What Is Case Interview Prep
Competition is the nature of the current business world. For businesses to stay relevant, they need resources and the finest workforce they can get. One way of securing a good workforce is through case interviews. Case interviews allow businesses to find which candidate has the knack for thinking outside the box. If you are a candidate, you need to prep yourself for a case interview. So, what is a case interview prep?
A case interview is a type of job interview in which a candidate is presented with a problem which then they must analyze and solve. You can picture it as something similar to a brain teaser, albeit in a more practical way. It will help companies find out who has the required analytical, problem-solving, and communications skills suited for the job.
If you are looking for a job that will involve management or consulting, you most likely will come across it. So prepare yourself now for the inevitable outcome. It can spell the difference between landing the job or not.
That said, that’s why we are here. In this guide, we will help you go through your case interview prep. But first, we need to understand case interviews a bit better so that you can better prepare for the interview.
What is a Case Interview?
A case interview is a type of interview that tests the applicants’ abilities by giving them a hypothetical business situation. What happens is that they will give you a business situation, and they will ask you how you will handle it. Case interviews are an absolute necessity in administrative positions and consulting firms since most cases in those positions are not clear-cut.
Case interviews are there to sort out which candidate has adequate critical thinking or insightful abilities for the position. The interview can come in different forms. It can be straightforward Interviews, brain teaser questions, or questions including how you would manage an unsatisfied client. Case interviews are likewise an unquestionable requirement in banking for key purposes.
You must prepare yourself for a job interview, but more especially for the case interview! Your job interview is simply the icing of the cake, and your interviewer wants to get into what’s really inside the cake. Make sure to satisfy your interviewer once they see what’s inside!
What Questions To Expect in a Case Interview
In a case interview, there is no clear-cut answer. When answering a question, it’s fine that you approach it in different ways, as long as it’s reasonable and sound. That said, here are the type of questions to expect in a case interview.
1.) Business Related Situations:
You will be given a situation to measure your capacities in general management activities. They will need to know your expertise on the subject and how you will use that expertise logically.
Questions can include anything business-related like current market trends, augmenting the proficiency of an institutional structure, profit over loss margins, or dealing with customers or clients.
2.) Non-Profit Related Questions:
Case interviews don’t necessarily encompass numbers in profit and loss margins. Non-profit case interviews, albeit not based on profit, can, in any case, be business-related. Contingent upon the position they are offering, they may pose inquiries identifying with employee relations or worker retention. In like manner, they may scrutinize your comprehension of the current market and business competitions.
Another application for non-profit case interviews is through evaluating candidates by placing them in a theoretical business situation. You and the interviewer will cooperate to tackle the introduced business issue. However, it doesn’t necessarily mean they are giving you an answer. During the interview, you must be the one leading the conversation.
For non-profit case interviews, there is no genuine clear-cut answer. What you need to do is to approach it logically and reasonably.
Expect non-profit case interviews in consulting firms. In that sort of work, circumstances are more nuanced. There is no single method to approach the problem. You would prefer not to continue to adhere to textbook conventions since every circumstance is unique. They need the most intelligent but innovative representative for the work.
3.) Market Sizing Questions
Market-sizing interviews are revolved around deciding the size of a market dependent on yearly pay or the number of units sold as opposed to concluding how to fight viably against different businesses.
Market estimating questions are utilized to figure out a candidates’ capacities, particularly while recruiting in consulting firms. They would ask what market estimating inquiries during the screening to figure out who has and who hasn’t had a good knack in the business.
Anticipate that the questions should be very convoluted or specialized. It will zero in on asking you some market gauges, fundamental math, and imagination in moving toward market sizing-related themes.
How To Answer Effectively
I will emphasize again that there is no clear-cut answer in case interviews. Your future supervisor is exceptionally intrigued by how you will move approach the problem. Do you cautiously approach the problem and not jump to conclusions? Do you pose discerning questions? Are you creative in solving the problem? Are you displaying acceptable basic reasoning?
Finding the right solution is a plus. Be that as it may, you generally won’t always have the clear-cut right answer. In some cases, they probably won’t give all the data, or there are various right answers.
That said, here are some of the basics to answering your case interviews.
- Pay Attention To The Question: If necessary, even take notes. Taking notes can help later on to use as your reference point.
- Ask Questions!: Although this is a test, do not treat it as one. Instead, look at it as if it’s a legitimate problem that needs to be solved. Get all the necessary details, clarify anything that needs to be clarified.
- Strategize: After hearing the question and asking for clarifications, proceed to explain how you will approach it. It shows that you have a clear purpose in mind when solving it.
- Summarize: If you have found your solution, explain every detail on how it leads to it.
Finally, make sure that you keep practicing! Find a buddy that can help you out, and if not available, practice using a mirror!