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
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
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
Isenberg Undergraduate Consulting Group | Fall Review 2014
IUCG’s Fall Review 2014 provides information regarding what our organization has been up to over the past several months. Being the first of its kind, we have covered topics ranging from distinguished speakers, client engagements, what we’ve learned, and more!
This semester was one to remember! Join us as we take a look back on Fall 2014!
- Published in Publication