Education Series Session 1 September 5, 2012

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

Introductions

Company Presentations Resume DropsInterviews Starting Sept 10NovemberJanuary-February PlanPrepareExecute 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

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

5 IntroductionBusiness case 25 Fit Portion 10 Total: 45 Q&A 5 Most common 15 Fit portion 30 Total: 45 Business Case Also common The structure of a case interview is a predictable process

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

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?

…however these questions require demonstration of many skills SkillKey Question Interpersonal/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

You can use this checklist to analyze your performance Source: Dr. Paul N. Friga Interpersonal SkillsAnalytical 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:

Additional tools are available for analyzing performance Fuqua Case Interview Feedback Form Consulting Case Tracking Sheet Available on L://public/Consulting Club Education Documents

A case is more than just a question with an answer Interviewee Interviewer Summary/Q&A Q A The process

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 Hypothesize Decompose Problem Clarify Problem Listen to Case Summarize Findings Test Hypothesis Summary/Q&A Source: Accenture (01)

Formulate recommendation backed by data & logic Collect Relevant Data / Focus on the key issues Structure the case well Clarify the information and Confirm question Exhibit Confidence Communicate Thought Process This is another way to break down the business case process (interviewee perspective)

An interviewer looks for 3 essential traits Interviewee Interviewer Summary/Q&A Logic and reasoning Always ask yourself why Sound business judgment Apply what you learn Poise and presence Believe in your abilities The secret is practice : a lot of it practice

A case can be good fun too Interviewee Interviewer 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?

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! Hypothesize Decompose Problem Clarify Problem Listen to Case Summarize Findings Test Hypothesis The first action step for a candidate is to clarify the problem and key question

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 Hypothesize Decompose Problem Clarify Problem Listen to Case Summarize Findings Test Hypothesis Create a structure to give yourself a plan of attack

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 Hypothesize Decompose Problem Clarify Problem Listen to Case Summarize Findings Test Hypothesis

– 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! Hypothesize Decompose Problem Clarify Problem Listen to Case Summarize Findings Test Hypothesis Ensure your recommendation answers the key question and is short and to the point

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

Education Next Steps Practice, Practice, Practice! PRACTICE! Ask 2 nd years if you can observe 2 nd year case-off: September 14 th Research companies – on- and off-campus Career conferences (more consulting firms than NBMBA, NSHMBA) Next Session: September 19 th (Behavioral Prep – tentative) Apply for liaison positions by September 15 th We want to hear what things you want us to cover in the next 4 sessions Initial thoughts: How to Research Consulting Firms Company Specific Approach/Cases Behavioral/Fit Interviews Tool Box: Math, Charts, Graphs, Finance Frameworks

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