Tips and Tricks to Ace the Case
Thank you to everyone from the UMass community who applied to join IUCG for the Spring semester. For those of you interviewing this weekend, we have some quick tips for the case interview. Below you will find a selection of popular frameworks used to solve an array of cases, as well as links to some helpful resources. Study up, and good luck!
Profitability Framework
The profitability framework is considered one of the most popular frameworks, and is used when addressing a company that has issues with their bottom line.
Remember: Profit = Revenue – Costs
In a more holistic view: E(P=R-C)M, where E=economic conditions, P=profit, R=revenue, C=costs, M=market conditions
Revenue includes price per unit and number of units sold. Types of costs includes Fixed Costs (overhead and insurance) and Variable Costs (new machinery, packaging, raw materials, cost per unit, number of units, etc.)
Economic Conditions to keep in mind:
• Unemployment
• Strength of the Dollar
• Interest Rates
• Consumer Spending
Market Trends
• What are three year trends for this industry?
Note: Revenue can be further broken down by demographic, location, product line, etc.
Porter’s Five Forces
Are you trying to figure out where a company has room for growth? Are you looking into the company’s overall strategy regarding the creation of a new product? These are just two potential situations where Porter’s Five Forces will come in handy. Use this framework for a high level view of what your company’s strategy should be.
Supplier Power
• Number of suppliers
• Size of supplies
• Differentiation of inputs
• Your ability to substitute
• Switching costs
Threat of New Entry
• Time and cost of entry
• Specialist knowledge
• Economies of scale
• Cost advantages
• Technology protection
• Barriers to entry
Competitive Rivalry
• Number of competitors
• Quality difference
• Switching costs
• Customer loyalty
Buyer Power
• Number of customers
• Price sensitivity
• Size of each order
• Differences between competitors
• Bargaining leverage
Threat of Substitute
• Substitute performance
• Cost of change
IUCG’s 8 Case Commandments
- Pay attention to what the question asks
- Take notes
- Verify and ask clarifying questions
- Think before you speak
- Work the numbers
- Be coachable
- Close and summarize
- Don’t forget the original question
Below you will find some useful links relating to case interviews and how to prepare for them.
• McKinsey Interview Advice: http://www.mckinsey.com/careers/join_us/interview_prep
• Case Interview Prep from a former McKinsey Interviewer: http://www.caseinterview.com/case-interview-preparation
• BCG Interview Advice: http://careers.bcg.com/join/practice_cases.aspx
Feel free to do your own research, and good luck!
- Published in Publication
Alum Feature: Keith Mellott
Alum Feature: Keith Mellott, Class of 2015
Q & A with Forensic & Valuation Services Associate at Grant Thornton LLP
Why were you drawn to consulting?
I have never thrived in consistent, predictable environments. I love dynamic situations that keep me “on my toes” and force me to constantly learn new skills. Consulting is a perfect fit for somebody like me; it provides the opportunity to work within drastically different industries and acquire skills that I never would have in a more controlled environment.
What are three words to describe yourself and how did those characteristics contribute to your success in finding a job?
Curious, energetic, and motivated. Consultants are a different breed. It takes one to know one. The hours can be demanding and the intellectual challenges strenuous. During the job hunt, it is critical to convey a genuine desire to learn and a willingness to work.
Why did you choose to start your career at Grant Thornton?
Grant Thornton is an exceptional company. Their reputation speaks for itself. The great thing about starting a career at GT is the options you have. There is plenty of room for internal upward mobility, but GT will also provide you with the technical skills and the credibility to pursue advanced degrees at top schools.
Can you tell us about your role in Forensic & Valuation Services?
I work within the Forensic, Investigate, and Dispute Resolution Services department. Our department offers a variety of services. On a basic level, we investigate cases of financial fraud and provide expert financial and economic analysis during the litigation process. It involves a lot of data analytics, economic valuation, and forensic accounting.
What types of projects are you working on?
While I can’t speak too much about specifics, I can say that I am working on three very different projects! That’s my favorite part about my job; I am not restricted to one task or function.
What has been the biggest challenge for you while at GT?
