0. Preparing for Consulting Interviews
Planning for the Summer!
May 2, 2014
Advanced Professional Degree
Consulting Club

1. Advanced Professional Degree
Consulting Club 1

2. Roadmap: now to fall recruiting The consulting interview
Agenda
Presentation:
Roadmap: now to fall recruiting
The consulting interview
Case frameworks
Effective preparation strategies
Creating your own timeline and prep plan
Panel Discussion
Organize case study small groups, networking social hour 2

3. Roadmap 2014 – 2015: MBA Recruiting
April - May
June
July
August
September
October
Research Firms
Network – Info Interviews
Run 5-10 Cases
Info Interviews over Summer with Target Firms
Run 5-10 Cases per Month (~20 over Summer)
Update Resume + Cover Letters, Draft Apps
Polish Resume + Cover Letters
Info Interviews with Target Firms
Case + Behavioral Interview Prep
Mock Interviews
Applications + Interviews 3

4. Roadmap 2014 – 2015: APD Recruiting
April - May
June
July
August
September
October
Research Firms
Network – Info Interviews
Run Cases
Polish Resume + Cover Letters
Polish Behavioral/Fit Stories
Info Interviews with Target Firms
Run 5-10 Cases per Month (~20 over Summer)
Update Resume + Cover Letters, Draft Apps
Mock Interviews
Applications + Interviews 4

5. Roadmap: now to fall recruiting The consulting interview
Agenda
Presentation:
Roadmap: now to fall recruiting
The consulting interview
Case frameworks
Effective preparation strategies
Creating your own timeline and prep plan
Panel Discussion
Organize case study small groups, networking social hour 5

6. Behavioral / Fit Interview
The consulting interview: what is it?
Section
Process
What they look for
~10 minutes
Intros and
Small Talk
Wait in common area
Greet interviewer, walk to interview suite, small talk
You’re confident, warm, professional
10-20 minutes
Behavioral / Fit Interview
A few questions about your resume and experience
You’re a fit with the firm. “Airport test” – you’re a nice person
20 – 35 minutes
Case Interview
An ambiguous business problem that you work cooperatively with the interviewer to solve
Confidence and communication, structure, math ability
5 minutes
Wrap Up
Your opportunity to ask questions of the interviewer
Good questions, not stock. Opportunity to ask about the interviewer’s background, time at the firm. 6

7. The consulting interview
Behavioral / fit interview
~10 minutes
What is it?
Questions about your background. Designed to assess your fit with consulting and the
specific firm you’re interviewing with.
Mechanics
Interviewer will ask you a question (first one is usually, “Walk me through your resume”).
Take 1 – 2 minutes to respond.
Interviewer may ask a follow-up question or may move on to next question.
What to do:
Know your stories (based on your work, school, and other experience) well.
Be confident, concise, and structured. Smile and let your personality through.
Sample behavioral/fit questions:
Tell me about a time you overcame a challenge when you were working on a team.
Tell me about a time you had to convince someone when you didn’t have formal authority.
Tell me about a time when you exhibited leadership.
Why consulting?
Why Carlson / University of Minnesota? 7

8. The consulting interview
Case interview
~20-30 minutes
What is it?
An ambiguous business problem that you need to approach with a logical structure and
work with your interviewer to solve.
Two common case interview methods:
“Go with the flow” cases (typical of most firms) – you will determine which areas to explore and lead the discussion, i.e. drive the case.
“Command and control” (typical of McKinsey) – interviewer will guide the discussion. Case typically has heavy brainstorming components and quantitative work.
Common case types (not comprehensive):
Profitability
Market Entry
Acquisition
Industry Analysis (incl. non-profit)
Market Sizing
Capacity Expansion (incl. outsourcing)
Investment Decisions
Your structured approach to the problem is more important than your final answer. 8

9. The consulting interview Section Process To Do
Case interview
Section
Process
To Do
~1-2 minutes
Prompt and
Clarification
Interviewer will give you a prompt (usually a few sentences) with limited info about a business problem a company is facing.
Confirm the key details.
Ask 1-3 clarifying questions.
Ask for a minute to develop an approach.
Develop Framework
Take 1-2 minutes to write your structured framework/approach on a sheet of paper.
Draw a framework (usually 3-5 key areas to explore).
Walk interviewer through your plan.
~15-20 minutes
Solve Case
Work with interviewer and use your framework to get information and work toward solution.
Ask questions following your structure.
Listen actively for guidance from interviewer.
Conclude
Drive case to a conclusion before time expires.
Answer the initial question and take a definite stand.
Address risks. 9

10. Roadmap: now to fall recruiting The consulting interview
Agenda
Presentation:
Roadmap: now to fall recruiting
The consulting interview
Case frameworks
Effective preparation strategies
Creating your own timeline and prep plan
Panel Discussion
Organize case study small groups, networking social hour 10

