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- 1. NC-ZZG001-103198Shimp-RC.pptMcKinsey Case Interview WorkshopFUQUA SCHOOL OF BUSINESSOctober 31
- 2. TODAY’S TOPICSCase interview overview Purpose Types Suggested approach Successful problem-solving1
- 3. RESUME AND CASE INTERVIEWS – WHAT FIRMS ARE LOOKING FORFrom your resume Work 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/perseveranceFrom the case Approach 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 communicationEvidence of ExcellenceProblem Solving Ability2
- 4. TYPES OF CASESBusiness 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 Poise3
- 5. . . . 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 workThere is no right answerThe goal is to demonstrate “how you think”WHAT TO REMEMBER WHEN APPROACHING A CASE4
- 6. SUGGESTED APPROACH FOR CASESWhat 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 recommendationWhat 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 interview5
- 7. FIVE EASY STEPS TO BULLET-PROOF PROBLEM SOLVINGStep 1 State the problemStep 2 Disaggregate the issuesStep 3 Eliminate all non-key issuesStep 4 Conduct critical analyses, porpoise between data and hypothesesStep 5 Synthesize findings and build argument?6
- 8. Clear statement of problem to be solved or issue to be resolvedSTEP 1: STATE THE PROBLEMLEMCharacteristics of a good problem statement A leading question or firm hypothesis Specific not general Not a statement of fact or non-disputable assertion Actionable Focuses on what the decision maker needs to move forward?Interviewer states the problemProblem has been clearly stated, and you understand itProblem has NOT been clearly stated, or you don’t understand itYou must clearly understand the problemParaphrase the problem to make sure you have it rightAsk questions to clarify the issueStep 2.You are responsible for ensuring the clarity of the problem7
- 9. STEP 2: DISAGGREGATE THE ISSUESWhy 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)SubissueSubissueSubissueSubissueSubissueSubissueIssues/hypothesis No. 1Issues/hypothesis No. 2Issues/hypothesis No. 3Problem statementSuggestions - Describe your approach to the interviewer as you proceed. Don’t assume they know what you are thinking! - State your hypotheses as crisply as possible. - Only use frameworks if they are appropriate - don’t force fit. - 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”. 8
- 10. STEP 3: ELIMINATE ALL NON-KEY ISSUESWhy First step in constant, interactive refinement process Focuses your effort on what is most important Do’s & Don’ts Always ask yourself “so what” . . . but also ask yourself what you might have missed Tell the interviewer what you are cutting and whyProblem statementIssue 1Issue 2Issue 3Issue 49
- 11. STEP 4: CONDUCT CRITICAL ANALYSISDo’s Be hypothesis-driven and end products-oriented “Porpoise” frequently between hypothesis and data Keep the analyses as simple as you can. Be suspicious of huge linear programs and their ilk. Do order of magnitude estimates before you start detailed analyses Use 80/20 and back-of-envelope thinking Do not be afraid to be creativeDon’ts Do not just “run the numbers”– ask yourself “what question am I trying to answer?” Do not chase your tail Do you really need to calculate the WACC? Don’t miss the forest for the trees. Beware of “polishing dirt” Look for breakthrough thinking10
- 12. STEP 5: SYNTHESIZE FINDINGS AND BUILD ARGUMENTComplicationSituationResolutionUse situation, complication, resolution formatPyramid structure or decision treeMain assertionSupporting dataSupporting dataSupporting dataSupporting dataQuestionSub-assertionSub-assertionQuestionQuestionYes Action 1 No Action 2 Yes Action 3 No Action 4and / orState the conditions at point of problemFlesh out barriers to improving situationLay out possible solution path11
- 13. APPENDIX: INTERVIEWING WITH MCKINSEY12
- 14. FORMAT FOR 30 MINUTE FIRST ROUND INTERVIEWMinutes15-2055-10Resume-related questions and Q&AIntroductionCaseFirst 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 casesXIIVIIII13
- 15. WHAT WE ARE LOOKING FORProblem solving Intellectual capacity Creativity Practical approach and business judgment Quantitative comfortPersonal impact Presence EmpathyDrive / Aspiration Drive for excellence Energy level/perseveranceLeadership Personal initiative EntrepreneurshipMcKinsey profile14
- 16. RESUME RELATED QUESTIONSFocused Questions “Describe a situation in which you’ve led a project to success?” “What strengths and weaknesses would your teammates recognize in your work abilities?” “Describe a situation in which you’ve had to overcome obstacles to reach a desired outcome.” Why? Evidence of excellence Personal growth plan Logical career plan Depth of preparation for interview Open Ended Questions “Tell me about yourself.” “Why did you choose Darden?” Why? Clear understanding of personal selling points Ability to clearly communicate in a structured way15ppt
- 17. INTERVIEWING STYLES FOR CASESFrom one extreme … Detailed introduction Specific problem to be solved A few starter facts Lots more facts available, if asked Conversational feel throughout the interview Why? Test analytical ability Test ability to sort out key facts and stay focussed…to the other Brief introduction Very broad description of problem (e.g. poor performance) Few, if any , facts available ‘What do you think” responses to most questions Why? Test overall problem structuring, hypothesis generating ability Test for creativity and business instinct Look for comfort with ambiguity16ppt
- 18. IMPROVING CASE PERFORMANCEIndirectly through classes Policy 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 flexibilityDirectly through practice cases Student to Student Class cases Cases from pre-B school or summer experience Cases from news stories Fictional cases Company sponsored workshops Consulting Club case prep guide Other case prep guides On your own with paper and pen 17ppt
- 19. CLASS OF 1999 INTERVIEWSRecruiting coordinator: Marilyn Gerson Suite 4600, Georgia-Pacific Center 133 Peachtree Street, N.E. Atlanta, Georgia 30303 404.335.3396 Additional information and resources: www.mckinsey.comRound Date Location 1 November 4 On campus 2 November 5 Off campus at the Sienna Hotel 3 Varies At Office By 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!18
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