My biggest challenge has not been related to GT itself. The transition from a college lifestyle to a working lifestyle should not be taken lightly. My daily routine requires more discipline and structure than it did in college. I certainly did not wake up at 6 in the morning during the school year! I have slowly adapted to the point where I am now accustomed to sometimes having to work 12-14 hours in a day and still accomplishing things outside the office, such as going to the gym or finding time for hobbies/interests.
How do you feel IUCG helped prepare you for work at GT?
The client-consultant relationship is at the core of every consulting firm’s success. IUCG taught me how to foster these relationships and maintain them throughout the course of an engagement. The hands-on experience with real life projects is irreplaceable.
What advice do you have for students interested in consulting? What do you wish you had known?
Consulting is hyper-competitive. You need to approach your career goals the way professional athletes approach theirs. You should have objectives every day that you strive to accomplish. Personally, I make a 5-year plan, a 3-year plan, a 1-year plan, a monthly plan, a weekly plan and a daily plan. You need to have some sort of vision for your future (even if it’s a rough outline) and you need to constantly monitor your progress towards your goals.
Final thoughts?
Learn how to use all the software you can! I cannot stress that enough. If you are masterful at Excel or programs like Stata, you are going to have an advantage over the competition. I would also advise learning at least one computer programming language. I started with R, which focuses on statistical and data analysis. Figure out what kind of consulting you want to do and research which programming languages will be most helpful for that type of work. Finally, the last piece of advice I can offer for undergraduates hoping to one day work in consulting is to forge as many professional relationships as possible in all kinds of industries. You never know who you might need to call upon for information or a favor!
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An Inside Look at Business Advisory Services
In honor of recruiting season, IUCG hosted information session with Ernst & Young and Grant Thornton to learn the ins and outs of Business Advisory Services (BAS). Both companies recruit at UMass and offer an array of internships and entry-level opportunities ranging from risk advisory services to business consulting ventures. The resounding theme in both presentations was that at whichever firm you choose to join, the work will be relatively the same; what separates them is their culture and the way that impacts their processes.
EY Advisory is a 6.5 billion dollar global practice with 34,000 professionals worldwide. With a large international network already, EY has an initiative to double the size of its advisory practice by 2020. Throughout the talk, the Governance Risk and Compliance (GRC) practice at EY was highly emphasized, touching on their Financial Services Risk Management practice as well. Senior Manager John Wilbur reiterated EY’s passion for homegrown talent and their dedication to work-life balance. He highlighted a low utilization rate, their flexible work week, and frequent social outings. A major proponent of EY’s business advisory services is their accelerated management track, with advisors becoming managers after just 8 years with the firm. Wilbur remarked, “EY pushes you to hit the ground running. At the end of your first year, they want you to be able run client meetings, and at the end of your second year they want you to be able to go to client meetings on your own.” Another benefit of choosing an international firm like EY is an expansive network of alumni, many of whom maintain their ties to the firm and offer exit opportunities to EY employees.
Similar to EY, Grant Thornton emphasized the importance of their culture, which helps to determine the way they do business. Kaila Kennedy and Anna Kamenetsky, Senior Associates at Grant Thornton, shared their experiences in the business advisory practice during their visit with IUCG. Like EY, Grant Thornton’s talk highlighted their GRC practice, but the differentiating factor at GT is the cross-disciplinary work brought by their merging of GRC and business consulting. GT also primarily focuses on mid-sized businesses, which present completely different challenges than large corporations. Kaila and Anna spoke a lot about their opportunities to see the world while on the job—traveling to places like India, Ireland, Germany, Hong Kong, and Prague, as well as the hands-on learning their projects offered. Perhaps the most important take-away from their talk was a broader understanding of the culture of mentorship and the tight knit community that exists at GT.
After meeting with GT and EY’s Business Advisory Services representatives, IUCG held an intragroup case competition to foster team and community development within the organization. It was a great way to acclimate the new members to what IUCG is all about, and give them hands-on experience related to BAS. After getting an inside look at business advisory services and practicing their problem solving skills, IUCG student analysts are ready to begin their projects next week!
