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NC-ZZG001-103198Shimp-RC.pptMcKinseyCaseInterviewWorkshopFUQUASCHOOLOFBUSINESSOctober31TODAY’STOPICSCaseinterviewoverviewPurposeTypesSuggestedapproachSuccessfulproblem-solving2RESUMEANDCASEINTERVIEWS–WHATFIRMSARELOOKINGFORFromyourresumeWorkexperienceAdvancementfasterthannormSelectionbysuperiorstoleadimportantprojects/specialrecognitionEvidenceofleadershipandteamworkEducationAcademicexcellenceSignificantleadershiprolesPersonalinitiativeOutsideinterestsAthletic/culturalachievementsCommunityactivitiesDrive/perseveranceFromthecaseApproachGenuineinterestinsolvingcomplexproblemsStructured,logicalapproachCuriosity,creativityLogical,probingquestionsSynthesisandconclusionsSkillsComfortwithambiguity/poiseunderpressureBroadfunctionalskillsAnalyticalrigorQuantitative,numericalagilityPracticalityJudgment,commonsenseBusinessacumen/instinctClear,logicalcommunicationEvidenceofExcellenceProblemSolvingAbility3TYPESOFCASESBusinesscases“WhatwilltheimpactofindustryconsolidationbeoncompanyX?”“ShouldcompanyXenter/exitanew/oldmarket?”“HowshouldcompanyXreacttoanewentrant?”“ShouldcompanyXaddcapacity?”Estimationcases“HowbigwouldtheIvyGardensapartmentcomplexhavetobeforeveryoneonEarthtolivethere?”“WhatisthesizeoftheskateboardmarketintheU.S.?”“WhatdoyouthinkannualresidentialrealestatecommissionsareinAtlanta?”ResponsesshoulddemonstrateBigpictureperspectiveAbilitytostructureBroadfunctionalskillsComfortwithdetails,analysisResponsesshoulddemonstrateComfortwithambiguityAbilitytostructureFacilitywithnumbersPoise4...buttherearewronganswersIgnoringorforgettingimportantfactsNotrecognizingthatsomematerialmaybeextraneousDefendingimpracticalsolutionsForcefittingaframeworkthatjustdoesnotworkThereisnorightanswerThegoalistodemonstrate“howyouthink”WHATTOREMEMBERWHENAPPROACHINGACASE5SUGGESTEDAPPROACHFORCASESWhattodoListentointroduction–donotthinkaheadtoyouranswersAsk1-2clarifyingquestions,ifnecessary;takeafewnotesifyoulike;donotexpecteverypieceofdatatobeavailableOrganizeyourthoughtsandstructuretheproblemPickonebranchtoprobe,develophypotheses,askforafewrelevantfacts,defend/refinehypothesesbasedonnewinformation,probefurther,anddescribeimplicationsyouseePickanotherbranchandcontinue(Makesureyouareprioritizingyourresponses)Putitalltogether:trytoanswertheoverallquestion(bigpicture)withareasonable,actionableconclusionReviewwhatyouknowClarifywhatyoudonotunderstandSolidifyandtenderrecommendationWhatnottodoPlay20questionsAssume1frameworkfitsallCover1issuewithoutmentioningandprioritizingallkeyissuesDigyourheelsinHidefromthedetails(orthenumbers)GetfrustratedConductapostmortemintheinterview6FIVEEASYSTEPSTOBULLET-PROOFPROBLEMSOLVINGStep1StatetheproblemStep2DisaggregatetheissuesStep3Eliminateall

non-keyissuesStep4Conductcriticalanalyses,porpoisebetweendataandhypothesesStep5Synthesizefindingsandbuildargument?7ClearstatementofproblemtobesolvedorissuetoberesolvedSTEP1:STATETHEPROBLEMLEMCharacteristicsofagoodproblemstatementAleadingquestionorfirmhypothesisSpecificnotgeneralNotastatementoffactornon-disputableassertionActionableFocusesonwhatthedecisionmakerneedstomoveforward?InterviewerstatestheproblemProblemhasbeenclearlystated,andyouunderstanditProblemhasNOTbeenclearlystated,oryoudon’tunderstanditYoumustclearlyunderstandtheproblemParaphrasetheproblemtomakesureyouhaveitrightAskquestionstoclarifytheissueStep2.Youareresponsibleforensuringtheclarityoftheproblem8STEP2:DISAGGREGATETHEISSUESWhyuselogictrees?1. TobreakaproblemintocomponentpartssothatProblem-solvingworkcanbedividedintointellectuallymanageablepiecesPrioritiescanbesetamongthepartsResponsibilitiescanbeallocatedtoindividuals2. ToensurethattheintegrityoftheproblemsolvingismaintainedSolvingthepartswillreallysolvetheproblemThepartsaremutuallyexclusiveandcollectivelyexhaustive(i.e.,nooverlaps,nogaps)SubissueSubissueSubissueSubissueSubissueSubissueIssues/hypothesisNo.1Issues/hypothesisNo.2Issues/hypothesisNo.3ProblemstatementSuggestions

