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Financial Services Case Interview: 4 Tips on How to Pass

• Last Updated May, 2024

A good case structure will get through any consulting case interview question. But some industries have specific issues that make it a lot easier to pass the case if you know what to expect. Financial services case interviews are like that.

Government regulation of financial institutions, their corporate structure, and business models are quite different from other industries, so it’s good to brush up on the financial services industry before facing a case.

In this article, we’ll discuss:

• Differences between financial services firms and other firms.
• Common types of financial services case interviews.
• A financial services case example.
• 4 Tips on acing your financial services case interview.

Let’s get started!

Differences Between Financial Services Firms & Other Firms

Financial services case interview example, common types of financial services case interviews.

5 Tips On Acing Your Financial Services Case Interview

Financial services firms don’t make cars or serve hamburgers to customers to generate revenue the way an auto company or a fast-food restaurant does. Instead, they provide retail customers (individual consumers – people like you and me) and businesses with loans, deposit accounts, or insurance policies. Or they help them invest their money in stocks, bonds, or other financial instruments.

Corporate Structure

There are many different types of financial institutions and they exist both on paper (e.g., online banks) and in actual brick-and-mortar form (e.g., retail bank branches with ATMs). Typical financial institutions include:

• Commercial banks (provide business loans, home mortgage loans, and savings/checking accounts)
• Investment banks and securities firms (help people buy and sell stocks and bonds and help companies issue them)
• Insurance companies (provide insurance for homes, cars, business risk, health, etc.)
• Mutual funds and pension funds (manage retirement savings or savings for other goals, e.g., education, health, etc., by investing it in stocks, bonds, and other assets)
• Microfinance companies (provide small loans to populations underserved by traditional financial institutions)

Businesses that “make stuff” have a factory where parts go in one end and cars or hamburgers go out the other. Financial institutions, on the other hand, have people who handle the bank accounts, stocks purchases/sales, or insurance products that they provide, and all the investment decisions and paperwork that go with that service.

Business Model

Unlike other sectors, the financial services industry’s business model is largely based on interest, fees, and premiums. Don’t get bogged down by the variety of products and services that a financial institution has to offer. You only need to remember:

• Key income sources: interest earned by selling retail and corporate loans, premiums earned on insurance policies, fees earned on financial advisory (e.g., stockbroking) or on deposit accounts, etc.
• Key costs: interest paid on deposits from retail investors and corporates, insurance claims/payouts, branch operations, manpower, SG&A, etc.

Always confirm and validate the drivers of revenue and cost with your interviewer before jumping to solving any financial services case.

Regulation and Risk

A well-functioning financial system is vital for the economy, businesses, and consumers. When a financial institution fails, it can create problems for the wider economy as the 2007-2009 financial crisis showed us. Financial services firms, therefore, attract high levels of scrutiny and oversight.

Government regulation helps make sure that these institutions have good management so they don’t make bad investments or become too risky. They require that financial institutions hold “shock absorbers” (i.e., capital) to help deal with bad investments. Each country has its own set of norms and regulations that create the framework and operating model for financial institutions.

In a financial services case, therefore, it’s always important to include regulation as a category in your issue tree. You can check with your interviewer on which aspects of financial regulation and risk are relevant to ensure that ideas you brainstorm in the case won’t break laws. Aligning on this upfront increases your credibility with the interviewer, but regulation is not typically the focus of the case.

Nail the case & fit interview with strategies from former MBB Interviewers that have helped 89.6% of our clients pass the case interview.

Financial services cases can include revenue growth, cost reduction, or new product introduction like they would for any other industry. They can also include managing the “back office” where financial account information is maintained or stock and bond trades are cleared.

Here are some financial services case interview examples:

• Disconsa – A McKinsey case on developing better financial service offerings for a not-for-profit entity serving remote Mexican communities.
• Internet Bank – An L.E.K. case on product diversification for a large insurance company in Europe.
• Big Bucks Bank – A Deloitte case on technology transformation for a large US-based bank.
• Bank of Zurich – A Deloitte case on developing a strategy to structure the organization’s data program.

We’ve also curated a list of case examples , to help you hone your business problem-solving skills. Head to Our Ultimate Guide to Case Interview Prep to learn what a case interview is and its various stages (i.e., opening, structure, analysis, and conclusion). The best way to get smarter about answering financial services case interview questions is to master this general four-part approach first and then apply financial services specifics as appropriate.

Let’s dive into a financial services case example.

Case Question

“Your client is Go-for-Growth bank, a large bank in a frontier market that wants to rapidly build its agent network to grow revenue for its payment and banking business. How should they go about it?”

First, repeat the main information in the prompt to the interviewer to make sure you got it right, and ask clarifying questions. If you don’t know what a frontier market is or who banking agents are, ask your interviewer.

Frontier market is a classification made by Standard & Poors, a financial rating agency, that’s used to classify less advanced economies in the developing world, e.g., Vietnam, Kenya, Nigeria, Cambodia, etc.

A banking agent is a retail or a postal outlet contracted out by a financial institution (in this case Go-for-Growth bank) to process clients’ transactions. Typically, in less advanced economies, the population has little access to banks but significantly higher interaction with establishments such as pharmacies, grocery stores, post offices, and beauty salons. The agents help the banks get new customers and typically make money on commissions.

Take a moment to develop your own hypothesis for the Go-for-Growth bank case.

Financial Services Case Hypothesis

Your hypothesis could be that a banking agent is a cost-efficient way for the bank to acquire customers and distribute financial products vs. having to set up their own branches across the country (including paying rent for office space and hiring staff in each location).

Next, validate your understanding of the bank’s business model, corporate structure, and applicable regulations. Here, the bank is a traditional commercial bank that wants to add agents as a channel to acquire retail customers and sell traditional financial products and services (e.g., loans, deposits, etc.) Building an agent network is allowed within the regulatory framework of the country.

A great candidate would also establish:

• The purpose of agent acquisition: “Why agents?” “Why now?” and “What is the size of the opportunity (or market) that the bank is chasing?” Here, the interviewer can confirm your hypothesis about agents being cost-efficient vs. Go-for-Growth Bank having to set up brick-and-mortar establishments.
• The size of the opportunity: Establishing an agent network is a big undertaking so it’s worth ensuring the opportunity size is big enough to justify the cost. In this case, the total opportunity size is $3 billion given the country is largely underpenetrated with only 10-20% of the total population of 100+ million having access to financial services, so the opportunity is worth it. (Note that to make this a short case or one that would be appropriate for undergrad summer interns, sizing the market could be the sole focus.)
• The client’s key success metrics : “What does success look like to Go-for-Growth Bank?” Here, you should clarify the target network size and the target timeframe to meet the client’s growth target. Say, your interviewer adds that they want to scale up to a size of 200,000 agents in 2 years to achieve the topline impact of $3+ billion.

You’d now ask for a minute to lay down your thoughts so that you can build your structure.

Take a moment to think about how you would structure this case before reading ahead. That will give you a sense of what business issues come naturally to you in a financial services case and where you need to push your thinking further.

Here’s a sample case structure:

• Which services/revenue streams should Go-for-Growth Bank market via the agents and to which end customers?
• Which of the existing products and services are most profitable?
• Which products and services don’t need extensive training for agents to sell?
• Which products and services best meet the needs of the customers who agents serve (e.g., payments and basic deposit accounts and loans, not more sophisticated financial products).
• Is there a segmentation of customers who should be targeted by the agents?
• Will the bank need to tweak their products to make them profitable to customers acquired through the agent network? (An A+ answer would note that clients with low incomes or lumpy earnings might need bank accounts with lower minimums.)
• Is there opportunity for cross-sell/ up-sell of products to customers?
• How to reach the agents? (sales force/feet on the ground vs. email campaign)
• How to get them interested in becoming a channel partner? Will one-time, up-front incentives be required?
• What is the process to get them on board?
• What cut can be given to the agents (so the bank continues to be profitable)?
• What will be meaningful for the agents?
• Can gamification reward schemes be introduced?
• Would certification or co-branding, such as a sticker to display the agent’s affiliation with Go-for-Growth Bank, appeal to potential agents?
• What banking products can be sold to the agents?
• Can the agents be offered discounted pricing on the products?
• What is the up-front effort/cost to acquire agents?
• What is the expected revenue or profit uplift per agent to the bank?
• How much should each agent sell annually/monthly to continue being profitable to the bank?
• What are the recurring costs to maintain the agent network?
• Which metrics should be used for tracking performance?
• Can low performers be segmented further based on their potential?
• What will be the plan of action for consistent low-performing agents?
• Which training(s) and products’ brochures should be offered to agents to keep the customer conversion rate high?
• How can we create a community within the agent network to provide product information updates and support agency retention (such as Facebook or WhatsApp groups)?
• How can we set up the right operating model for providing cash to agents as needed?
• How can we make sure the agents have the right processes in place to ensure Go-for-Growth Bank’s cash is safeguarded?

This structure is quite exhaustive. Don’t worry if you didn’t have every bullet point in your structure. In practice, since you only have about 2 minutes to lay this out, you don’t need to write full questions on your piece of paper but only a couple of keywords for each bucket and each sub-bucket.

We recommend going through our article on Issue Trees to learn more about how to create a case structure.

After you lay out your case structure, your interviewer would prompt you to brainstorm which agents to acquire and which products and services to sell, so if you’ve already alluded to it in your structure, that gives you a headstart.

Here, your interviewer would hand you a few exhibits that detail population density by region, classification of the retail stores with metrics on annual revenue, footfall, etc., a list of Go-for-Growth Bank’s products and the associated profitability of each product, and the results of a survey that details the wishlist of financial services and products by underserved consumers and small businesses.

On brainstorming ideas, you’ll be rated on both your structure and your creativity. Make sure to always articulate the logic behind your ideas, using your past experience, analogies, or your general knowledge.

Ideas for Increasing Go-for-Growth Bank’s Revenue

• Target the agents that receive the highest customer footfall (grocery stores) AND/OR agents that are well-versed in handling legal/administrative documentation (postal outlets). Let’s assume the bank can cover 60% of the untapped population by acquiring grocery stores and postal outlets as agents in the Tier 2 cities.
• Sell products that are profitable to the bank and at the same time relevant to the customers (payment transfer, insurance products, working capital loans, home loans, etc.)
• Onboard agents as customers first to establish other customers’ trust in the bank’s products. Given it’s a less advanced economy where customers rely on heavy interactions with retail stores for information on financial products, word-of-mouth from the agent will establish trust upfront and lead to longer lifetime value (LTV) for the bank.

Ideas on Incentives for Agents

• Provide commission to agents of 0.15% on each insurance/loan product.
• Organize monthly or quarterly leagues with leaderboards to recognize top performers, e.g., highest transaction value, highest growth, highest customer acquisition, etc.
• Leverage social media to build an agent community via Facebook or WhatsApp groups. These groups can create engagement and serve as an efficient mode of communication, allowing the bank to solicit agent referrals and publish leaderboards.
• Introduce friendly competitions like “Best shop-front display” to increase the visibility of Go-for-Growth Bank’s products.
• Test if affiliation with the Bank’s brand in the country is a motivator for agents.

You could classify “high performers” as agents with transaction volume and transaction value in the top 10%. Agent’s potential information (e.g., footfall, turnover, location potential) can also be collected to have a more nuanced segmentation for tracking and governance purposes.

Running the Numbers on Go-for-Growth’s Agent Strategy

Finally, you should consider pressure testing the unit economics of each agent to ensure the bank’s targets are met. To do this, you’ll need to leverage the information you were provided during the opening of the case as well as make some assumptions. A quick way to round this up would be:

• Total # of customers = % of population targeted * Annual conversion rate per agent = 60% of population targeted * 10% conversion rate = 60% * (80% [% of population currently underserved by financial institutions] * 100 million [total population]) * 10% [conversion rate]= 4.8 million customers
• Revenue per customer = Avg # of banking products sold per customer * Annual price per product = 1.5 avg # of products * $500 price 1 = $750 annual revenue per customer.

1 Based on data from interviewer.

• Therefore, Topline impact = 4.8 million * $750 = $3600 million = $3.6 billion (validated as this meets the $3+ billion target)

Keep drawing on the interviewer to test the assumptions and/or ask for industry benchmarks on conversion rates, average number of products, prices, etc. to make your analysis rigorous.

A great candidate would also establish bottom line impact for the bank:

• Total bottom line opportunity = Topline opportunity * Profit margin = $3.6 billion * (5-7% profit margin – 0.15% cut to agents) = $175 to $250 million.