- Published in Publication
Chapter Two of IUCG
Welcome back UMass! After a summer hiatus, IUCG is back in its fourth operational semester. With a fresh group of analysts and three new faces on the E-Team, we’re ready to take on Fall 2015. This semester marks the beginning of a new chapter for IUCG. The founding members have graduated, and the mentees have become the mentors. We are moving with a purpose into unchartered territory and it is invigorating to continue the growth and impact of IUCG.
Even though the people who first created our culture of mentorship and professional development have moved on to bigger and better things, the values they instilled in us all remain. This legacy starts with foundational learning about consulting in our development workshops. This semester the student analysts will learn valuable skills from case math and financial modeling, to LinkedIn tricks and the right way to network. We pride ourselves on the variety of perspectives and skillsets within our group, with individuals from every major within Isenberg, as well as some majors outside of the business field. We each bring something unique to the table, and it allows us to build dynamic relationships and grow even more as individuals, as students, and as young professionals. Our slogan, “Collaborate. Solve. Accelerate.” is brought to life in the classroom through our development workshops and consistently throughout our client engagements.
Out of our twenty-seven members this semester, nine individuals comprise the new analyst class, making it through the pool of applicants with a 10% acceptance rate. Along with the new analyst class entered new E-Team members, specifically three individuals: Joe Winston, Director of Case Materials; Sara Clemente, Director of Finance; Bill Sennott, Director of Development. While our membership has changed, the same culture that prizes intellectual curiosity and the desire to give back to our community and our university remains.
We are excited to push forward and to continue to develop both the Consulting Group as a whole and our members individually. There are big things happening in the upcoming weeks so stay tuned! As the projects commence and recruiting season continues in full swing, IUCG will be busy prepping project teams and clients alike. We are meeting with recruiters from EY and Grant Thornton this week, so check back in for the low down on all things Business Advisory Services.
- Published in Publication
Tips from a Strategy Consultant
Life as a strategy consultant is not for everyone. It takes a strong will and a determined mind to withstand 16 hour days, weekly flights across the country, and long nights away from home. UMass Class of 2010 alumnus Charbel Kobrianos, now part of Accenture’s Global Strategy Group, clearly illustrated throughout his presentation last Thursday that the glamorous life of a professional consultant is not always all glimmer and gold. On the other hand, no day is the same as the last. Each new project provides a unique opportunity to work with corporate leaders, solving problems with impacts at a global level. As Charbel said, “Management consulting takes a great talent and an objective view to problems.” This is not an easy job, but it is extremely rewarding.
The global travel and fast paced work didn’t dissuade you from pursuing a career in consulting, so, how do you actually get the job? Charbel spoke to the challenges faced by students when attempting to break into a competitive industry like that of consulting. After graduating UMass in 2010 with a BS in Electrical Engineering, Charbel joined Accenture as an IT Consultant. Utilizing his networking skills, Charbel successfully maneuvered himself into the Accenture Strategy division within two years of employment. Breaking into the consulting industry can seem impossible to some, but Charbel offered IUCG some tips and tricks to getting on the right path.
The first hurdle of every career is getting the interview. Charbel suggested we follow his lead: network, network, network. Taking initiative and reaching out to partners and project managers within the firm allowed Charbel to move his career down the path he desired. As an undergraduate, focus your efforts on researching the firm and the position you’re applying for. Reach out to alumni and leverage your LinkedIn to get connected with individuals who could expedite the application process and help get your resume to the top of the stack.
Step 2: You’ve been invited to the interview, how do you prepare? Evaluate your competencies. The company does not exist to serve you; your role is to provide value to the company and its clients. Prove that you can increase their net worth. The food chain is as follows: “client, company, you.” Most importantly, do your homework. Prepare questions, study case questions, and read the recruiting material. Understanding the details of the company’s background and current events in the industry can give you a competitive edge.
You’re in the waiting room, suited up and ready for the interview; how do you land the job? Once you’re in the interview, make eye contact and stay calm. During the case, take your time to structure the problem and don’t be afraid to ask questions. Charbel mentioned that some of the best interviews feel like a conversation, rather than a question and answer session. At the end of the day, it’s all about fit. Every company has a culture, and they are looking for the candidate who has not only the mindset, but also the personality to succeed with their firm. You’ll be spending at minimum 40 hours a week with the person hiring you- you should be able to get comfortable in a one hour interview.