11. Hypothesis: X is the cause of Y
Case frameworks
What is a framework?
A framework is your structured, logical approach to solving a case question. After prompt is read, candidates usually takes ~1-2 minutes to create a structured approach to explore the issue at hand. Representative of actual consultanting work with clients.
Your hypothesis about the problem drives your structure.
The main issues you explore should be “mutually-exclusive and collectively exhaustive” (MECE)
Sub-points should cover more detailed but still broad questions you want to explore.
Hypothesis: X is the cause of Y
Main Issue 1
Main Issue 2
Main Issue 3
Acknowledge that there are people with different levels of case experience in the room, going to cover the basics and an effective approach to case interviews.
Sub-point 1
Sub-point 2
Sub-point 3
Sub-point 1
Sub-point 2
Sub-point 3
Sub-point 1
Sub-point 2
Sub-point 3 11

12. Example case
Your client is the owner of a local brewery who has sold craft beer in Minneapolis for the last 5 years. The brewery has suffered declining profitability in the last few years. Your client has approached you to help him determine how to remedy this situation.

13. A MECE framework example
Your client is the owner of a local brewery who has sold craft beer in Minneapolis for the last 5 years. The brewery has suffered declining profitability in the last few years. Your client has approached you to help him determine how to remedy this situation.
Change over time
Price(s)
OK – but is this enough to answer the client’s question?
Revenue
Volume
Profit
Fixed
Make the point that this doesn’t address other issues that might impact the case (e.g., general economy, competition, etc.) and may not point toward an effective strategy moving forward. It pinpoints the cause, but perhaps doesn’t explain the “why” of the cause. It also isn’t customized at all the client.
Costs
Variable
Source: Fuqua Consulting Club

14. A more comprehensive, structured approach
Your client is the owner of a local brewery who has sold craft beer in Minneapolis for the last 5 years. The brewery has suffered declining profitability in the last few years. Your client has approached you to help him determine how to remedy this situation.
Context
Maturity?
General economy?
Regulations?
Competition?
Customer behavior? Etc.
Getting there – but this approach is generic and lacks any customization to the client
2. Isolate Causes
Change over time
Price(s)
Revenue
Volume
Profit
Fixed
Costs
Point out that profit tree framework, as well as 3Cs is incorporated into a larger structured approach.
Variable
3. Evaluate Solutions
Raise price?
Expand?
Relocate?
Liquidate/close shop?
Other?.
Costs/benefits
Risk
Source: Fuqua Consulting Club

15. Roadmap: now to fall recruiting The consulting interview
Agenda
Presentation:
Roadmap: now to fall recruiting
The consulting interview
Case frameworks
Effective preparation strategies
Creating your own timeline and prep plan
Panel Discussion
Organize case study small groups, networking social hour 15

16. Effective preparation strategies for the summer
Behavioral/fit questions 1
Meet with career center to assess current level and plan leading up to fall recruiting. 2
Research characteristics target firms look for (similar but NOT the exact same at all firms). 3
Spend time reflecting on your motivations, what makes you tick, how that aligns with consulting. 4
Develop the “personal brand” and 3 main points you want to convey. Your personal brand should be 1-2 sentences about what makes you stand out. 5
Develop 5-7 strong stories and 4-5 secondary stories to address the areas your target firms are looking for. Use either STAR format or another similar format. 6
Practice your stories for timing (1 – 2 minutes), structure, concision, and polished communication. Start practicing in front of a webcam or on umn.interviewstream.com, then with other students and the career center, then in full mock interviews. 7
Get continual feedback and take advantage of all the resources available to you! 16

17. Effective preparation strategies for the summer
Cases 1
Read Marc Cosentino, Victor Cheng, others (see Carlson Consulting Club website). 2
Listen to Victor Cheng’s “Look Over My Shoulder” (LOMS) or find other examples to use as initial models for doing case interviews. 3
Read case books from other MBA programs (Wharton, HBS, others can be found online). 4
Get comfortable with more generic frameworks (Cheng’s, Cosentino’s, others), then incorporate into your own custom frameworks (profitability, new market, M&A, growth, etc.). 5
Do as many practice cases as you can and/or feel you need. Practice with other students and career coaches. When feel relatively confident, ask consultants from target firms that you’ve networked with to run a case with you. Also give cases to others (also helpful for you). 6
Build a library of practice cases and frameworks – ID areas you consistently forget to explore. 7
Practice math skills as needed. Victor Cheng’s website has a resource for practicing math. 8
Continue reading case interview-related resources, refining your skills and approach. 17

18. Roadmap: now to fall recruiting The consulting interview
Agenda
Presentation:
Roadmap: now to fall recruiting
The consulting interview
Case frameworks
Effective preparation strategies
Creating your own timeline and prep plan
Panel Discussion
Organize case study small groups, networking social hour 18

