting data
Supporting data
Supporting data
Question
Sub-assertion Sub-assertion
Question
Question
Yes Action 1
No Action 2
Yes Action 3
No Action 4
and / or
State the conditions at point of problem
Flesh out barriers to improving situation (充实栏内内容来改进情形)
Lay out possible solution path (展示可能的解决路径)
13NC-ZZG001-103198Shimp-RC.ppt
APPENDIX: INTERVIEWING WITH MCKINSEY
14NC-ZZG001-103198Shimp-RC.ppt
FORMAT FOR 30 MINUTE FIRST ROUND INTERVIEW (首轮面试 30 分形式)Minutes
15-20
5
5-10
Resume-related questions and Q&A
Introduction
Case
First round
•On campus•Two 30 minute case/resume interviews
Second round
•Two 30 minute interviews•Generally both case interviews
Third round
•In an office•~five 30-45 minute interviews•3-5 cases
XII
VI
III
15NC-ZZG001-103198Shimp-RC.ppt
WHAT WE ARE LOOKING FOR
Problem solving•Intellectual capacity•Creativity•Practical approach and business judgment•Quantitative comfort
Personal impact•Presence•Empathy
Drive / Aspiration (动力和热情)•Drive for excellence•Energy level/perseverance
Leadership 领导能力•Personal initiative•Entrepreneurship
McKinsey profile
16NC-ZZG001-103198Shimp-RC.ppt
RESUME RELATED QUESTIONS (履历相关的问题)
Focused Questions•“Describe a situation in which you’ve led a project to success?” (描述你领导项目达到成功)•“What strengths and weaknesses would your teammates recognize in your work abilities?” (对你的工作能力来讲,你的队友认为你的强项和弱项是什么?)•“Describe a situation in which you’ve had to overcome obstacles to reach a desired outcome.” (描述一种情况,你是如何克服困难达到期望的结果)
Why?•Evidence of excellence (优秀的证据)•Personal growth plan (个人成长计划)•Logical career plan (合乎逻辑的职业计划)•Depth of preparation for interview
Open Ended Questions•“Tell me about yourself.”•“Why did you choose Darden?”
Why?•Clear understanding of personal selling points (清楚的理解个人的卖点)•Ability to clearly communicate in a structured way (结构化方法进行清楚沟通的能力
17NC-ZZG001-103198Shimp-RC.ppt
INTERVIEWING STYLES FOR CASES (面试案例的类型)
From one extreme … 来自极端的•Detailed introduction•Specific problem to be solved明确的问题被解决。•A few starter facts少数的事实开始•Lots more facts available, if asked 如果提问可得到更多事实•Conversational feel throughout the interview健谈的感觉贯穿整个面试
Why?•Test analytical ability 测试分析能力 •Test ability to sort out key facts and stay focussed测试能挑选出关键事实的能力并保持关注
…to the other•Brief introduction•Very broad description of problem (e.g. poor performance) 对问题非常广阔的描述•Few, if any , facts available 事实得到很少•‘What do you think” responses to most questions”你怎么想“对大部分问题。
Why?•Test overall problem structuring, hypothesis generating ability 测试构建全部问题和假说创造的能力•Test for creativity and business instinct (测试创造力和商业本能)•Look for comfort with ambiguity 自圆其说的能力
18NC-ZZG001-103198Shimp-RC.ppt
IMPROVING CASE PERFORMANCE (提高案例的表现)
Indirectly through classesPolicy
•Strategic frameworks•Business instinct•Industry structure
Economics/finance•Variable vs. fixed cost structures•Evaluating investment opportunities (ROI, Cost of Capital, …)•Income Statement/Balance Sheet/Cash Flow Statement thinking•Value chain thinking
Marketing•Customer segmentation•Channel management•Brand management
Operations•Quality•Lead time competition•Having the right kind of flexibility
Directly through practice casesStudent to Student
•Class cases•Cases from pre-B school or summer experience•Cases from news stories•Fictional cases
Company sponsored workshopsConsulting Club case prep guideOther case prep guidesOn your own with paper and pen
19NC-ZZG001-103198Shimp-RC.ppt
CLASS OF 1999 INTERVIEWS
Recruiting coordinator:Marilyn GersonSuite 4600, Georgia-Pacific Center133 Peachtree Street, N.E. Atlanta, Georgia 30303404.335.3396
Additional information and resources:www.mckinsey.com
Round Date Location 1 November 4 On campus
2 November 5 Off campusat the Sienna Hotel
3 Varies At OfficeBy Office
Invitations to interview reflect our best initial effort to find the right people for McKinsey. Recognizing the limitations of this process, interviewers will consider students who bid for open slots no differently than those who were invited.
If you have a strong interest in McKinsey and are not included on the closed list, bid for the slot!
Top Related