I feel like every case is different for this. I do memorize a few buckes (e.g. operational, financial, business model factors), but I feel like it's really hard to make it fit into every single framework.
What's the best way to learn this? I'm a fan of memorizing points so I think it would be great to have some direction of the must-knows - or am I approaching this the wrong way?
Hi,
Thanks for your question.
The basic frameworks are just to help you start thinking about a standard business problem, if your problem statement happens to fit in to the standard framework. For example in a profitability case, revenue and cost would be important drivers of the profitability. However, there is no guarantee that you will get a problem statement that fits into one of those standard frameworks because consultants are expected to deal with ambiguity.
Some suggestions that can help you get started on thinking more creatively and brainstorming:
1. Don't go into an interview assuming that the problem statement would fit into any of the standard frameworks you have prepared for. If it does, good. If not, be prepared to think creatively.
2. Practice unconventional cases that don't fit into standard frameworks and a variety of cases. You can access different resources, including case books and prep lounge case resources. There are some good books such as Casein Point.
3. When you practice cases, read the the prompt and create the framework. Then see how the problem was solved to compare what you missed in your framework. The more you do it the more you will improve your brainstorming capability and confidence.
4. Allocate some time to read business news regularly to improve your business acumen.
5. Practice cases with prep lounge peers and ask for unconventional cases to get used to thinking through ambiguity.
6. Make sure you still know the standard frameworks and basic formulas so you don't lose track of those.
Feel free to reach out if any questions.
Thanks,
Soh
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