19. 2014 Recruiting Checklist for Full-Time MBA Candidates
Exploring
Applications
Interview Prep
April
Research firms as needed (Wetfeet, company websites)
Develop plan for full-time recruiting
Develop plan for case and fit/behavioral prep (goals, journal to track progress, timeline, resources list)
Run 2-3 cases
May
Info intervitews wih at least 2 consultants from target firms
Review resume with GBCC
Read “Case in Point,” listen to “Look Over My Shoulder,” watch other Victor Cheng videos available through CCC website
Read other case prep materials (see resources list)
Run 5-10 cases with classmates, GBCC
Build personal brand, stories for behavioral Qs, practice answering in STAR format
June
Stay in touch with other 1st years during internships
Info interviews with at least 2 consultants from target firms
Run 5-10 cases with classmates, GBCC. Include 1 fit question at beginning of every case.
Practice fit/behavioral questions with classmates, GBCC
July
Info interviews with at least 3 consultants from target firms
Draft cover letters, review with GBCC
Aug
Work with GBCC to polish resumes and cover letters, draft apps
Run 5-10 cases with classmates, GBCC. Include 2 fit questions at beginning of every case.
Mock interviews with GBCC, others at Carlson
Mock interviews with firms
Sept
Stay in touch with target firms. Get feedback on interview skills, resume, cover letters from warm contacts at target firms.
Corporate Reception
Applications Due
Interviews
Oct
Attend Carlson networking events 19

20. 2014 Recruiting Checklist for APD Candidates
Exploring
Applications
Interview Prep
April
Research firms as needed (Wetfeet, company websites)
Review resume with career coaches
Develop plan for full-time recruiting
Develop plan for case and fit/behavioral prep (goals, journal to track progress, timeline, resources list)
Run 2-3 cases
May
Info intervitews wih at least 2 consultants from target firms
Draft cover letters, review with career coaches
Read “Case in Point,” listen to “Look Over My Shoulder,” watch other Victor Cheng videos available through CCC website
Read other case prep materials (see resources list)
Run 5-10 cases with classmates, others
Build personal brand, stories for behavioral Qs, practice answering in STAR format
June
Stay in touch with other 1st years during internships
Info interviews with at least 2 consultants from target firms
Work with career coaches to polish resumes and cover letters, draft apps
Run cases with classmates, others. Include 1 fit question at beginning of every case.
Practice fit/behavioral questions with classmates, career coaches
July
Stay in touch with target firms. Get feedback on interview skills, resume, cover letters from warm contacts at target firms
Applications due - McKinsey
Run 5-10 cases with classmates, others. Include 1 fit question at beginning of every case.
Aug
Stay in touch with target firms. Get feedback from warm contacts.
Applications due – BCG, others
Interviews – McKinsey, others
Mock interviews with classmates, career coaches
Mock interviews with firms
Sept
Mock interviews with career coaches, firms
Oct
Interviews 20

21. Recruiting dates approaching for APD students
Application Deadlines:
McKinsey: July 20
BCG: August 10
Others: reach out to the firms you’re interested in
Interviews:
McKinsey: August
BCG: “Bridge to BCG” workshop – June, interviews Aug & Sept
Others: Aug – Sept
Bottom line: APD recruiting can be flexible and complicated – do your homework 21

22. Roadmap: now to fall recruiting The consulting interview
Agenda
Presentation:
Roadmap: now to fall recruiting
The consulting interview
Case frameworks
Effective preparation strategies
Creating your own timeline and prep plan
Panel Discussion
Organize case study small groups, networking social hour 22

23. Panelists: 2nd-Year MBA Deloitte 1st-Year MBA McKinsey 1st-Year MBA
Jake Titus
Katie Williams
Alyssa Callister
Andy Luo
2nd-Year MBA
Deloitte
1st-Year MBA
McKinsey
1st-Year MBA
Gallup
APD
McKinsey 23

24. Roadmap: now to fall recruiting The consulting interview
Agenda
Presentation:
Roadmap: now to fall recruiting
The consulting interview
Case frameworks
Effective preparation strategies
Creating your own timeline and prep plan
Panel Discussion
Organize case study small groups, networking social hour
Questions to ask people 24

25. Organize case study small groups, networking social hour
Questions to ask others to form small groups to practice cases:
What are your goals
What firms are you interested in?
What time availability do you have? How much and when do you want to practice this summer?
Optional Google doc to sign up for case interview small groups: 25

26. Contact Info
2014 – 2015 Carlson Consulting Club
Luke Wilcox, President
Amit Aggarwal, Vice President
Mike Jennings, Vice President
Dhruv Suhag, Vice President
2014 – 2015 Advanced Professional Degree Consulting Club
Tim Pearce
Nic Kramer
Graduate Business Career Center
Ashley Bowes Johnson
Michelle Moylan
Thanks to Victor Cheng, Marc Cosentino, the Fuqua Consulting Club, and the Wharton Consulting Club for providing inspiration and ideas for the content of this presentation. 26