“Go-for-Growth Bank’s CEO walks into the team room and asks you about your findings. What do you tell her?”

You should lead with your recommendation to the client and detail the key reasons supporting that recommendation. Then, mention any risks to consider which might impact the outcome and the next steps that you’d suggest to double down on the analysis. There is no need to repeat everything you covered during the case: be succinct and stick to the key arguments.

What would you say? Give it a try before reading ahead.

“We recommend acquiring the grocery stores and postal outlets in the Tier-2 cities as agents for the bank to help sell loan and insurance products at a profit margin of 5-7% to retail and small business clients with a 0.15% cut to the agents. This way, we cover 60%+ of the underpenetrated population with our highest profitability products and provide an additional source of income to the agents at no additional cost to them. The high perceived value in being affiliated with the Go-for-Growth Bank brand will attract agent interest. This will allow us to add $3 billion to the top line and $175-$250 million to the bottom line annually.

One concern we’d like to address next is whether competitors could potentially take away our first-mover advantage by luring away agents with better commissions, especially in densely populous areas. We should address this potential problem with contract terms and incentives in our agent agreements.”

Congrats, you made it through your first financial services case interview!

4 Tips On Acing Your Financial Services Case Interview

1. validate corporate structure and business model.

Always remember to validate the corporate structure and business model of the financial institution in your financial services case interview. You don’t want to end up confusing a commercial bank with an investment bank!

As a candidate, you’re not expected to know everything. Therefore, ask as many questions as possible to understand what you’re really dealing with. For instance, you could say, “Hey, I’m not familiar with the corporate structure and the business model of a pension fund, could you please explain that to me so I can start to understand the drivers of value for the business a bit better.”

2. Align on the Success Metrics

To be able to reach your destination, you must know what the destination is. This is especially relevant in the financial services case interview, where there could be dozens of metrics that can be solved for. Therefore, it’s critical to align on the North Star with your interviewer so you can solve for the target the client cares most about.

3. Apply First-Principles Thinking to Structure the Case

To navigate through a financial services case interview, you need to think on your toes. Chances are the corporate structure, business model, regulatory environment, and risk aspects will be unfamiliar to you. Instead of feeling bogged down by these nuances, take a big picture lens and apply first-principles thinking to structure the case.

You may not know the industry terms such as “net interest margin” or “dividend-adjusted return,” but you can always ask the first-principles question on “What drives value for the business?” and engage with your interviewer to identify the underlying sources of value.

Demonstrating intellectual curiosity in financial services cases will hold you in good stead. Start with “Why?” then get to the “What?” and only then solve for “How?”

4. Remain Calm and Confident

It’s easy to lose nerve when you’re out of your comfort zone. If financial services case interviews tend to throw you off, practice staying calm while solving the case. During your practice, monitor yourself for signs of nervousness. Pause, take a deep breath, smile, and then continue solving the case. The more practice you put in, the calmer your nerves will become. Also, include elements such as reading financial news, financial statements, etc., into your case prep so that you become familiar with industry terminologies. Incorporating these habits into your holistic practice will boost your confidence naturally.

– – – – –

In this article, we’ve covered:

• Key differences between financial services firms and other firms,
• Common types of financial services case interviews,
• A financial services case interview example, and
• 4 tips on acing your financial services case interview.

Still have questions?

If you have more questions about financial services case interviews, leave them in the comments below. One of My Consulting Offer’s case coaches will answer them.

Other people prepping for consulting case interviews found the following pages helpful:

• Our Ultimate Guide to Case Interview Prep
• Issue Trees
• Market-sizing Case Interview
• Revenue Growth Case Interview
• Cost Reduction Case Interview
• Pricing Case Interview
• Supply Chain Case Interview

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Secrets to a successful case-study interview

January 9, 2023

Prepping for (and maybe fretting) the case-study interview?

While this kind of interview may appear intimidating, consider this: The interviewer really wants you to do well.

So, shake off the nerves, relax and have fun.

Tips for standing out in the case-study interview: 

• Take your time; don't rush it.  Talk through the problem. If you can't make sense of it, take a moment and allow yourself some time to process what you've been missing. If you get stuck, get creative. Don't let yourself get bogged down; rely on your ingenuity. 
• Ask questions.  You can always ask your interviewer to define an acronym or to repeat or confirm details. If the interviewer asks, “How do we achieve success?”, don’t be afraid to ask, “What does ‘success’ mean to you? Is it turning a profit? Raising the company’s profile?” When you work on a client project, you need to ask questions to figure out what the problems might be, and the same applies here. The interviewer is your biggest asset in the room. They have the information you need to “solve the case” successfully. Use them wisely!
• Be flexible.  The focus of a case-study interview may vary. So, be prepared to participate in whatever discussion the interviewer has in mind. They may spend the first half of the interview asking about your previous experience, or they may dive right into the case study at the start. The bottom line: Be flexible, and be ready to discuss the work you do and how you do it.
• Use visual aids.  Don’t be afraid to use pen and paper, sketch out your thoughts, and talk through the problem at hand if it helps you get your ideas across. What matters most is demonstrating that you can solve problems.
• Focus on impact.  Inventory the information you have, and then dive in where you can have the most impact. Don’t forget to discuss your thought process and explain your assumptions.
• Tell a story.  Your experience has helped you progress in your career and education; use that experience. For example, in a business case study, you could bring your experience as a traveler to a case about a hypothetical airline. Your individuality is important. Your unique insights will serve you well when you’re interviewing.
• Pay attention to cues.  If the interviewer says something, it probably means something. Don’t dismiss seemingly extraneous details. For example, the interviewer might say, “The case is about a retailer who wants to increase the value of a company it purchased, and the owner loved the brand when growing up.” The purpose of that detail is to indicate that turning around and selling the asset is not an option for making it profitable, because the owner is attached to it.

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Case Interview: The Free Preparation Guide (2024)

The case interview is a challenging interview format that simulates the job of a management consultant , testing candidates across a wide range of problem-solving dimensions.

McKinsey, BCG and Bain – along with other top consulting firms – use the case interview because it’s a statistically proven predictor of how well a candidate will perform in the role. The format is not only used by management consulting firms. Other types of organizations – like tech companies, financial services institutions, and non-profits – often use case interviews to assess candidates who are interviewing for roles focused on shaping strategic initiatives.

If you’re preparing to face a case interview, you may be feeling a little apprehensive. The format is notoriously demanding and unlike any other type of recruitment assessment you may have experienced before. However, with the right preparation and investment of time and effort, it is possible to master.

In this guide, we break down everything you need to know about the case interview, outlining exactly what you need to do to prepare effectively and ace the case.

Key takeaways

• The classic case interview format follows the same steps that a management consultant would encounter on a client project. The interview is a little like a role-play where the interviewer plays the role of a client and the candidate plays the part of the consultant hired to solve the problem.
• Some firms occasionally deviate from the classic case interview format. Popular alternatives include written case studies – which require candidates to review paper documents and then prepare and deliver a presentation – and market sizing case interviews, which require candidates to estimate a number.
• Case interviews test candidates against a set of six problem-solving dimensions: structuring, math, judgment and insights, creativity, synthesis, and case leadership. The interviewer uses a scorecard to assess the candidate’s performance in each of these areas.
• Case interview questions can be about almost any type of challenge or opportunity. However, our research indicates that there are 10 types of questions that are asked most frequently at top consulting firms. These include questions on profit improvement, revenue growth, and market entry.
• To do well in a case interview, it’s vital to create custom interview structures that meet the conditions of the ‘AIM’ test. It helps to have a good working knowledge of key case interview frameworks, but this alone is not sufficient.
• A strong grasp of case math is also crucial when it comes to case interview performance. While only high-school level math skills are required, it’s an aspect of the case interview that many candidates find challenging.
• Successful candidates are able to summarize their findings effectively. They also demonstrate strong case leadership by progressing through the case proactively and remaining focused on its overarching objectives.
• To prepare for a case interview, it’s essential to learn every problem-solving skill that will be assessed. We teach all of these skills in our Interview Prep Course , which contains all the video lectures, sample interviews, case material, and practice tools you’ll need to ace any case interview.
• Most candidates who go on to receive an offer from a top consulting firm like McKinsey, BCG or Bain complete at least 25 live practice sessions with a partner before their interview. You’ll find over 100 high-quality cases in our Case Library and a diverse community of candidates available for practice in our Practice Room .
• Some candidates choose to supplement their preparation by working with a coach who has been an interviewer at a top consulting firm. Here at CaseCoach, our coaches have all been handpicked from the alumni of top firms such as McKinsey, BCG and Bain.
• Although the world’s top consulting firms all test candidates using similar methods, none of them approach the interview process in exactly the same way. If you’re preparing to interview at a top consulting firm, it’s important to do your research and find out what you can expect.

An introduction to the case interview

The case interview format, the classic case interview.

The vast majority of case interviews follow the same steps that management consultants encounter on real client projects.

• Brief: The interviewer gives the candidate a brief for the case. They explain the context in which the client is operating, and outline the challenge they’re facing.
• Clarification: The candidate then has the chance to ask clarifying questions. They might do this to ensure they’ve understood the context of the problem correctly or to confirm the client’s goals.
• Reflection: The candidate takes 60 to 90 seconds or so to reflect and lay out a structured approach to solving the case.
• Analysis: The candidate and interviewer then work through the case together, carrying out analyses and moving toward a recommendation. This is the part of the case where you’ll be handling numerical questions, reviewing exhibits, coming up with creative ideas, and so on. It comprises the vast majority of the time you’ll spend on the case.
• Synthesis: The case concludes with the candidate synthesizing their findings and making an overall recommendation to the client.

So what does this unique interview format look and feel like? In reality, a consulting case interview is a little like a role-play. The interviewer plays the role of a manager or client, and the candidate plays the part of the consultant hired to solve the problem. However, a case interview shouldn’t feel like a performance. The most successful candidates treat it as a natural conversation between two professional people.

In the video below you can see an example of exceptional case interview performance in action. The candidate and interviewer in the video are both former McKinsey interviewers.

Interviewer-led vs candidate-led cases

Although the classic case interview has an established format and assesses a specific set of skills, cases can be delivered in different ways. Some are more candidate-led, while others are more interviewer-led

In a candidate-led case, the candidate is in the driver’s seat and is free to explore different aspects of the problem. Interviewers don’t tell candidates what to focus on next. Instead, they provide additional information – like an exhibit or a new fact – when asked. The candidate then analyzes the information and suggests next steps to get to the answer.

In an interviewer-led case, the interviewer may interrupt the candidate and ask them to either perform a specific investigation or focus on a different aspect of the problem. This doesn’t mean the interview is going badly; the interviewer is simply following a script. As a result, in an interviewer-led case, candidates are less likely to take the wrong path.

It’s difficult to predict which style of case you’ll receive. Some firms are known for using one style of interview more frequently than another. However, in practice, most interviews fall somewhere between the two extremes, depending on the style of the interviewer and the case material they’re using. You should therefore always be ready to suggest next steps and have a view about how to get to the answer.

Other case interview formats

While the classic case interview is most common, there are a couple of other interview formats that top consulting firms use from time to time:

The written case study

Some management consulting firms use written case studies to simulate the experience of carrying out consulting work even more accurately than the classic, verbal case interview. In some locations, BCG and Bain have been known to adopt this approach for a small minority of candidates.

In written cases, candidates review a series of paper documents and then structure the problem, run some numbers, generate ideas and, finally, deliver a short presentation. You can learn more in our article on how to crack written case studies .

Market sizing case interviews

Management consulting firms and other employers sometimes use market sizing questions – also known as estimation questions – as a standalone interview format to assess candidates on a wide range of problem-solving dimensions.

In a market sizing interview, you’ll be asked to estimate a number. This might be something like the revenue of a sandwich store or how many ATMs there are in a certain city. The ability to size a market is also a skill required for solving many case interview questions. You can learn more in our article on how to nail market sizing case interviews .

Some key differences to expect

While case interviews are highly codified, it’s important to remember that every interview is unique.

In the final round of interviews, for example, cases may feel less scripted than they did in the first stage. Partners – who are part of the interviewing group in the final round – often use the same case for years at a time. This means they can deliver it without a script and, as a result, tend to give candidates more room to take the lead. You can learn more in our article on the differences between a first and final-round interview at McKinsey, BCG and Bain .

In addition, each firm or office might bring their own nuance or style to the classic case interview format. It’s important to do your research and find out what you can expect from the interview experience at your target firm or office. You can learn more in our article on how the interviews at McKinsey, BCG and Bain differ .

