Case Interview Format
Intro Fit Question Case Interview Q&A
3-5 Mins 5 Mins 20-30 Mins 5 Mins
Prompt & Exhibits & Brain- Conclusion/
Framework
Clarifying Q. Analysis storming Next Steps
Prompt: This is the premise of Framework: Once you are Exhibits: Provide important Brainstorming: After the Conclusion: Recap (briefly!)
the case. It will include some confident that you insights and next steps in initial analysis, the the initial problem, present
background on who the client understand the prompt and cracking a case. You should interviewer will often ask you the logical conclusions and
is and lay out the problem. context, you will take roughly walk through each exhibit with to brainstorm around solutions that arose from
90 seconds to lay out a the interviewer, confirming additional aspects of the analysis and brainstorming
"roadmap" for how to understanding of its content problem. See the section on (along with the data to
Clarifying Questions: Some approach the case. See the and identifying relevant "Brainstorming" for more tips. support them.)
basic contextual questions to section on "Case patterns or insights. Next Steps: Suggest some next
guide your framework; not a Frameworks" for more tips. steps for implementation or
time to get into the nitty gritty Math: See the section on
further research and point out
"Math" for more tips.
any potential risks
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Note: This format may differ by firm or by interviewer
Fit / Behavioral Question Overview
Consulting firms are assessing your ability to successfully work with teams and judge how well you understand their
firm and yourself
• Your pitch should include: Where you have been / what you have done, who / where you are now, and
Tell Me
what you are interested in going forward
About • All answers must include: Relative skills & experiences, key transition points in your career, and a career
Yourself objective
• Strong answers have: Powerful “hook” –your value proposition that highlights how you have the
competencies they are recruiting for
• Firm & industry fit: Interviewee should have a deep understanding of a firm’s culture, functional expertise,
Why
Firm X or
and working style
Consult- • Industry interest: Interviewee should highlight experiences they want to gain and skills they can bring
ing • Strong answers have: This question answered in opening pitch, structured reasons why, and answers
tailored to your prior experiences and future aspirations
• Experience/ behavioral: Interviewee should demonstrate leadership ability, “drive” –taking initiative, and
Tell Me professionalism
About A • CAR: Context / challenge you faced, the action that you demonstrated, and the result of your actions
Time
When…
• Strong answers have: Concise response, a learning element if the situation helped you grow, utilizes
structure, and engages the interviewer with energy, emotion, and authenticity
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The Prompt and Clarifying Questions
Prompt & Clarifying Q. Framework Conclusion/
Exhibits & Analysis Brain-storming
Next Steps
The Prompt Clarifying Questions
• All case prompts will introduce the • Clarifying questions should always be
company name, industry, and a brief high level (ex. Context on products, core
description of what the client wants goal of the client, how client makes
money)
• Some prompts tend to leave the primary
objective to be vague • Don’t ask for detailed insights that you
can include in framework (ex. Details on
• Most prompts leave out the business profitability drivers, market trends, etc )
context of the clients core products or
operations in question • Feel free to ask further clarifying
questions as you are building framework
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The Case Framework
Prompt & Clarifying Q. Framework Conclusion/
Exhibits & Analysis Brain-storming
Next Steps
By laying out a framework for analysis at the beginning of a case interview, you are not only keeping yourself organized,
but you are providing a visual roadmap for the interviewer to see how you are thinking and where you are going.
Characteristics of Great Frameworks Incorrect Framework Myths
• MECE: Mutually Exclusive, Collectively Exhaustive • There is one perfect framework for every case
• Detailed but not lost in the weeds • There is a finite number of possible frameworks
that will provide answers to every case
• Thorough but not wasteful
• Frameworks are not that important to the overall
• Insightful but not presumptive interview
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Framework Example
Prompt & Clarifying Q. Framework Conclusion/
Exhibits & Analysis Brain-storming
Next Steps
Some frameworks are better than others to address a particular case. There are always multiple approaches that can
yield the same answer.
A simple framework example:
Key Question in the Prompt
Profitability Tree Market / External Customer / Company
Notes +
Clarifying • Competitors • Internal Capabilities
• Economic Health • Acquisitions
• Regulation / Government • Manufacturing Capacity
Answers • Industry Trends • Distribution Networks
• Geography / Climate • Brand Perception
• Exit Strategies
• Consumer Preferences
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Other Framework Examples
While being exposed to many frameworks can help build a strong repertoire of framework components, remember that
no amount of specific framework memorization will cover every possible case a candidate could encounter.
Before & After Before After
• Compare current with future Evaluation Criterion 1
• Ideal for a go/no-go decision Evaluation Criterion 2
• Can be used with profit tree (profits before and
Evaluation Criterion…
after)
M&A (similar to Before and After) Company A Company B Company A + B
Evaluation Criterion 1
• Compare Company A, Company B, and Company
A+B along various meaningful criteria Evaluation Criterion 2
Evaluation Criterion…
Alternative | Evaluation Criteria Matrix) Option 1 Option 2 Option 3 Option 4...
• Alternatives listed across the top Evaluation Criterion 1 + - - +
• Evaluation criteria listed along the left Evaluation Criterion 2 -...
• Use +, -, o, or check marks to go through the list
Evaluation Criteria...