Charbel provided IUCG a fresh first-person perspective on life as a strategy consultant. This is a career path that offers a breadth of experiences in different industries and consistently provides opportunities to learn. If you’re interested in learning more about a career in consulting, some key resources Charbel, our speaker, mentioned were managementconsulted.com and consultantsmind.com.
View the gallery below (photo credit to Jessica Eklund):
[av_gallery ids=’4041,4040,4039,4034,4036,4037,4038,4033,4032,4031,4030,4026,4028,4029,4042′ style=’thumbnails’ preview_size=’portfolio’ crop_big_preview_thumbnail=’avia-gallery-big-crop-thumb’ thumb_size=’portfolio’ columns=’5′ imagelink=’lightbox’ lazyload=’avia_lazyload’]- Published in Publication
UMass Residential Life Student Services Office: Making Moves towards Efficiency
The Client
This semester IUCG partnered with the UMass Residential Life Student Services Office (RLSS) to streamline the intricate and tedious residential reallocation process that occurs during winter break. The Office runs the logistics behind moving students out of housing at the end of the fall semester, organizing break housing, and moving students who changed their housing assignment for the spring semester. Beyond ushering students in and out of residence halls, office staff oversee and check that procedures for move out are followed, rooms are prepped for new students to move in, and all potential fees related to these processes are paid.
The Story
After meeting with Justin Dowd, a member of the RLSS Manager Team, Project Manager Alex Silva discovered the central issues faced by the RLSS Office and reconvened with the Project Team, Josh Zeff, Bill Sennot, Grant Kaplan, and Eric Brazell, to discuss potential solutions and start their research. Alex described the central issue as that, “People were slipping through the cracks;” there were numerous steps in the process to move someone in or out of a room and inefficient communication within the office as a result of older technological resources. Alex wanted to simplify the process for move-ins and move-outs and install a new software for the office computers that would create a more organized and efficient office.
Bill and Grant focused on the possible technological improvements that could be made in the RLSS Office. When the Team began its work, the RLSS Office used an Excel sheet to collect and track data. However, only the office manager could input data into this file, making it difficult to maintain accurate, up-to-date records. After researching different alternatives that would be universally accessible by the staff while protecting student safety, Bill and Grant gave a presentation proposing the three best options (including their pros and cons). The office manager chose Microsoft Access, a database management system, as the new software for the RLSS Office.
Josh and Eric concentrated on improving the day-to-day tasks of the office. They updated the office’s paper calendar and created steps for recording transactions related to move-in and move-out to remove redundancies in the process. The paper calendar was transferred to Microsoft Exchange, software that is real-time and accessible to all office employees. This created a system to prevent student appointments from being double-booked and to keep everyone in the office on the same page. They added a Notes section to Access where certain outliers and special cases can be documented; something that was previously only done in Voice, a program where employees record a note or reminder. Combining the Notes section with the pre-existing Voice system will keep all office employees cognizant of unusual transactions.
The Project Team added a personal touch to the technological updates by creating an automated report system for different appointments and transactions related to the move-in and move-out process. This reporting system is incredibly organized and easy to sort through when looking for a particular piece of information. Included with the report system is documentation explaining how to use this system and its different features and tools. This reporting system will be used year after year, leaving a lasting impact on the UMass RLSS Office.
The Project Team gave its final presentation on April 3, 2015. Both Microsoft Access and the Microsoft Exchange calendar will be implemented in the following weeks. The Team’s procedural changes are being considered, and they are awaiting the final decision.
The Lesson
Outside of providing a professional service to our client, IUCG hopes that at the end of every project the team members take away something of value, something they feel has improved their hard and soft skills and their qualities as young professionals. Senior Project Manager Alex feels the addition of a technological base to the office will improve the accuracy and efficiency of the overall housing process. Project analyst Josh Zeff remarks that, “This project was a great opportunity to enhance my technical and presentation skills. I worked with a great team, and overall I really enjoyed my first semester in IUCG!”