The skills assessed in case interviews

Case interviews are primarily about testing a set of problem-solving skills. The interviewer uses a scorecard to assess a candidate’s performance in the following dimensions:

• Structuring: This is the ability to break problems down into logical drivers. It’s most obviously required at the beginning of a case, where you can pause and take a moment to come up with an approach. But it’s also tested each time you have to consider a new aspect of the problem.
• Math: Most cases contain a quantitative component, such as estimation questions, break-even questions, or other calculations. To do well in this dimension, you need to lay out a clear and efficient approach, run calculations quickly and accurately, and then state their implications for the case.
• Judgment and insights: This dimension is about extracting insights from data, usually by interpreting information in a chart. Performing well in this area involves processing new information quickly, prioritizing what’s important, and connecting your findings to develop sound recommendations.
• Creativity: Cases often have a creative thinking component. Sharing numerous, varied and sound ideas – ideally in a structured way – can help you succeed here.
• Synthesis: This is all about wrapping up the case with a clear and practical recommendation, and delivering it convincingly.
• Case leadership: This dimension is about progressing through the case efficiently and staying focused on its objectives. Case leadership involves gathering facts effectively and building on new findings to develop a recommendation. It’s a particularly important dimension in candidate-led cases.

Questions to expect

If you’re preparing to interview at a top management consulting firm like McKinsey, BCG or Bain, you’re probably curious about the kind of case interview questions you can expect to receive.

To identify the most common case interview questions , we surveyed CaseCoach users who interviewed at either McKinsey, BCG or Bain for a generalist role in 2023. We found that of the 260+ case interviews reported by respondents:

• 20% focused on profit improvement
• 15% focused on revenue growth
• 12% focused on market entry
• 10% focused on cost cutting
• 9% focused on process optimization

These topics align with the typical challenges and opportunities faced by CEOs. Because the job of a management consultant is to help CEOs find solutions to these problems, it’s vital for candidates to demonstrate that they understand the issues behind these questions.

However, while there are some recurring topics, the context and nuances of each individual case mean that no two case questions are the same. Increasingly, firms are testing candidates on questions that fall outside of these recurring topics. One way they’re doing this is by focusing on non-traditional areas, like the public sector. If you’re interviewing for a generalist management consulting role, it’s therefore important to be ready for almost any type of case question.

If you’re interviewing for a role that’s focused on a specific industry or function, like financial services , you’ll likely be given a case focused on that particular area.

How to ace the case

Case interviews require you to think on your feet to solve a complex problem that you’ve never seen before, while being assessed against a number of problem-solving dimensions. Here’s what you need to do to rise to the challenge and ace the case:

1. Create case interview structures that meet the AIM test

Of all the case interview assessment dimensions, structuring is perhaps the most challenging, particularly for those who are just starting out. It requires candidates to propose a prioritized and insightful approach to the case that’s composed of a comprehensive set of independent drivers. Structuring plays a foundational role in the interview, setting the course for the entire conversation.

So, what does good case structuring look like? An effective structure should meet the conditions of the ‘AIM’ test. ‘AIM’ stands for:

• Answer-focused: The structure should identify the client’s goal and the question to solve. It should also provide an approach to answering that question.
• Insightful: The structure should be tailored to the specifics of the client or to the problem in question. You shouldn’t be able to apply it to another case of the same type.
• MECE: This is a well-known acronym among consultants. It stands for ‘mutually exclusive and collectively exhaustive’. In plain English, if a structure is ‘MECE’ it has been broken down into an exhaustive set of independent drivers.

2. Know key case interview frameworks

In a case interview, you’ll be asked to structure a variety of problems. There are a number of frameworks that can help you do this, whether the problem you’re structuring corresponds to a common case question or a different topic entirely:

Business frameworks

You can use established business frameworks to craft custom structures for the most common types of case questions. These include frameworks for mastering profitability questions , answering revenue growth questions and nailing market sizing questions .

Academic frameworks

For unusual case questions that don’t relate to an obvious business framework, it can be helpful to draw on an academic framework like supply and demand, ‘the three Cs’, or Porter’s Five Forces. You can learn more about all of these in our ultimate guide to case interview frameworks . The article includes other business and academic frameworks that you can use to craft custom structures for case questions.

Logical frameworks

Finally, logical frameworks can help you look at the big picture in order to structure your approach. These options can be particularly useful when you’re faced with an unusual case question that doesn’t lend itself to a business or academic framework. Some examples of logical frameworks include:

• Structuring with equations: This approach is most helpful for quantitative case questions. Listen out for introductions that focus on a number. These cases can often be broken down into an equation and then structured along its variables.
• Structuring based on hypotheses: This approach is most helpful for structuring qualitative cases. It involves laying out what you most need to believe in order to validate a specific recommendation. These beliefs form your set of key hypotheses, which you then test as you progress through the case.
• Structuring with root causes: This approach works well for structuring cases that require identifying the reasons for a problem. It involves laying out its potential causes in a way that is mutually exclusive and collectively exhaustive (i.e. MECE).

How to apply these frameworks

While business, academic, and logical frameworks can be helpful when it comes to structuring a problem, learning how to use them correctly is a skill in itself. Simply applying a framework to a case interview question in a ‘cookie-cutter’ fashion is not enough. To impress your interviewer and pass the AIM test, your structure will need to be heavily tailored to the situation at hand. In fact, many case questions can be best answered by combining different frameworks.

Ultimately, interviewers want to understand how your mind works and see you think on your feet. You’ll therefore need to demonstrate that you can propose a custom case interview structure to any question.

3. Be comfortable with simple math

Management consulting firms expect you to navigate mathematical problems confidently and reliably in case interviews. Regardless of your academic background or past experience, you’ll need to be able to set an approach to solve the problem, perform calculations quickly and accurately, and state the implications of your solution.

The good news is that you’ll only be required to demonstrate a high-school level of math skills in case interviews. However, with no calculators allowed and an interviewer looking over your shoulder, it’s natural to find this aspect of the experience a little intimidating.

So, what can you expect from case math? The problems you’ll be asked to solve may take the form of straight calculations, exhibits that require calculations, word problems, and estimation questions.

To do well in this part of the case interview, you’ll need to have a strong understanding of:

• The four operations: addition, subtraction, multiplication, and division
• Key math concepts such as fractions, percentages, and weighted averages
• Business math concepts such as income statements, investments, and valuations

To stand out to your interviewer, you’ll also need to work through math problems confidently and efficiently. Here are our top tips for doing this:

• Keep track of zeros: Case questions often involve large numbers, sometimes in the millions or even billions. Keeping close track of your zeros is therefore crucial. We recommend either counting the zeros in your calculation, using scientific notation, or assigning letter units to zeros.
• Simplify your calculations: This will help you work through problems quickly and efficiently while reducing the potential for mistakes. One way of simplifying calculations is by rounding numbers up or down to make them more ‘friendly’.
• Memorize frequently-used fractions: Some fraction values are used so frequently in case math that knowing them – along with their percentage value and decimal conversions – can save you significant time. We recommend memorizing the fraction and corresponding percentage and decimal values of 1/2, 1/3, all the way through to 1/10.

You can learn more in our guide to mastering case interview math .

4. Summarize your findings

Synthesis is a key skill assessed by interviewers, predominantly at the end of a case interview. You need to provide a clear and sound recommendation that answers the overall question convincingly. You must also describe the key supporting points that informed your recommendation and then outline any further steps you would advise the client to take.

When it comes to concluding cases effectively, this four-step framework can be extremely helpful:

• Quickly play the case question back to your interviewer.
• Answer the question directly and briefly by distilling your response into a single sentence, if possible.
• List the points that support your conclusion.
• Outline the next steps that you recommend to the client.

You can learn more in our article on how to conclude a case study interview .

5. Bring it all together with strong case leadership

Case leadership, more than any other dimension, will give your interviewer an indication of how independently you could handle your workstream as a consultant. It’s a particularly important skill in candidate-led cases, where you’ll set the course of the discussion without the interviewer steering you in a particular direction.

Demonstrating strong case leadership means progressing the case efficiently and staying focused on its overarching objectives. Using a ‘tracker page’ to capture your structure and organize your notes throughout the case will help you in this regard.

Another aspect of case leadership is gathering facts effectively. This includes making reasonable assumptions, requesting missing information, and asking probing questions.

Finally, you’ll be expected to build on new findings to develop your recommendation, adapt your approach, and suggest next steps.

Effective case leadership is all about showing your interviewer that you have a strong command of the problem-solving process. After investigating each key driver in your structure, you need to be able to articulate where you are in your overall approach to solving the problem, and what the next steps should be.

To do this, we recommend using a five-step process to handle every kind of analysis you conduct during the case, whether you’re responding to a numerical question, the data in an exhibit, or something else.

Here’s what that five-step process looks like:

• Set your approach. Define what you’re going to do upfront. It’s particularly important to be explicit here, especially if the analysis is in any way complex or ambiguous.
• Conduct your analysis. Your approach here will vary according to the kind of question you’re working through.
• State your findings. You may also want to make a note of your findings on your tracker page.
• State the implications of your findings. Explain how they impact both your answer to the question and the client’s broader goal.
• Suggest next steps. Your findings will sometimes change how you want to approach the rest of the case. This may mean altering your initial structure and editing it on your tracker page.

6. Be your best on the day

When the day of your interview comes around, you’ll want to be at your very best. But what exactly does this mean?

First, you should present yourself in a professional manner. It goes without saying that you should arrive on time but, ideally, you should plan to arrive early. You should also come equipped with the right material: a pen, squared A4 or letter-size paper pad, and copies of your resume. It’s also vital to dress appropriately for the occasion. Usually, this means wearing formal business dress, but this means different attires in different locations. We recommend doing some research to find out what consultants wear at your target firm and office.

To be at your best on the day of your interview, you must be well rested. Sadly, tiredness is one of the most common reasons for underperformance in consulting interviews. The day before is not the time to cram in further preparation. Instead, aim to have a quiet day and to get plenty of sleep at night.

Ultimately, consulting firms want to hire people who can represent the firm and interact with clients at every level, from the shop floor to the C-suite. Successful candidates treat the case interview as an opportunity to play the role of a management consultant advising a client (i.e. the interviewer). This means exhibiting a great deal of confidence and credibility, together with effective communication and an engaging attitude. It’s vital to stay focused on the overall problem and to drive the resolution of the case while being receptive to the interviewer’s input.

There are a lot of balls to juggle in a case interview, with the added pressure of a potentially life-changing outcome, but successful candidates don’t let their nerves get the better of them. We’ve provided some helpful hints and tips in our article on handling the stress of consulting interviews .

Being your best on the day of your interview requires extensive preparation. It means mastering each dimension of the case interview scorecard to the extent that the skills become second nature to you. It also means completing sufficient case practice to be able to focus on the big picture of the case you’re solving, rather than on simply demonstrating a set of skills.

How to prepare for case interview success

Delivering a standard of performance worthy of an offer from a top firm requires extensive case interview prep. In our experience, most successful candidates invest around 60 hours – or 10 hours each week over a six-week period – in their preparation. Failing to put this effort in is among the most common reasons why many candidates are unsuccessful.

Here’s what effective case interview preparation involves:

Learning the skills

In a case interview, your performance is assessed against a set of common problem-solving dimensions. To recap, these are structuring, math, judgment and insights, creativity, synthesis, and case leadership. It’s important to:

• gain a precise understanding of the expectations on each of these skills
• learn the techniques that will allow you to meet these expectations
• practice until your performance meets the required standard

We teach all these skills in our Interview Prep Course . In our bite-sized video lectures, we map out each of the key skills assessed in a case, and explain what you need to know to demonstrate each skill. We also share our tips on how to improve in each dimension, going above and beyond the advice we’ve included in this article.

In addition, our Interview Prep Course includes many more sample interviews that show real candidates – who went on to join top consulting firms – solving cases. Former consulting interviewers explain what the candidates did well on each dimension and where they could have improved.

Math is a critical prerequisite to handling cases and is something you should be comfortable with before you begin practicing. Our Case Math Course – provided as part of the Interview Prep Course – will help you brush up your skills. It contains 21 video lectures that cover everything you need to know, including the four operations, key math concepts, our pro tips, and business math.

After watching all our Interview Prep and Case Math video lectures, we recommend heading to the ‘Drills’ area of CaseCoach, where you can start practicing specific skills. Drills are interactive exercises that pose rapid-fire questions and provide instant feedback. They help you build your skills and confidence in specific case dimensions quickly, allowing you to make the most of your live case practice with partners. Our Interview Prep Course includes a comprehensive set of drills in four key areas: structuring, calculation, case math and chart interpretation.