-Describeyourapproachtotheinterviewerasyouproceed.Don’tassumetheyknowwhatyouarethinking!-Stateyourhypothesesascrisplyaspossible.-Onlyuseframeworksiftheyareappropriate-don’tforcefit.-Theideasareimportant,nottheframework.“Ithinkweshouldlookatthepowerofbuyersandindustrycompetitiveness”isbetterthan“I’dliketoapplypartofthePorterFiveForcesframework”.9STEP3:ELIMINATEALLNON-KEYISSUESWhyFirststepinconstant,interactiverefinementprocessFocusesyoureffortonwhatismostimportantDo’s&Don’tsAlwaysaskyourself“sowhat”...butalsoaskyourselfwhatyoumighthavemissedTelltheinterviewerwhatyouarecuttingandwhyProblemstatementIssue1Issue2Issue3Issue410STEP4:CONDUCTCRITICALANALYSISDo’sBehypothesis-drivenandendproducts-oriented“Porpoise”frequentlybetweenhypothesisanddataKeeptheanalysesassimpleas

youcan.Besuspiciousofhugelinearprogramsandtheirilk.DoorderofmagnitudeestimatesbeforeyoustartdetailedanalysesUse80/20andback-of-envelopethinkingDonotbeafraidtobecreativeDon’tsDonotjust““runthenumbers””–askyourself““whatquestionamItryingtoanswer?”DonotchaseyourtailDoyoureallyneedtocalculatetheWACC?Don’’tmisstheforestforthetrees.Bewareof““polishingdirt”Lookforbreakthroughthinking11STEP5:SYNTHESIZEFINDINGSANDBUILDARGUMENTComplicationSituationResolutionUsesituation,complication,resolutionformatPyramidstructureordecisiontreeMainassertionSupportingdataSupportingdataSupportingdataSupportingdataQuestionSub-assertionSub-assertionQuestionQuestionYesAction1NoAction2YesAction3NoAction4and/orStatetheconditionsatpointofproblemFleshoutbarrierstoimprovingsituationLayoutpossiblesolutionpath12APPENDIX:INTERVIEWINGWITHMCKINSEY13FORMATFOR30MINUTEFIRSTROUNDINTERVIEWMinutes15-2055-10Resume-relatedquestionsandQ&AIntroductionCaseFirstroundOncampusTwo30minutecase/resumeinterviewsSecondroundTwo30minuteinterviewsGenerallybothcaseinterviewsThirdroundInanoffice~five30-45minuteinterviews3-5casesXIIVIIII14WHATWEARELOOKINGFORProblemsolvingIntellectualcapacityCreativityPracticalapproachandbusinessjudgmentQuantitativecomfortPersonalimpactPresenceEmpathyDrive/AspirationDriveforexcellenceEnergylevel/perseveranceLeadershipPersonalinitiativeEntrepreneurshipMcKinseyprofile15RESUMERELATEDQUESTIONSFocusedQuestions“Describeasituationinwhichyou’veledaprojecttosuccess?””“Whatstrengthsandweaknesseswouldyourteammatesrecognizeinyourworkabilities?”“Describeasituationinwhichyou’vehadtoovercomeobstaclestoreachadesiredoutcome.”Why?EvidenceofexcellencePersonalgrowthplanLogicalcareerplanDepthofpreparationforinterviewOpenEndedQuestions“Tellmeaboutyourself.””“WhydidyouchooseDarden?””Why?ClearunderstandingofpersonalsellingpointsAbilitytoclearlycommunicateinastructuredway16NC-ZZG001-103198Shimp-RC.pptINTERVIEWINGSTYLESFORCASESFromoneextreme…DetailedintroductionSpecificproblemtobesolvedAfewstarterfactsLotsmorefactsavailable,ifaskedConversationalfeelthroughouttheinterviewWhy?TestanalyticalabilityTestabilitytosortoutkeyfactsandstayfocussed…totheotherBriefintroductionVerybroaddescriptionofproblem(e.g.poorperformance)Few,ifany,factsavailable‘Whatdoyouthink”responsestomostquestionsWhy?Testoverallproblemstructuring,hypothesisgeneratingabilityTestforcreativityandbusinessinstinctLookforcomfortwithambiguity17NC-ZZG001-103198Shimp-RC.pptIMPROVINGCASEPERFORMANCEIndirectlythroughclassesPolicyStrategicframeworksBusinessinstinctIndustrystructureEconomics/financeVariablevs.fixedcoststructuresEvaluatinginvestmentopportunities(ROI,Cos