The Project Team
Project Manager Alex Silva, a senior OIM major who will be working for Liberty Mutual upon graduation, led the Project Team. Student analysts Josh Zeff, a sophomore Accounting major, and Eric Brazell, a freshman undeclared Isenberg student, are concluding their first semester with IUCG. Joining IUCG for his second semester is Grant Kaplan, a sophomore Sport Management major. Bill Sennot, first semester IUCGer, is a sophomore Accounting major. As a final reflection on their semester’s work, Bill commented, “This project has been a learning experience for everyone, and I couldn’t be prouder of the progress everyone has shown over the past few months. Everyone collaborated with new, innovative ideas to best serve our client, and in doing so we pushed the limits of our knowledge in dealing with new strategies, software, and presentation skills.”
- Published in Publication
From the Metaphysical to the Tangible
The Isenberg Undergraduate Consulting Group was born from an innovative idea. IUCG was founded in Fall 2013 as a platform from which young business professionals could develop their hard and soft skills while simultaneously giving back to the community in which they reside.
An article1 from bcg.perspectives notes the driving force separating fast growing companies from companies who fail to grow is their leadership. Those successful leaders understand a failure to grow can be the equivalent to the death of the company. They are constantly pushing and pursuing new opportunities and new ideas. They are never finished; there is always something left to strive for.
Our student leaders understand the importance of progress, and have pushed for growth both in terms of membership size and availablility of hands-on opportunities to learn outside of the classroom. Fast Forward one year from the first operational semester of IUCG: The number of projects has doubled; The membership has increased (32 members at the close of this recruiting period), and an additional four seats, from the original six, have been added to the executive team.
This semester our project managers and analysts will be divided into teams to focus on four different consulting projects: an even split with two projects based out of our local Amherst community and two partnering with our very own university. Our project with The Black Sheep, a local deli in the center of Amherst, will teach analysts how to improve the customer experience by studying wait times. Our second effort to give back to our community is through our project with Craig’s Doors, a local non-profit. The Craig’s Doors team will be working to develop a more organized operational process for the organization. Keeping a little closer to home, analysts on the Residential Service Desk project and the On-Campus Housing Assignment project will be focusing on process improvement to optimize the operations of both of these UMass-Amherst services.
Since its creation in Fall 2013, one of the core goals of IUCG has been to give back- to its members, the Isenberg community, and the Amherst community. We want to establish a culture of personal growth and community mentorship among our members by working together and learning from each other. An open culture where learning is cherished and a desire to give back is central will hopefully allow for continued progress and boundless opportunities for both our members and our clients.
New semester, new projects, new talent. We’re happily embracing the growth imperative.
1Bürkner, Hans-Paul, Kermit King, and Nor Azah Razali. “More Holes than Cheese: Embracing the Growth Imperative” Bcg.perspectives. BCG.perspectives, 8 Oct. 2013. Web. 7 Feb 2015. <<https://www.bcgperspectives.com/content/articles/growth_vision_mission_more_holes_than_cheese_embracing_growth_imperative/>>
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Another Year Older, Another Year Wiser
IUCG is back and better than ever for the Spring 2015 semester. What is at the core of any successful organization? Dedication, passion, and a winning strategy (We’ve got all three). The Executive Team of IUCG spent winter break planning and strategizing for this semester and the future looks bright! With our strong team of analysts and project managers ready to launch our upcoming consulting projects, we are confident that 2015 will be another year of full of dedication, passion, and winning strategies.
In preparation for the continued growth and development of IUCG, we have filled new seats on our Executive Team. We are thrilled to introduce…
- Keith Mellot, Director of Case Materials
- Emma Kelly, Director of Publications
- Abigail Rice, Secretary
Our goals at IUCG are to provide our members with a competitive advantage to help them break into the consulting industry, and to provide our clients with effective and professional service that will optimize their businesses and improve their overall operations. Hopefully this isn’t the first time you’re hearing about the Isenberg Undergraduate Consulting Group, but if it is, make sure you check out our website, isenbergconsulting.org and join our twitter @IsenbergUCG to learn a little bit more about who we are, what we do, and why we do it.
Check back for bi-weekly blog posts and get the inside scoop on all things IUCG. (Next week we’ll announce who we’re partnering with this spring!). Welcome back to UMASS; we hope you’re as excited as we are!
- Published in News, Publication