When it comes to succeeding in a case interview, nothing beats live practice with a partner. Most candidates who go on to receive an offer from a top consulting firm like McKinsey, BCG or Bain complete at least 25 live practice sessions before their interview.

To practice live cases with a partner, you’ll need access to both case material and practice partners. In our Case Library , you’ll find over 100 cases – complete with solutions – developed by former management consultants. You can download eight of these cases right away by creating a free CaseCoach account. You’ll find a diverse community of fellow candidates who are all available for case interview practice in our Practice Room , where we facilitate over 3,000 practice sessions a week.

You can learn more in our article on how to practice case interviews .

Working with a coach

Some candidates choose to supplement their preparations by working with a consulting interview coach who has been an interviewer at a top firm.

These coaches have the skills and experience to gauge your level of performance and help you identify your areas of strength and weakness. They can also provide you with accurate and helpful feedback on your case-solving skills. This insight can help you accelerate your preparation and improve your performance. Getting used to interviewing with a professional should also help to reduce the stress of the consulting interview experience.

Here at CaseCoach, our coaches are all former consultants and interviewers who have been handpicked from the alumni of top firms such as McKinsey, BCG and Bain.

Do your research

Although employers who use case interviews all test candidates using similar methods, none of them approach the interview process in exactly the same way.

For instance, if you expect to interview with McKinsey, Bain or BCG, it’s helpful to know that these firms all give cases of similar complexity. However, there are some key differences. For example:

• Bain has been known to use estimation questions, such as market sizing, in interviews for its most junior (i.e. Associate Consultant level) roles.
• BCG and Bain occasionally use written cases.
• When it comes to the ‘fit’ interview, McKinsey uses its Personal Experience Interview format, while most Bain offices now use a ‘behavioral interview’ . Only BCG consistently uses the classic fit interview format .

Other differences include the number of rounds of interviews each firm conducts, and their preference for using interviewer-led or candidate-led cases. Wherever you interview, it’s vital to do your research and find out what you might be able to expect.

When it comes to getting ready for the case interview, knowing what you will be assessed on, learning how to succeed, and having access to the best practice resources can all go a long way. Now, you need to put in the hard work and prepare! Good luck.

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Case interviews: what finance concepts do I need to know?

Consultants use a wide range of financial concepts on their projects. Case interviews reflect real life examples and you will therefore come across financial concepts when you interview. These concepts range from fairly basic (E.g.: fixed costs) to more advanced (E.g.: return on investment).

The difficulty is that there is an endless list of financial concepts you could learn. But you do not have time to learn and master all of them and doing so should not be the objective of your preparation.

When you prepare for case interviews , you therefore need to ask yourself the following key question: What are the financial concepts I need to master to ace case interviews?

Click here to practise 1-on-1 with MBB ex-interviewers

The answer depends on the position you are applying for. In this blog post, we assume that you are interviewing for a general consultant, associate or manager role at a typical strategy firm (E.g.: McKinsey, BCG, Bain, etc). If you apply specifically to the financial services practice of the firms above, you will need to know more advanced financial concepts than we list below. But for general positions, here is the list of financial concepts you need to master:

• Fixed and variable costs

More advanced

• Return on investment
• Payback period

There is a very small chance that you might come across more exotic financial concepts in your case interviews. But in these cases you will not be expected to know the concept at hand. Instead, your interviewer will expect you to ask clarifying questions about the concept and will help you understand it.

There are three reasons why you do not need to know more financial concepts than the ones listed above:

• First, in our experience, these concepts will enable you to tackle 99% of the cases you will come across in your interviews
• Second, learning more concepts than this would be very time consuming. Instead you should use your time practicing on real case interviews
• Third, consultants themselves usually do not know more financial concepts than the ones we have listed. As a consequence if a more advanced concept is required for your case it is almost certain that your interviewer will help you understand it

Let us now define the concepts you need to know one by one.

We’ve already defined some basic financial concepts the video below. While McKinsey no longer uses the PST, these concepts are still useful to review.

Revenues, sales, or turnover (the three terms are synonyms) are the total amount of money that the company receives from customers by selling its products.

Let’s take an example. Imagine you work for an airline, such as British Airways. You sell plane tickets to your customers. The total amount of money you collect from customers in exchange for plane tickets (and any additional services you provide) is your company’s revenues.

There are two main ways you could be asked to calculate revenues for a company:

You might be given the number of products the company sold (the volume) and the average price of the products. From this, you can obtain revenues using the following formula: Revenues = Volume x Average Price.

Alternatively, you could be given the total sales in an industry (total market sales), and the share of the industry’s revenues represented by the company (the market share). The company’s sales would then be given by: Revenues = Total Market Sales x Market Share.

Either way, remember that revenues or sales are measured in terms of money (Dollar, Pound Sterling, Euro, etc.).

Costs, or expenses, are the total amount of money that the company pays to its various suppliers. In the case of the airline above, this will be the money that the company pays for fuel, leasing airplanes, the salaries of the crew, as well as expenses such as the cost of running their headquarters, their website, or even taxes and interest on loans.

As you can see, the term ‘costs’ covers many different items. Companies will be interested in tracking costs closely.

Fixed and variable costs: Businesses incur two types of costs. Variable costs are the costs that increase with higher sales or higher production. Fixed costs are the costs that would have to be paid regardless of how much is produced. In other words, variable costs change with the level of business activity, while fixed costs don’t.

Let’s imagine you are the CEO of a handbag manufacturer. The cost of the material you use to manufacture the bags is a variable cost: the more bags you produce, the more leather you will need. If one day you produce no handbag, then you don’t have to pay for any extra material. By contrast, the rent you pay for the store has to be paid every month, regardless of whether you sell or produce any bags that month.

As you may already appreciate, the distinction between fixed and variable costs is not always straightforward. For instance, labour costs can be either fixed or variable. As a CEO, your salary is a fixed cost as it will be paid independently of how many bags the company produces. However, during periods of peak production you might hire extra workers at your factory and their salary will therefore be a variable cost.

Even though these difficulties might arise, your interviewer will always allow you to determine easily from the context which cost is fixed and which is variable.

The most important relationship in business analysis is probably the following:

Profits = Revenues – Costs

Profits, also known as net income or net earnings, represents the money left to the owners or managers of the business after all expenses have been paid. Many questions in case interviews revolve around whether or not a company is profitable and what it should do to become more profitable.

Profits are always calculated over a certain period of time – either a quarter or a full year. If you are given fixed and variable costs, you would first have to calculate total costs over the period of time studied, before being able to calculate profits. For instance, in our handbag manufacturing example you would take all fixed costs for one year and add all variable costs for the production of that year to calculate total costs. Annual profits would then be given by subtracting total costs from annual revenues.

Given this definition of profits, there are two ways companies can increase their profits: increase revenues, or decrease costs. You can also see why it might not always be completely straightforward to compare the performance of two companies: one might have higher revenues but higher costs than the other.

4. Return on investment

Return on investment (ROI), or return on capital invested (ROCI), measures how much profits are generated by $100 invested in a given project or business. Let’s say you set up a lemonade stand with an initial investment of $1,000 to pay for a stand, a lemon press, etc. Let’s now assume that you sell $500 worth of lemonade throughout the year and that you incurred $400 in costs to make those sales (E.g.: lemons, sugar, electricity, etc). Your profit for the year is $100 and your return on investment is $100 / $1,000 = 10%.

The formula for return on investment is therefore given by:

Return on investment = Profits over given period / Initial investment

Returns on investment are expressed in percentages and calculated over a given period of time, usually one year. But nothing prevents you from calculating a daily or monthly return on investment. To do so, you just need to divide a day’s worth of profits or a month’s worth of profits by the initial investment. For a given project, profits made in a day are lower than profits made in a month or year, and the daily return on investment is therefore lower. In our example, assuming we make $100 / 365 = $0.27 of profits in a day, the daily return on investment is $0.27 / $1,000 = 0.027% which is lower than 10%.

Let’s focus on the initial investment part of the equation. In your case interviews , you will most likely have to calculate ROIs when a company is investing in a new project. Here, the initial investment will be the upfront expenses the company needs to make to start the business. For instance, if the company wants to start producing cars, building the car factory will be the main initial investment. Similarly, if the company wants to start a supermarket, the main initial investment will be the building, fridges and shelves to set up the supermarket (assuming it buys the building). Initial investments are typically only incurred once, at the beginning of the project.

Finally, there are two ways to increase ROIs: growing profits or decreasing the initial investment. Sometimes, the return on investment for a project will be negative. This indicates that profits are negative and that the project is losing money.

5. Payback period

Payback period measures how much time it takes to earn back your initial investment. In our lemonade stand example, it takes 10 years of profits at $100 per year to pay back the initial investment of $1,000. The payback period is 10 years.

The formula for payback period is therefore given by:

Payback period = Initial investment / Profits over a given period

Payback periods are usually expressed in years by dividing the initial investment by the profits per year . But notice that they can also be expressed in days or months too simply by dividing the initial investment by the profits per day or the profits per month .

Finally, notice that the payback period is simply the inverse of the return on investment. In our lemonade stand example, the yearly return on investment was 10%. To calculate the payback period we could have simply done 1 / 10% = 10 years. Again, in some cases the payback period will be negative which indicates negative profits and that the project is losing money.

Mock interviews

The best way to improve at case interviews is to practise interviewing out loud, and you can do that in three main ways:

• Interview yourself (out loud)
• Practise interviewing with friends or family
• Practise interviewing with ex-interviewers

Practising by yourself is a great way to get started, and can help you get more comfortable with the flow of a case interview. However, this type of practice won’t prepare you for realistic interview conditions. 

After getting some practice on your own, you should find someone who can do a mock interview with you, like a friend or family member.

We’d also recommend that you practise 1-1 with ex-interviewers from top consulting firms . This is the best way to replicate the conditions of a real case interview, and to get feedback from someone who understands the process extremely well.

Click here to book your mock case interview.

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Interview Questions: The Financial Case Interview

Published: Mar 10, 2009

Case interviews aren't just for consultants any more. Many investment banks give questions that could, under other circumstances, be called case interviews--they often involve both strategy and quantitative know-how. The best way to prepare for any interview is to prepare. Here is one such question.

What is a company that you follow closely? Is it a good investment?

Tell your interviewer you would look at various criteria to determine if it's a worthwhile investment, including:

• Earnings growth: Determine how fast the company's earnings are expected to grow, looking at the following factors (among others): the company's historic growth rate; earnings growth rates of other companies in the industry; growth rate of the market the company services; analyst estimates; and perhaps building your own financial model in Excel to test various assumptions.
• Industry analysis: Evaluate the industry the company is in to determine whether this is an attractive industry in which to invest. Look at factors including: how rapidly the industry is growing; whether the industry is consolidating; how intense the competition is among competitors; whether market players have pricing power; and whether products are considered commodities.
• Competitive advantages: Evaluate whether the company has any competitive advantages over its competition, such as patents, exclusive contracts, a differentiated product, brand equity, a lower cost structure, or superior management.
• Valuation: Given its prospects, is the company a good value? You would compare the company's expected earnings growth to various valuation measures, like price-to-earnings ratio, price-to-sales ratio, and price-to-book-value. You would also compare these valuation measures to other companies in the industry to determine whether the company is relatively expensive or relatively affordable.
• Portfolio considerations: Finally, you would want to determine whether an investment in the company fits well with your overall portfolio and objectives. You would want to ask questions like: Does the company help diversify risk in your portfolio? Does the company meet your portfolio's risk profile?

35 Case Interviews Examples from MBB / Big Four Firms

Studying case interview examples is one of the first steps in preparing for the  management consulting  recruitment process. If you don’t want to spend hours searching the web, this article presents a comprehensive and convenient list for you – with 35 example cases, 16 case books, along with a case video accompanied by detailed feedback on tips and techniques.

A clear understanding of “what is a case interview” is essential for effective use of these examples. I suggest reading our  Case Interview 101  guide, if you haven’t done so.

McKinsey case interview examples

Mckinsey practice cases.

• Diconsa Case
• Electro-Light Case
• GlobaPharm Case
• National Education Case

What should I know about McKinsey Case interviews?

At McKinsey, case interviews often follow the interviewer-led format , where the interviewer asks you multiple questions for you to answer with short pitches.

How do you nail these cases? Since the questions can be grouped into predictable types, an efficient approach is to master each question type. However, do that after you’ve mastered the case interview fundamentals!

