Assumptions in case interviews

Question

Hi,

What is the best practice of making assumptions during an interview?

Stating the assumption and asking if it is a reasonable assumption to make to get a green light from the interviewer?

Thanks in advance!!

Answer 1

Hi,

I assume you are writing about market sizing questions. Here is the approach:

Let's say you need to calculate the number of dogs in Manhattan

Make the assumptions based on the general knowledge or your personal experience (Use the example of your house where out of 100 apt-s 10 have dogs)
Make the adjustment of the numbers to the situation in the particular case (NY is a busy city thus fewer households have dogs, so let's assume it's 5%)
Check the assumption with the interviewer (Does it seem like a reasonable assumption?)

Best!

Answer 2

Hi Anonymous,

the key is to always be crystal clear regarding your logic and the underlying driving assumptions! This is an absolute core skill to build for the case interview, since it directly mirrors how you are expected to work with clients. So you are right, sharing your assumptions and weaving it into how you discuss and align your approach is crucial! Failing to take along the interviewer (or later, the client) is one of the worst mistakes one can make. This is far worse than small math mistakes by the way!

Cheers, Sidi

Answer 3

Hi,

You have two challenges here.

1. You need to go fast

2. You need to be clear on the assumption your taking and the rational behind

In order to combine both, I recommand to take the lead on making assumptions quickly(no need to discuss it for hours), and explain why you're making it and if this is ok for the itw to move one with it.

Best
Benjamin

Answer 4

Hi Philip, Do I understand correctly that by assessment you mean that you'll have a group case as well? Here are... (read entire answer)

Hi Philip, Do I understand correctly that by assessment you mean that you'll have a group case as well? Here are some tips for the group exercise: You will be in a group... (read entire answer)

Answer 5

Hey Anonymous, You're right -- the numbers don't matter that much. It's always good to see candidates have solid ge... (read entire answer)

Hey Anonymous, You're right -- the numbers don't matter that much. It's always good to see candidates have solid general knowledge when computing their assumptions, but it's a... (read entire answer)

Answer 6

Hi Clemens, Honestly, it depends on the case and the company you are interviewing with (at McKinsey you almost neve... (read entire answer)

Hi Clemens, Honestly, it depends on the case and the company you are interviewing with (at McKinsey you almost never have to make any such assumptions, an interviewer gives yo... (read entire answer)