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For more details on Framework, please see appendix xx
Guide to Exhibits & Analysis
Prompt & Clarifying Q. Framework Conclusion/
Exhibits & Analysis Brain-storming
Next Steps
Read The title of the exhibit to have a
clear understanding of the information
Observe The legend and gauge the
sizes of any bar graphs for insights
Pay Attention To the footnotes for vital
information
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Guide to Math Analysis
Prompt & Clarifying Q. Framework Conclusion/
Exhibits & Analysis Brain-storming
Next Steps
Although most case mathematics will involve simple arithmetic, it is still very easy to make mistakes. Follow the tips
below to ensure that you are set up for success.
Tips for Success
Sanity Check Mistakes are OK Use Shortcuts Talk it Through So What Practice
Make sure your You can recover Round when Explain each step Tie the numbers practice until you’re
numbers make from mistakes, just needed and that you are doing back to the comfortable doing
sense in the context don’t make the manage your zero’s with your question and math in front of an
of the case same mistake twice appropriately interviewer explain the interviewer
implications
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Guide to Math Analysis
Prompt & Clarifying Q. Framework Conclusion/
Exhibits & Analysis Brain-storming
Next Steps
Tricky Math Examples
Net Present Value Payback Period Break-even Sales
A. Calculates the discounted return on A. Calculates the amount of time required A. Calculates the number of units sold to
investment over time to pay back an upfront investment pay back an upfront investment
B. Requires cash flows (revenues - costs B. Requires cash flows per period and an B. Requires per-unit selling price, per-unit
over a time period), discount rate, upfront cost costs, and upfront investment cost
timeframe, and an upfront cost
C. Payback period will be extremely long, C. Break-Even Sales = Upfront Investment
C. Some cases will assume a calculation extremely short, or you will be given Cost/(Per-Unit Selling Price - Per-Unit
into perpetuity (timeframe = forever). some type of specific criterion the Costs)
client uses (e.g. 5 years)
D. Perpetuity: (Cash Flow per Period /
Discount Rate) - Upfront Cost D. Payback Period = Upfront Cost / Cash
Flows per Period
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Guide to Math Analysis (Things to Take Note)
Prompt & Clarifying Q. Framework Conclusion/
Exhibits & Analysis Brain-storming
Next Steps
Example Scenario
How much money will the client save? A. Structure is crucial. The more you can structure information
like an Excel Spreadsheet, the better
Current $ Mater. / # Labor / Volume Total I. Helps you recover information
State Unit Unit Cost II. Your interviewer can follow along
Product 1 15 10 1M = $25M III. It makes you look organized
Product 2 5 20 2M = $50M B. Write down prompts such as “How much money will the
client save” and “10% labor reduction per unit” to keep the
= $75M
goal fresh in your mind
10% Labor Reduction on a per unit basis C. Circle any important numbers (Total Savings =$5M) that may
be relevant to your final recommendation
Future $ Mater. / # Labor / Volume Total D. Go Deeper by speaking to the context of the number, ex: “ I
State Unit Unit Cost see the total savings is $5M, which represents about 6% of
Product 1 15 9 1M = $24M our total costs. This seems like a reasonable deduction but
Product 2 5 18 2M = $46M we should figure out how this labor reduction is being
generated and seek to understand any negative
= $70M
unanticipated consequences as a result of it.”
Total Savings = $5M
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Tips For Brainstorming
Prompt & Clarifying Q. Framework Conclusion/
Exhibits & Analysis Brain-storming
Next Steps
The key to brainstorming is structure. The candidate should first devise two or more "buckets" or categories to organize
his/her thoughts. These constraints make it easier to be creative and provide a more vivid mental model to pull from.
Example Brainstorming Frameworks:
Internal vs. External The Supply Chain
• Internal represents any aspect internal to the client, (e.g. • Each step in the supply chain is a category: raw materials,
products, brand, financials, leadership, etc.) manufacturing, warehouse, transport, retail, customer, etc.
• External represents factors external to the client, (e.g. market • Useful for exploring causes or solutions to cost problems
trends, geopolitical dynamic, competition, etc.)
Financial vs. Non-Financial Stakeholders
• Financial includes things like costs, hurdle rates, cash flow, etc. • Clients, employees, investors, suppliers, regulators, etc.
• Non-financial would be everything else • How are they affected, or what are they looking for?
Long-term vs. Short-term Customer Journey
• Useful for examining potential consequences of a decision • AIDA – Attention, Interest, Desire, Action
• Useful for increasing sales
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Conclusion & Next Steps
Prompt & Clarifying Q. Framework Conclusion/
Exhibits & Analysis Brain-storming
Next Steps
There are three key elements that the interviewer should include while wrapping up the final portion of the case.
Say the action that the client should take and cite the key insights
1. Recommendation in your analysis that have led you to the conclusion
Mention the factors in the case that the client should be aware of
that may impact the client or the recommendation –(Concerns
2. Risks & Concerns should not contradict your overall recommendation)
Highlight at least one action the client should do to either help
mitigate any concerns or any actions needed to move forward
3. Next Steps with the recommendation
While you can take a minute before you gather your recommendation, it is crucial to keep this segment concise
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