For a detailed guide on interviewer-led cases, check out our article on McKinsey Case Interview .

BCG & Bain case interview examples

Bcg practice cases.

• BCG – Written Case – Chateau Boomerang

Bain practice cases

• Bain – Coffee Shop Co.
• Bain – Fashion Co.
• Bain – Mock Interview – Associate Consultant
• Bain – Mock Interview – Consultant

What should I know about BCG & Bain case interviews?

Unlike McKinsey, BCG and Bain case interviews typically follow the candidate-led format – which is the opposite of interviewer-led, with the candidate driving the case progress by actively breaking down problems in their own way.

The key to acing candidate-led cases is to master the case interview fundamental concepts as well as the frameworks.

Some BCG and Bain offices also utilize written case interviews – you have to go through a pile of data slides, select the most relevant ones to answer a set of interviewer questions, then deliver those answers in a presentation.

For a detailed guide on candidate-led cases, check out our article on BCG & Bain Case Interview .

Deloitte case interview examples

Deloitte practice cases.

Undergrad Cases

• Human Capital – Technology Institute
• Human Capital – Agency V
• Strategy – Federal Benefits Provider
• Strategy – Extreme Athletes
• Technology – Green Apron
• Technology – Big Bucks Bank
• Technology – Top Engine
• Technology – Finance Agency

Advanced Cases

• Human Capital – Civil Cargo Bureau
• Human Capital – Capital Airlines
• Strategy – Club Co
• Strategy – Health Agency
• Technology – Waste Management
• Technology – Bank of Zurich
• Technology – Galaxy Fitness

What should I know about Deloitte case interviews?

Case interviews at Deloitte also lean towards the candidate-led format like BCG and Bain.

The Deloitte consultant recruitment process also features group case interviews , which not only test analytical skills but also place a great deal on interpersonal handling.

Accenture case interview examples

Accenture divides its cases into three types with very cool-sounding names.

Sorted in descending order of popularity, they are:

These are similar to candidate-led cases at Bain and BCG. albeit shorter – the key is to develop a suitable framework and ask the right questions to extract data from the interviewer.

These are similar to the market-sizing and guesstimate questions asked in interviewer-led cases – demonstrate your calculations in structured, clear-cut, logical steps and you’ll nail the case.

These cases have you sort through a deluge of data to draw solutions; however, this type of case is rare.

Capital One case interview examples

Capital One is the odd one on this list – it is a bank-holding company. Nonetheless, this being one of the biggest banks in America, it’s interesting to see how its cases differ from the consulting ones.

Having gone through Capital One’s guide to its cases, I can’t help but notice the less-MECE structure of the sample answers. Additionally, there seems to be a greater focus on the numbers.

Nonetheless, having a solid knowledge of the basics of case interviews will not hurt you – if anything, your presentation will be much more in-depth, comprehensive, and understandable!

See Capital One Business Analyst Case Interview for an example case and answers.

Other firms case interview examples

Besides the leading ones, we have some examples from other major consulting firms as well.

• Oliver Wyman – Wumbleworld
• Oliver Wyman – Aqualine
• LEK – Cinema
• LEK – Market Sizing
• Kearney – Promotional Planning
• OC&C – Imported Spirits
• OC&C – Leisure Clubs

Consulting clubs case books

In addition to official cases, here are a few case books you can use as learning materials.

Do keep in mind: don’t base your study on frameworks and individual case types, but master the fundamentals so you can tackle any kind of case.

• Wharton Consulting Club Case Book
• Tuck Consulting Club Case Book
• MIT Sloan Consulting Club Case Book
• LBS Consulting Club Case Book
• Kellogg Consulting Club Case Book
• INSEAD Consulting Club Case Book
• Harvard Consulting Club Case Book
• ESADE Consulting Club Case Book
• Darden Consulting Club Case Book
• Berkeley Consulting Club Case Book
• Notre-Dame Consulting Club Case Book
• Illinois Consulting Club Case Book
• Columbia Consulting Club Case Book
• Duke Consulting Club Case Book
• Ross Consulting Club Case Book
• Kearney Case Book

Case interview example – Case video

The limitation of most official case interview examples is that they are either too short and vague, or in text format, or both.

To solve that problem for you, we’ve extracted a 30-minute-long, feedback-rich case sample from our Case Interview End-to-End Secrets Program .

This is a candidate-led, profitability case on an internet music broadcasting company called Pandora.

In 30 minutes, this candidate demonstrates the exact kind of shortcoming that most candidates suffer during real case interviews – they come in with sharp business senses, then hurt their own chances with inadequate techniques.

Here are seven notable areas where the candidate (and you) can improve:

Thanking Throughout the case, as especially in the opening, he should have shown more appreciation for the time the interviewer spent with him.

Structured opening The candidate’s opening of the case feels unstructured. He could have improved it by not mixing the playback and clarification parts. You can learn to nail the case in a 3-minute start through this video on How to Open Any Case Perfectly .

Explicitness A lot of the candidate’s thought process remains in his head; in a case interview, it’s better to be as explicit as possible – draw your issue tree out and point to it as you speak; state your hypothesis when you move into a branch; when you receive data, acknowledge it out loud.

Avoiding silence The silence in his case performance is too long, including his timeout and various gaps in his speech; either ask for timeout (and keep it as short as possible) or think out loud to fill those gaps.

Proactivity The candidate relies too much on the interviewer (e.g: asking for data when it can easily be calculated); you don’t want to appear lazy before your interviewer, so avoid this.

Avoiding repeating mistakes Making one mistake twice is a big no-no in consulting interviews; one key part of the consulting skill set is the ability to learn, and repeating your mistakes (especially if the interviewer has pointed it out) makes you look like someone who doesn’t learn.

Note-taking Given the mistakes this candidate makes, he’s probably not taking his notes well. I can show you how to get it right if you watch this video on Case Interview Note-Taking .

Nonetheless, there are three good points you can learn from the candidate:

The candidate sums up what he’s covered and announces his upcoming approach at the start and at key points in the case – this is a very good habit that gives you a sense of direction and shows that you’re an organized person.

The candidate performs a “reality check” on whether his actions match the issue tree; in a case interview it’s easy to lose track of what you’re doing, so remember to do this every once in a while.

The candidate prompts the interviewer to give out more data than he asked for; if anything, this actually matches a habit of real consultants, and if you’re lucky, your interviewer may actually give out important pieces you haven’t thought of.

These are only part of the “ninja tips” taught In our Case Interview E2E Secrets Program – besides the math and business intuition for long-term development, a key feature is the instant-result tips and techniques for case interviews.

Once you’ve mastered them, you can nail any case they throw at you!

For more “quality” practice, let’s have a mock case interview with former consultants from McKinsey, BCG, Bain, Oliver Wyman, Strategy& and many other consulting firms. They will help you identify your problem areas and give you actionable feedback, making your preparation much easier and faster.

Hi! This is Kim and welcome to another performance in the Tips & Techniques part of our amazing End-to-end program. You are about to hear a really interesting performance.

There is a common Myth that Profitability cases are easier. Well, for beginners, that’s may make sense, but I would argue that Profitability cases can be really tricky and candidates without good foundation will make about the same level of mistakes regardless of type of cases given.

The profitability case we are about to watch will show that. It’s a very unconventional

Profitability. It started out like a typical one but getting more and more tricky toward the end.

The candidate is fairly good in term of business intuition, but the Tips & Techniques aspect needs a lot of fine tune! Now let’s go ahead and get started! 

It’s actually a little better to playback the case information and ask clarifications. The candidate does not distinguish between the two and do both at a same time. Also, the candidate was asking these clarifications in an unorganized and unstructured fashion. This is not something terrible, but could have been better, especially when this is the very first part of the case, where the crucial first impression is being formed.

My pitch would sound like this:

“That’s a very interesting problem and I am happy to get the chance to solve it. First of all let me tell you my understanding of the case context and key objectives. Then I would like to ask a few clarifying questions regarding a few terminology and concepts. Both of these are to make sure that I will be solving the right problem.

So here is my understanding of the case: The client is ABC. Here are some DEF facts about the situation we just talked about. And the key case question is XYZ.

Does that correctly and adequately summarize the case?”

Once the interviewer confirms, I would move to the clarification part as follows: “Now I would like to ask a few clarification questions. There are three of them: No 1, … No 2, … and No 3, …”

You may see above pitch as obvious but that’s a perfect example of how you should open any cases. Every details matters. We will point out those details in just a second. But before we do that, it’s actually very helpful if you can go back, listen carefully to the above pitch, and try to point out the great components yourselves. Only after that, go back to this point and learn it all together.

Alright, let’s break down the perfect opening.

First of all, you hear me say: “That’s a very interesting problem and I am happy to get a chance to solve it”. This seems trivial but very beneficial in multiple ways:

1. I bought myself a couple of seconds to calm down and get focused. 2. By nature, we as human unconsciously like those who give us compliments. Nothing better than opening the case with a modest compliment to the interviewer.

And (c) I showed my great attitude towards the case, which the interviewer would assume is the same for real future consulting business problems.

You should do that in your interviews too. Say it and accompany it with the best smile you can give. It shows that you are not afraid of any problems. In fact, you love them and you are always ready for them.

Secondly, I did what I refer to as the “map habit”, which is to always say what you are about to do and then do it. Just like somebody in the car showing the drivers the route before cruising on the road. The driver would love it. This is where I said: “Let me tell you my understanding of the case context and key objectives. Then ABC…”.

Third, right at the beginning of the case, I try to be crystal clear and easy to follow. I don’t let the interviewer confused between playing the case vs. asking clarification questions. I distinguish between the two really carefully. This habit probably doesn’t change the outcome of how the case goes that much, but it certainly significantly changes the impression the interviewer has of me.

Fourth, in playing back the case, each person would have a different way to re-phrase. But there are three buckets to always include:

1. Who is the client 2. The facts regarding the client and the situation and (c) The key question and the objective of the case.

Fifth, after playing the case context and objectives, I pause for a second and ALIGN with the interviewer: “Does it correctly and adequately summarize the case?”. This is a habit that every consulting manager loves for young consultants to do. Nobody wants first-year folks to spend weeks of passion and hard-work building an excel model that the team can’t use. This habit is extensively taught at McKinsey, Bain and BCG, so therefore interviewers would love somebody that exhibits this habit often in case interview.

Lastly, when asking clarification questions, you hear me number them very carefully to create the strong impression that I am very organized and structured. I said I have three clarifying questions. Then I number them as I go through each. No.1, No.2, and No.3.

Sometimes, during interviews it’s hard to know exactly how many items you are going to get. One way is to take timeout often to carefully plan your pitch. If this is not possible in certain situations, you may skip telling how many items you have; but you should definitely still number your question: No.1, No.2; and so on. 

Just a moment ago, the candidate actually exhibited a good habit. After going through his clarification questions, the candidate ended by asking the “is there anything else” question. In this case, I actually give out an important piece of data.

Though this is not very common as not every interviewer is that generous in giving out data. But this is a habit management consultants have to have every day when talking to experts, clients, or key stakeholders. The key is to get the most data and insights out of every interview and this is the type of open-ended question every consultant asks several times a day.

To show of this habit in a case interview is very good!

There are three things I would like you to pay attention to:

First, it took the candidate up to 72 seconds to “gather his thoughts”. This is a little too long in a case interview. I intentionally leave the 72 seconds of silence in the recording so you get an idea of how long that is in real situations. But it’s worth-noting here is not only that. While in some very complicated and weird cases, it’s ok to take that long to really think and gather ideas. In this case, the approach as proposed by the candidate is very simple. For this very approach, I think no more than 15 to 20 seconds should be used.

No.2, with that said, I have told I really like the fact that this candidate exhibits the “map” habit. Before going straight to the approach he draws the overall approach first.

No.3. You also see here that the candidate tried to align the approach with me by asking my thoughts on it. As I just said on the previous comment, this is a great habit to have. Not only does it help reduce chance of going into the wrong direction in case interviews, but it also creates a good impression. Consulting interviewers love people doing it often!

Here we see a not-really-bad response that for sure could be much better. The candidate was going into the first branch of the analysis which is Revenue. I would fix this in 3 aspects:

First, even though we just talked about the overall approach, it’s still better to briefly set up the issue tree first then clearly note that you are going into one branch.

Second, this is not a must, but I always try to make my hypothesis as explicitly clear as possible. Here the candidate just implicitly made a hypothesis that the problem is on the revenue side. The best way to show our hypothesis-driven mindset is to explicitly say it.

