Case Interview PwC (Financial Services - Transaction Services)

Case Interview case study Corporate Finance Financial Services M&A PwC PwC Interview Transaction Services
Edited on Feb 28, 2021
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Anonymous A asked on Jun 05, 2018

Hey all,

My name is Marco and I am currently appyling for an internship (6 months) at PwC in Financial Services (within Transaction Services). I already had an online assessment and I have now been invited for an interview (Frankfurt) in about a weeks time. On the phone the recruiter told me, that I had to expect a case study and a "regular" interview with partners/senior managers of the team I am applying to.

It's my first interview of this type and I wanted to ask you: What kind of case study could I expect? What could it be about and how do I approach (suggestions or links very much appreciated).

Thanks a lot



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Originally answered question:

PwC Corporate Finance Technical Case

Content Creator
replied on Jul 04, 2018
McKinsey / Accenture Alum / Got all BIG3 offers / Harvard Business School


Corporate finance interviews are different from consulting and are usually much more technical and detailed in financial part. Usually, they give you much more time to prepare and do the model on paper. Depending on the company you'll need to:

  • Find the relevant information in P&L, Balance sheet, CF statement
  • Do the simplified valuation using NPV: calculate cash flows and make assumptions about growth rate and discount rate
  • Do the valuation using comps - you'll have to explain which comps you will use and why
  • Do the valuation of the synergies
  • Play with different scenarios (e.g. how the stock-price will change if the deal terms leak into media, or how should the companies behave in a bidding process)

There are two types of frameworks you may use:

  1. Commercial due-diligence of the target company
  2. Synergies calculation of two merging companies

Note also that it can be a mix of both.

1. For Due Diligence you can use the following structure:


  • Size
  • Growth rates
  • Profitability
  • Segments
  • Distribution channels


  • Market shares of competitors and their segments (see the next point)
  • Concentration / fragmentation (Fragmented market with lots of small players is less mature and easier to enter from a scratch. Concentrated market is hard to enter but has potential acquisition targets)
  • Unit economics of the players (Margins, relative cost position)
  • Key capabilities of the players (e.g. suppliers, assets, IP, etc)


  • Unit economics (Margins, costs) in current or target markets
  • Brand
  • Product mix
  • Key capabilities

Feasibility of exit (in case of a PE company):

  • Exit multiples
  • Exit time
  • Existence of buyers
  • Risks

2. For Synergies Calculation you can use the following structure:

  1. Revenue synergies - here you calculate the synergies in price and quantity (depending on the case it may be new geographies, new products, new distribution channels, bigger share on shelves crosselling opportunities, etc.)
  2. Cost synergies - typically you use a value chain structure tailored to the industry (e.g. supply-production-distribution-marketing-after sales support)
  3. Financial synergies - working capital, capital structure, tax
  4. Risks - major risks that can decrease the synergies (tip: don't underestimate the merging companies culture factor)
  5. Total synergies potential in $, adjusted by risk (probability of failure)

Good luck!

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Content Creator
replied on Feb 28, 2021
Ex-Mckinsey|Certified Career Coach |Placed 500+ candidates at MBB & other consultancies

Hi Marco!

There are a few set of questions, which you might be asked:

CV questions. Walk me through your resume OR tell me about yourself.

Why did you choose your university?

Why did you choose your faculty?

How you showed your social activity, and why this exactly?

Why do you have these hobbies?

2. Motivational questions are designed to understand your internal drivers to be a consultant

Why consulting?

Why this region?

Why X firm?

3. Behavioral questions

by being prepared for this kind of questions, you can crack similar questions in any other company:

The Entrepreneurial Drive / Drive and Achieving Question

The Personal Impact / Persuasion / Conflict Resolution Question

The Leadership / Teamwork Question

Regarding the case-solving, Here is a good preplounge article:

Start by studying this one but don't waste your time studying plain theory because case solving is all about PRACTICE.

Here are some cases you might want to check out:

For Beginner level: 

Laundry Chain - Revenue Increase

Launching Caskets in North Africa

For Intermediate level:

Grain Co-operative – Brand Launch

Case with a twist: Chinese Alloy Wheels – US Market Entry

I suggest you start with the intermediate level after you are confident with the beginner ones.

Hope it was helpful,


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Anonymous C replied on Feb 24, 2019


i came across your post and i just want to know what Kind of questions did you had at the online test and how do you prepare for it

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Vlad gave the best answer


Content Creator
McKinsey / Accenture Alum / Got all BIG3 offers / Harvard Business School
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