Third, you hear this a ton of times in our End-to-End program but I am going to repeat it again and again. It is better to show the habit of aligning here too. Don’t just go into revenue, before doing that, give the interviewer a chance to agree or to actually guide you to Cost.

So, summarizing the above insights, my pitch would sound something like this:

“So as we just discussed, a profit problem is either caused by revenue or by cost. Unless you would like to go into cost first, let’s hypothesize that the problem is on revenue side. I would like to look deeper into Revenue. Do we have any data on the revenue?”

And while saying this, you should literally draw an issue tree and point to each as you speak.

There is an interesting case interview tip I want to point out here. Notice how the candidate responds after receiving two data points from me. He went straight into the next question without at least acknowledging the data received and also without briefly analyzing it.

I am glad that the candidate makes this mistakes… well, not glad for him but for the greater audience of this program. I would like to introduce to you the perfect habit of what you should react and do every time you have any piece of data during case interviews. So three things you need to do:

Step 1: Say … that’s an interesting piece of data. This helps the interviewer acknowledge that you have received and understand the data. This also buys you a little time. And furthermore, it’s always a good thing to give out modest compliments to the interviewer.

Step 2: Describe the data, how it looks, is there any special noteworthy trend? In this case, we should point out that revenue actually grew by more than 50%.

Also notice here that I immediately quantified the difference in specific quantitative measurement (in this case, percentage). Saying revenue went up is good, but it’s great to be able to say revenue went up by more than 50%.

Step 3: Link the trend identified back to the original case question and the hypothesis you have. Does it prove, disprove, or open up new investigation to really test the hypothesis? In this case, this data piece actually opened up new investigating areas to test the hypothesis that the bottleneck is within revenue.

My sample pitch for this step 3 would sound like this: “It’s interesting that revenue went up quite a bit. However, to be able to fully reject our hypothesis on the revenue, I would like to compare our revenue to that of the competitors as well.”

Then only at this point, after going through 3 steps above, I ask for the competitors’ revenue like the candidate did.

Notice here that I ended up asking the same question the candidate did. This shows that the candidate does have a good intuition and thought process. It’s just that he did all of these implicitly on his head.

In consulting case interview, it’s always good to do everything as explicitly as possible. Not only is it easier to follow but it helps show your great thought process.

… the rest of the transcript is available in our End To End Case Interview

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Elevate your case interview skills with a well-rounded preparation package

Preparing for case interviews is a hard task when you only have 1 week, so the first part you need to learn during this time is fundamentals of case interview

Case interview in consulting is difficult with the passing rate is around 10%. This is because big consulting firms keep an extremely high recruitment standard

A case interview is where candidates is asked to solve a business problem. They are used by consulting firms to evaluate problem-solving skill & soft skills

Hacking the Case Interview

Although case interviews do not require any technical math or finance knowledge, there are basic formulas that you should know in order to do well in order to master case interview math .

This article will cover the 26 formulas you should know for case interviews. These formulas are organized into the following categories:

• Profit Formulas
• Investment Formulas
• Operations Formulas
• Market Share Formulas
• Accounting, Finance, and Economics Formulas

If you’re looking for a step-by-step shortcut to learn case interviews quickly, enroll in our case interview course . These insider strategies from a former Bain interviewer helped 30,000+ land consulting offers while saving hundreds of hours of prep time.

Profit Formulas for Case Interviews

1. Revenue = Quantity * Price

Revenue is the amount of money a company brings in from selling its products. This can be calculated by taking the number of units sold and multiplying it by the price per unit.

Example: Your company sells shirts for $20 each. Last year, your company sold 1,000 shirts. So, your total revenue last year was 1,000 * $20 = $20,000.

2. Total Variable Costs = Quantity * Variable Costs

Costs are payments that a company needs to make in order to run and operate its business. There are two different types of costs, variable costs and fixed costs.

Variable costs are costs that directly increase for each additional unit of product made. It represents the cost of raw materials needed to make the product.

Total variable costs are calculated by taking the number of units produced or sold and multiplying it by the raw material cost per product.

Example: It costs your company $5 to purchase the raw materials needed to make a shirt. If your company sold 1,000 shirts last year, the total variable costs are 1,000 * $5 = $5,000.

3. Costs = Total Variable Costs + Fixed Costs

Total costs for the company can be calculated by adding total variable costs and fixed costs.

Fixed costs are costs that do not directly increase for each additional unit of product made. They may include costs such as rent for the building or equipment needed to make the product.

Example: Your company pays annual rent of $10,000. It also leases the equipment it needs to make its shirts for $2,000 a year. Therefore, fixed costs are $10,000 + $2,000 = $12,000. Total variable costs were calculated to be $5,000 from the previous example. So, total costs are $12,000 + $5,000 = $17,000.

4. Profit = Revenue – Costs

Profit is the amount of money the company keeps after paying for all of its costs. Profit is calculated by subtracting total costs from total revenue.

Example: Last year, your shirt company generated revenues of $20,000 and had costs of $17,000. The profit last year was $20,000 - $17,000 = $3,000.

5. Profit = (Price – Variable Costs) * Quantity – Fixed Costs

This formula summarizes the previous four formulas into one concise and simplified equation.

6. Contribution Margin = Price – Variable Cost

Contribution margin represents how much money each product sold brings into the company after accounting for the cost of raw materials needed to make the product.

Example: If your company’s shirts sell for $20 and raw materials cost $5, then the contribution margin is $20 - $5 = $15 per shirt.

7. Profit Margin = Profit / Revenue

Profit margin represents the percentage of revenue that a company keeps as profit after taking into account all of its costs.

Example: Last year, your company generated $20,000 in revenue and had $17,000 in costs. Its profit was $3,000. Therefore, your company’s profit margin is $3,000 / $20,000 = 15%.

Investment Formulas for Case Interviews

8. Return on Investment = Profit / Investment Cost

Companies make investments by spending money in the hopes of earning even more money in the future as a result of the investment. Return on investment, or ROI for short, represents how much additional money a company generates relative to the size of its initial investment.

ROI is calculated by taking the profit that the company generated from the investment and dividing it by the investment cost.

Example: Your company spent $5,000 on marketing to advertise its shirts. As a result, the company generated an additional $6,000 in profits from selling shirts. This profit does not yet take into account the costs of the marketing campaign.  Therefore, the company has a net increase in profits of $1,000 from its original $5,000 investment. The ROI is $1,000 / $5,000 = 20%.

9. Payback Period = Investment Cost / Profit per Year

Payback period represents how long it would take a company to recoup the money it spent on an investment. It is usually specified in years.

Example: Your company invested in redesigning its shirts for $5,000. As a result, the company expects annual profits to increase by $1,000 for every year going forward. Therefore, the payback period for this investment is $5,000 / $1,000 = 5 years.

Operations Formulas for Case Interviews

10. Output = Rate * Time

The output of production can be calculated by taking the rate of production and multiplying it by time.

Example: The machine that your company uses to produce shirts can produce 5 shirts per hour. If the machine runs for 12 hours, then it will produce 60 shirts.

11. Utilization = Output / Maximum Output

Utilization represents how much a factory or machine is being used relative to its maximum possible output.

Example: The machine that your company uses to produce shirts can produce 5 shirts per hour. Therefore, its maximum capacity in a day is 5 shirts per hour * 24 hours = 120 shirts. If your machine is being used to only produce 60 shirts per day, then it is at 60 / 120 = 50% utilization.

Market Share Formulas for Case Interviews

12. Market Share = Company Revenue in the Market / Total Market Revenue

Market share measures the percentage of total market sales a particular company has. Market shares can range from 0%, no presence in the market, to 100%, complete dominance in the market.

Example: Your company sells shirts and generates $100M in annual revenues. The market size of shirts is $500M. Therefore, your company has a market share of $100M / $500M = 20%. 

13. Relative Market Share = Company Market Share / Largest Competitor’s Market Share

Relative market share compares a company’s market share to the largest competitor’s market share. It measures how strong of a presence a company has relative to the market leader. If the company is the market leader, relative market share measures how much of a lead they have over the next largest player.

Instead of using company market share and the largest competitor’s market share, you can use company revenue and the largest competitor’s revenue. This will give you the same answer.

Example: Your company has a 20% market share in the shirts market. Your largest competitor has a 50% market share. Therefore, your relative market share is 20% / 50% = 0.4.

Example 2: Your company is the market leader and has a 50% market share in the shirts market. Your largest competitor has a 25% market share. Therefore, your relative market share is 50% / 25% = 2.

Accounting, Finance, and Economics Formulas for Case Interviews

These formulas are much less commonly seen in case interviews than the previous formulas. You likely won’t need to use these formulas since they require more technical knowledge of accounting, finance, and economics.

However, you should still be familiar with these formulas in the small chance that one of these concepts shows up in your case interview.

14. Gross Profit = Sales – Cost of Goods Sold

Gross profit is a measure of how much money a company makes from selling its product after taking into account the costs associated with making and sellings its product. These costs are often called the cost of goods sold.

Compared to the previous profit formula, which was simply revenue minus costs, gross profit is always higher since it does not take into account all of the costs of the business.

Example: Your company sold $20,000 of shirts last year. The cost to produce these shirts was $5,000. Therefore, your gross profit is $20,000 - $5,000 = $15,000.

15. Operating Profit = Gross Profit – Operating Expenses – Depreciation – Amortization

Operating profit is calculated by taking gross profit and subtracting all operating expenses and depreciation and amortization.

Operating expenses may include rent, utilities, maintenance and repairs, advertising and marketing, insurance, and salaries and wages. So, operating profit is always less than gross profit.

Depreciation is the spreading of a fixed asset’s cost over its useful lifetime.

For example, let’s say that a company purchases a new machine for $10,000 that it expects to last for 5 years. Instead of stating that it incurred $10,000 in costs in its first year, the company may choose to state that the new machine costs $2,000 per year for the next five years.

Amortization is the spreading of an intangible asset’s cost over its useful lifetime. It is the exact same principle as depreciation except that it deals with intangible assets, or assets that aren’t physical.

For example, let’s say that a company purchases a patent for $10,000 and expects the benefits of the patent to last for 20 years. Instead of stating that it incurred $10,000 in costs in its first year, the company may choose to state that the patent costs $500 per year for the next twenty years.

Example: You sold $20,000 of shirts last year. Cost of goods is $5,000, operating expenses are $10,000, depreciation of a machine is $2,000, and amortization of a patent is $500. Therefore, your operating profit is $20,000 - $5,000 - $10,000 - $2,000 - $500 = $2,500.

16. Gross Profit Margin = Gross Profit / Revenue

This is the exact same formula as the profit margin formula except that gross profit is used. Gross profit margin measures how much money a company keeps from selling its products after taking into account cost of goods sold.

Example: Your company has a gross profit of $15,000 from $20,000 of revenue. Therefore, your gross profit margin is $15,000 / $20,000 = 75%.

17. Operating Profit Margin = Operating Profit / Revenue

This is the exact same formula as the profit margin formula except that operating profit is used. Operating profit margin measures how much money a company keeps from sellings its products after cost of goods sold, operating expenses, depreciation, and amortization is taken into account.

Example: Your company has an operating profit of $2,500 from $20,000 of revenue. Therefore, your operating profit margin is $2,500 / $20,000 = 12.5%.

18. EBITDA = Operating Profit + Depreciation + Amortization

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It is a financial metric used to measure a company’s cash flow or the amount of cash that a company has generated in a period of time.

To calculate EBITDA, start with operating profit and add back depreciation and amortization expenses.

Example: Your company has an annual operating profit of $2,500. Depreciation expenses are $2,000 and amortization expenses are $500. Therefore, your EBITDA is $2,500 + $2,000 + $500 = $5,000.

19. CAGR = (Ending Value / Beginning Value)^(1/Time Period) – 1

CAGR stands for compounded annual growth rate. It measures how quickly something is growing year after year.

Example: Your company generates $144M in annual revenue. Two years ago, your company only generated $100M. Over this time period, your CAGR was ($144M / $100M)^(1/2) - 1= 20%. In other words, your company grew by 20% each year for two years.

20. Rule of 72

The Rule of 72 is a shortcut used to estimate how long a market, company, or investment would take to double in size. To use it, simply divide 72 by the annual growth rate to get an estimate for the number of years needed to double in size.

Example: Your company is growing steadily at 9% per year. Using the Rule of 72, we’d expect it to take 72 / 9 = 8 years for your company to double in size if it maintains its current growth rate.

21. NPV = Cash Flow / [(1 + Discount Rate)^(Time Period)]

NPV stands for net present value. It measures how much future cash flow is worth today.

Receiving $1,000 right now is not the same as receiving $1,000 five years from now. If you received $1,000 right now, you could invest it and grow your money. Therefore, it is better to receive $1,000 right now than to receive the same amount in the future.

Net present value takes this into account.

Cash flow is the amount of money you expect to receive in the future. Time period is how many years in the future you will receive that amount of money. The discount rate is the return you expect to get from investing your money.

Example: You expect to receive $1,000 five years from now. You expect that you will be able to get 8% annual returns by investing in the stock market. Therefore, the net present value of your future cash flow is $1,000 / [(1 + 0.08)^5] = $680.58.  In other words, receiving $680.58 today would give you the same value as receiving $1,000 five years from now.

22. Perpetuity Formula: Present Value = Cash Flow / Discount Rate

An annuity is a fixed sum of money paid at regular intervals such as every year. Perpetuity is an annuity that lasts forever.

The present value of a perpetuity is calculated by taking the cash flow of each payment and dividing it by the discount rate.

Example: You are expecting to receive $1,000 per year for the rest of your life. You expect that you will be able to get 8% annual returns by investing in the stock market. Therefore, the present value of this perpetuity is $1,000 / 0.08 = $12,500.  In other words, receiving $12,500 today would give you the same value as receiving $1,000 each year for the rest of your life.

23. Return on Equity = Profit / Shareholder Equity

Return on equity , or ROE for shirt, measures how effectively a company is using its assets to create profits. It is calculated by taking profit and dividing by shareholder equity, which represents the net worth of a company.

In other words, shareholder equity is the value of a company’s total assets minus its total liabilities.

Example: Your company’s profit this year is $100M. Shareholder equity, or the net worth of the company is $1B. Your company has a ROE of $100M / $1B = 10%.

24. Return on Assets = Profit / Total Assets

Return on assets , or ROA for short, measures how profitable a company is relative to its total assets. In other words, it shows how efficiently a company is using its assets to generate income.

Assets can be anything that has value that can be converted into cash. This includes cash, property, equipment, inventory, and investments.

Example: Your company’s profit this year is $100M. Your company as $400M worth of assets. Your company has a ROA of $100M / $400M = 25%.

25. Price Elasticity of Demand = (% Change in Quantity) / (% Change in Price)

Elasticity is a measure of how much customer demand changes for a product given a change in the product’s price. In almost all cases, an increase in a product’s price results in a decrease in customer demand. Therefore, price elasticity of demand is usually negative.

Example: Your company has decreased its product’s price by 10%. As a result, the number of units sold has increased by 20%. Therefore, the price elasticity of demand is 20% / -10% = -2.

26. Cross Elasticity of Demand = (% Change in Quantity for Good #1) / (% Change in Price for Good #2)

Cross elasticity of demand measures how much customer demand changes for a product given a change in price of a different product.

If two products are complements, an increase in price of one product will result in a decrease in demand of the other product. Complementary products have a negative cross elasticity of demand.

If two products are substitutes, an increase in price of one product will result in an increase in demand of the other product. Substitute products have a positive cross elasticity of demand.

Example: A competitor has decreased the price of a competing product by 20%. As a result, the demand for your product has dropped by 10%. The cross elasticity of demand is -10% / -20% = 0.5.

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Recruit FP&A Staff with Case Interviews

• By Bryan Lapidus
• Published: 8/1/2017

Updated: 5/7/2024

In a case interview, the interviewer asks the applicant to work through a challenging situation or problem, and then evaluates the response. The focus is not on a “right” or “wrong” answer, but rather the applicant’s approach to resolving the case. Below are several types of case studies, sample case questions, and some ways that applicants may frame their answers to show their business savvy.

The Business Case

FP&A has a critical role in supporting business decisions based on strategic fit and financial appropriateness. Below are three very different questions, but they each ask the applicant to think through a holistic way of building a business case to make a persuasive argument.

• An ice cream maker that sells its products in supermarkets is considering opening a chain of proprietary stores. Build the elements of a business case and determine whether this is a good idea.
• Eastern Newspapers is a large newspaper chain that is considering diversifying into non-newspaper media assets and is a potential client for our firm's M&A group. How would you go about advising this client? What information would you want to gather before you meet with them?
• Pick a stock that you follow and convince me why I should buy it.

The applicant should think through the following:

• Market/industry analysis: The size and growth trend of the market, the customer profile and distribution channels.
• Competitor analysis: Relative strengths, the potential competitor reaction and the potential for new entrants and disruption.
• Strategic alignment: The company SWOT (strengths, weaknesses, opportunities and threats), alignment with current or future capabilities, market position, available capital, risk appetite, experience, and regulatory impact.
• Financial analysis: The potential cash flow and income, payback, NPV, understanding of capex vs. expense, revenue recognition, impact on enterprise value, funding alternatives (debt, equity, working capital).
• General: Are they using a framework (i.e., Porter’s five forces), progressing through an operational work flow, trying to quantify and build a model and recognizing assumption and key drivers?

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The Quantitative Estimate

FP&A is a quantitative, analytical role where information is not always available; we need to be comfortable with ambiguity as we structure our models and approach.

• How many golf balls can fit in a 747 airplane?
• Using Excel, create a cost/benefit analysis showing the cost of lighting a room with a 60 watt LED versus a 60 watt CFL lightbulb. Assume the LED costs $7, lasts 25,000 hours, and uses 7 watts per hour, while the CFL costs $3, lasts 8,000 hours, and uses 14 watts per hour. The cost per kilowatt hour is $0.50, and the bulb is used 12 hours per day in winter, 10 hours per day in summer. Present your conclusion in PowerPoint.

Does the applicant have a logical approach to developing an answer? Most likely, he or she does not know the volume of a jetliner, but are they making reasonable assumptions? Do they highlight assumptions, discuss where to get data, and arrive at a conclusion that follows from the thought process? If Excel modeling is required, create a case where they need to demonstrate modeling skills using good Excel habits—one in which a coworker can look at a model and understand it’s structure quickly.

Social EQ or Situational Cases

FP&A is an interactive role, and requires the building of strong partnerships and often persuasion. These questions are designed to ask how the applicant might respond to a challenging personal situation.

• You have worked hard on your business cases, received appropriate buy-in, and submitted it to senior management, but the models are routinely ignored in favor of gut instinct. What should you do?

How does the applicant work through the social dynamics and impacts on long-term relationships, applying the heavy hand of senior staff, and displaying a general sensitivity to social issues? Also, does the applicant consider process solutions in addition to people solutions?

A Better Comparison

There is another benefit of using case interviews; often, interviewers may not even be aware of their own personal biases. We typically compare applicants against our own experiences, backgrounds, educations. Using the same case study for applicants, and even setting a baseline against existing employees, can provide a more tangible comparison for the evaluation than subjective questions such as, “Walk me through your resume and tell me why you made the decisions that you did.” The goal is to hire the right person, and case studies can provide another tool for you to use.

For more tips on how to find the right people for your FP&A staff, be sure to download the AFP FP&A Guide: Get Your Talent Right .

Copyright © 2024 Association for Financial Professionals, Inc. All rights reserved.

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Job interview with Case Study

I have an interview for a financial analyst and the pay is not good. But I was shocked to see a case study in the invite and I need to study it and make a presentation. I have been in finance for a long time and never have a case study interview and honestly have no idea how to approach this. I don’t think I can speak intelligently on their data with literally zero background, knowledge of their database, knowledge of their commonly used KPIs. Has anyone have to do this kind of interview with any luck? Thanks!

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H2O vs FCA: a case study in not moving on from a scandal

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More From Forbes

4 case studies of businesses that scaled to greatness.

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Joe Camberato is the CEO and Founder of National Business Capital , a leading FinTech marketplace offering streamlined small business loans.

Have you ever wondered why some companies succeed in unimaginable ways while others fade into obscurity? The best way to understand how to scale a company is to look at how the most successful companies have done it. Let’s look at four companies that started out small and become global players in their industries.

Amazon is one of the best-known companies in the world, so it’s easy to forget that founder Jeff Bezos started the company out of his garage . In 1994, Bezos financed Amazon, which began as an online bookseller, with $10,000 of his own money.

Amazon experienced many losses during its early days, but its revenue quickly grew from $4.2 million to $8.5 million in 1996. The company went public in 1997, and the following year, it expanded beyond books.

One of its biggest game changers came in 2005 when the company launched Amazon Prime, its subscription service. There are 180 million Prime members in the U.S. alone.

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Amazon’s continued commitment to innovation has led it to be one of the world’s most successful companies. Amazon provides its customers with almost unparalleled convenience.

Under Armour

In 1996, Under Armour was founded with the idea of creating a T-shirt that wicks sweat away more efficiently and keeps athletes dry. The company started small , with founder Kevin Plank selling T-shirts out of the trunk of his car and to his former teammates on the University of Maryland’s football team.

Under Armour made several iterations of its original prototype, and the T-shirt was a huge success. The company began growing organically. Plank wanted to increase the company’s growth, so in 1999, he decided to take out an ESPN ad for $25,000 . It was a risky move at the time, and employees agreed to go without pay for a couple of weeks so the company could afford the ad. However, the risk paid off, and Under Armour generated $1 million in sales the next year and dramatically increased its brand recognition.

Under Armour’s initial funding came from Plank , but the company went public in 2005 . Under Armour began to diversify and release new products, but it never lost focus on its central mission—improving the performance and comfort of all athletes.

In 2007, Brian Chesky and Joe Gebbia couldn’t afford the rent for their San Francisco apartment, so they decided to rent out their loft space to earn some extra money. They didn’t want to post an ad on Craigslist , so they decided to create their own rental site.

In 2009, they were accepted into Y Combinator and received $20,000 in funding . Airbnb later received another $600,000 in funding in a seed round, despite receiving a lot of early resistance. By 2014, Airbnb had more than 550,000 properties listed worldwide and 10 million guests.

One of its keys to success is its focus on the user experience. By allowing people to rent out their homes, the company gives the average person a way to earn an additional stream of income.

In 1997, Netflix was started as a DVD rental service to help customers avoid getting hit with late fees. Customers selected the movies and TV shows they wanted online and could then have them delivered to their homes.

In 1999 , founder Reed Hastings introduced a subscription-based model. Once customers were locked into a monthly subscription, they were more likely to rent more movies. In 2000, Netflix released its Unlimited Movie Rental program, which allowed customers to rent an unlimited number of movies each month for a monthly subscription of $19.95.

In 2007, Netflix launched its online streaming service, and that was the first year the company surpassed $1 billion in revenue. The company later began entering into content licensing deals with television studios and, in 2011, started producing its own original programming.

Netflix has been a success because the company is flexible and able to adapt quickly to changes in the marketplace. And Netflix’s founders were able to see the long-term vision for what the company could become, unlike companies like Blockbuster.

Tips On Scaling Your Business

Scaling a business is the ultimate goal for most entrepreneurs, but how can you make it happen? First, it’s important to understand the difference between growth vs. scaling. Growing businesses focus on getting bigger and acquiring more customers and more team members. In comparison, scaling focuses on efficiency. Scalable companies can serve more customers without significantly more effort.

It’s near-impossible to scale a company by yourself, so you should ensure you have the right team in place. This isn’t just about bringing on more employees. It’s about finding those few, highly specialized employees who can help you move the company forward.

Research from McKinsey found that the highest performers are 800 times more productive than average employees in the same role. Focus on finding and keeping the right staff of people who believe in the company’s mission.

My company started with me. I worked as hard as I could and made some great progress in the beginning, but a business can only reach a certain level with only one person. It started with one hire, then two, then three. Before long, I was surrounded by amazingly talented people, and the business started to grow beyond what I was able to achieve on my own.

You also need to focus on understanding your customers and maintaining quality customer service. As companies start to scale, maintaining a high level of customer service becomes increasingly difficult. Ensure you’re meeting your customers’ needs by creating standard operating procedures, automating what you can and investing in 24/7 live chat.

Scaling your business requires investing in technology and systems, which aren’t cheap. Even if you don’t need the funds yet, start identifying potential banks or online lenders where you can access a loan or ongoing line of credit. Finding the right financing opportunities allows you to build the infrastructure necessary to scale.

Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?

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Details emerge after doctor raped and murdered in India as thousands protest

August 15, 2024 / 6:32 AM EDT / CBS/AFP

Thousands took to the streets of Kolkata early Thursday to condemn the rape and murder of a local doctor , demanding justice for the victim and an end to the chronic issue of violence against women in Indian society.

The discovery of the 31-year-old's brutalized body last week at a state-run hospital has sparked nationwide protests, with Prime Minister Narendra Modi demanding swift punishment for those who commit "monstrous" deeds against women.

Large crowds marched through the streets of Kolkata in West Bengal to condemn the killing, with a candlelight rally at midnight coinciding with the start of India's independence day celebrations on Thursday.

The protesters in Kolkata, who marched under the slogan "reclaim the night", called for a wider tackling of violence against women and held up handwritten signs demanding action.

"We want justice," read one sign at the rally. "Hang the rapist, save the women," read another.

"The atrocities against women do not stop," midnight marcher Monalisa Guha told Kolkata's The Telegraph newspaper.

"We face harassment almost on a daily basis," another marcher, Sangeeta Halder, told the daily. "But not stepping out because of fear is not the solution."

"Monstrous behavior against women"

Modi, speaking in New Delhi on Thursday morning at independence day celebrations, did not specifically reference the Kolkata murder, but expressed his "pain" at violence against women.

"There is anger for atrocities committed against our mothers and sisters, there is anger in the nation about that," he said.

"Crimes against women should be quickly investigated; monstrous behavior against women should be severely and quickly punished," he added. "That is essential for creating deterrence and confidence in the society."

Doctors are also demanding swift justice and better workplace security in the wake of the killing, with those in government hospitals across several states on Monday halting elective services "indefinitely" in protest.

Protests have since occurred in several other hospitals across the country, including in the capital.

"Doctors nationwide are questioning what is so difficult about enacting a law for our security," Dhruv Chauhan, from the Indian Medical Association's Junior Doctors' Network, told the Press Trust of India news agency. "The strike will continue until all demands are formally met."

The Telegraph on Thursday praised the "spirited public protests" across India.

"Hearteningly, doctors and medical organizations are not the only ones involved," it said in an editorial. "The ranks of the protesters have been swelled by people from all walks of life."

Police accused of mishandling case

Indian media have reported the murdered doctor was found in the teaching hospital's seminar hall, suggesting she had gone there for a brief rest during a long shift.

An autopsy has confirmed sexual assault, and in a petition to the court, the victim's parents have said that they suspected their daughter was gang-raped, according to Indian broadcaster NDTV.  

Though police have detained a man who worked at the hospital helping people navigate busy queues, officers have been accused of mishandling the case.

Kolkata's High Court on Tuesday transferred the case to the elite Central Bureau of Investigation (CBI) to "inspire public confidence."

In the early hours of Thursday, a mob of some 40 people angry at authorities' handling of the case stormed the grounds of the R.G. Kar Medical College and Hospital, the site of the murder.

The men smashed property and hurled stones at police, who fired tear gas in response, authorities said.

West Bengal lawmaker Abhishek Banerjee, from the Trinamool Congress party, condemned the "hooliganism and vandalism," but said "the demands of the protesting doctors are fair and justified."

History of sexual violence in India

Sexual violence against women is a widespread problem in India. An average of nearly 90 rapes a day were reported in India in 2022, according to  data  from the National Crime Records Bureau.

That year, police  arrested 11 people  after the alleged brutal gang rape and torture of a young woman that included her being paraded through the streets of Dehli. Also in 2022, a police officer in India was arrested after being  accused of raping  a 13-year-old girl who went to his station to report she had been gang-raped.

In March 2024, multiple Indian men were arrested after the  gang rape of a Spanish tourist  on a motorbike trip with her husband.

For many, the gruesome nature of the attack has invoked comparisons with the horrific 2012 gang rape and murder  of a young woman on a Delhi bus.

The woman became a symbol of the socially conservative country's failure to tackle sexual violence against women.

Her death sparked huge, and at times violent, demonstrations in Delhi and elsewhere.

Under pressure, the government introduced harsher penalties for rapists, and the death penalty for repeat offenders.

Several new sexual offences were also introduced, including stalking and jail sentences for officials who failed to register rape complaints.

• Sexual Violence

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What happened in the Kolkata rape case that triggered doctors’ protests?

Activists and doctors in India demand better safeguarding of women and medical professionals after a trainee medic was raped and murdered in Kolkata.

Activists and doctors across India continued to protest on Wednesday to demand justice for a female doctor, who was raped and murdered while on duty in a hospital in the eastern city of Kolkata.

Feminist groups rallied on the streets in protests titled “Reclaim the Night” in Kolkata overnight on Wednesday – on the eve of India’s independence day – in solidarity with the victim, demanding the principal of RG Kar Medical College resign. Some feminist protesters also marched well beyond Kolkata, including in the capital Delhi.

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While the protests were largely peaceful, a small mob of men stormed the medical college and vandalised property. This group was dispersed by the police.

This comes after two days of nationwide protests by doctors following the incident at RG Kar Medical College in West Bengal’s capital city. “Sit-in demonstrations and agitation in the hospital campus will continue,” one of the protesting doctors, identified as Dr Mridul, told Al Jazeera.

Services in some medical centres were halted indefinitely, and marches and vigils shed light on issues of sexual violence, as well as doctors’ safety in the world’s most populous nation.

What happened to the doctor in Kolkata?

A 31-year-old trainee doctor’s dead body, bearing multiple injuries, was found on August 9 in a government teaching hospital in Kolkata.

The parents of the victim were initially told “by hospital authorities that their daughter had committed suicide,” lawyer and women’s rights activist Vrinda Grover told Al Jazeera. But an autopsy confirmed that the victim was raped and killed.

Grover has appeared for victims in sexual violence cases in India in the past, including Bilkis Bano , a Muslim woman who was gang-raped during the 2002 Gujarat riots, and Soni Sori, a tribal activist based in Chhattisgarh state.

Thousands of doctors marched in Kolkata on Monday, demanding better security measures and justice for the victim.

On Tuesday, the Kolkata High Court transferred the case to the Central Bureau of Investigation (CBI).

The Federation of Resident Doctors Association (FORDA) called for a nationwide halting of elective services in hospitals starting on Monday. Elective services are medical treatments that can be deferred or are not deemed medically necessary.

On Tuesday, FORDA announced on its X account that it is calling off the strike after Health Minister Jagat Prakash Nadda accepted protest demands.

One of these demands was solidifying the Central Protection Act, intended to be a central law to protect medical professionals from violence, which was proposed in the parliament’s lower house in 2022, but has not yet been enacted.

FORDA said that the ministry would begin working on the Act within 15 days of the news release, and that a written statement from the ministry was expected to be released soon.

Press release regarding call off of strike. In our fight for the sad incident at R G Kar, the demands raised by us have been met in full by the @OfficeofJPNadda , with concrete steps in place, and not just verbal assurances. Central Healthcare Protection Act ratification… pic.twitter.com/OXdSZgM1Jc — FORDA INDIA (@FordaIndia) August 13, 2024

Why are some Indian doctors continuing to protest?

However, other doctors’ federations and hospitals have said they will not back down on the strike until a concrete solution is found, including a central law to curb attacks on doctors.

Those continuing to strike included the Federation of All India Medical Associations (FAIMA), Delhi-based All India Institute Of Medical Sciences (AIIMS) and Indira Gandhi Hospital, local media reported.

Ragunandan Dixit, the general secretary of the AIIMS Resident Doctors’ Association, said that the indefinite strike will continue until their demands are met, including a written guarantee of the implementation of the Central Protection Act.

Medical professionals in India want a central law that makes violence against doctors a non-bailable, punishable offence, in hopes that it deters such violent crimes against doctors in the future.

Those continuing to protest also call for the dismissal of the principal of the college, who was transferred. “We’re demanding his termination, not just transfer,” Dr Abdul Waqim Khan, a protesting doctor told ANI news agency. “We’re also demanding a death penalty for the criminal,” he added.

“Calling off the strike now would mean that female resident doctors might never receive justice,” Dr Dhruv Chauhan, member of the National Council of the Indian Medical Association’s Junior Doctors’ Network told local news agency Press Trust of India (PTI).

Which states in India saw doctors’ protests?

While the protests started in West Bengal’s Kolkata on Monday, they spread across the country on Tuesday.

The capital New Delhi, union territory Chandigarh, Uttar Pradesh capital Lucknow and city Prayagraj, Bihar capital Patna and southern state Goa also saw doctors’ protests.

Who is the suspect in the Kolkata rape case?

Local media reported that the police arrested suspect Sanjoy Roy, a civic volunteer who would visit the hospital often. He has unrestricted access to the ward and the police found compelling evidence against him.

The parents of the victim told the court that they suspect that it was a case of gang rape, local media reported.

Why is sexual violence on the rise in India?

Sexual violence is rampant in India, where 90 rapes were reported on average every day in 2022.

Laws against sexual violence were made stricter following a rape case in 2012, when a 22-year-old physiotherapy intern was brutally gang-raped and murdered on a bus in Delhi. Four men were hanged for the gang rape, which had triggered a nationwide protests.

But despite new laws in place, “the graph of sexual violence in India continues to spiral unabated,” said Grover.

She added that in her experience at most workplaces, scant attention is paid to diligent and rigorous enforcement of the laws.

“It is regrettable that government and institutions respond only after the woman has already suffered sexual assault and often succumbed to death in the incident,” she added, saying preventive measures are not taken.

In many rape cases in India, perpetrators have not been held accountable. In 2002, Bano was raped by 11 men, who were sentenced to life imprisonment. In 2022, the government of Prime Minister Narendra Modi authorised the release of the men, who were greeted with applause and garlands upon their release.

However, their remission was overruled and the Supreme Court sent the rapists back to jail after public outcry.

Grover believes that the death penalty will not deter rapists until India addresses the deeply entrenched problem of sexual violence. “For any change, India as a society will have to confront and challenge, patriarchy, discrimination and inequality that is embedded in our homes, families, cultural practices, social norms and religious traditions”.

What makes this case particularly prominent is that it happened in Kolkata, Sandip Roy, a freelance contributor to NPR, told Al Jazeera. “Kolkata actually prided itself for a long time on being really low in the case of violence against women and being relatively safe for women.”

A National Crime Records Bureau (NCRB) report said that Kolkata had the lowest number of rape cases in 2021 among 19 metropolitan cities, with 11 cases in the whole year. In comparison, New Delhi was reported to have recorded 1, 226 cases that year.

Prime Minister Modi’s governing Bharatiya Janata Party (BJP) has called for dismissing the government in West Bengal, where Kolkata is located, led by Mamata Banerjee of All India Trinamool Congress (AITC). Banerjee’s party is part of the opposition alliance.

Rahul Gandhi, the leader of the opposition in parliament, also called for justice for the victim.

“The attempt to save the accused instead of providing justice to the victim raises serious questions on the hospital and the local administration,” he posted on X on Wednesday.

Roy spoke about the politicisation of the case since an opposition party governs West Bengal. “The local government’s opposition will try to make this an issue of women’s safety in the state,” he said.

Have doctors in India protested before?

Roy explained to Al Jazeera that this case is an overlap of two kinds of violence, the violence against a woman, as well as violence against “an overworked medical professional”.

Doctors in India do not have sufficient workplace security, and attacks on doctors have started protests in India before.

In 2019, two junior doctors were physically assaulted in Kolkata’s Nil Ratan Sircar Medical College and Hospital (NRSMCH) by a mob of people after a 75-year-old patient passed away in the hospital.

Those attacks set off doctors’ protests in Kolkata, and senior doctors in West Bengal offered to resign from their positions to express solidarity with the junior doctors who were attacked.

More than 75 percent of Indian doctors have faced some form of violence, according to a survey by the Indian Medical Association in 2015.

What happens next?

The case will now be handled by the CBI, which sent a team to the hospital premises to inspect the crime scene on Wednesday morning, local media reported.

According to Indian law, the investigation into a case of rape or gang rape is to be completed within two months from the date of lodging of the First Information Report (police complaint), according to Grover, the lawyer.

The highest court in West Bengal, which transferred the case from the local police to the CBI on Tuesday, has directed the central investigating agency to file periodic status reports regarding the progress of the investigation.

The FIR was filed on August 9, which means the investigation is expected to be completed by October 9.

Bengal women will create history with a night long protest in various major locations in the state for at 11.55pm on 14th of August’24,the night that’ll mark our 78th year as an independent country. The campaign, 'Women, Reclaim the Night: The Night is Ours', is aimed at seeking… pic.twitter.com/Si9fd6YGNb — purpleready (@epicnephrin_e) August 13, 2024

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