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Hi there,

Can you link the actual case so that we can help you?

Additionally, a bit more context in terms of your question would be helpful!

Are you a proud member of the Cabal of Case Commandos? Let’s have a frank and thoughtful conversation about this.

When I look through PrepLounge’s Meeting Board on any given day, I am struck by a particular sub-set of candidates who, by a very specific criterion, stand head and shoulders above the rest of the pack.

In this specific criterion, they are the clear leaders!

I would even go so far as to say they’re the envy of fellow PrepLounge peers.

Perhaps some of you even aspire to join their ranks?

I refer, of course, to those PrepLounge candidates who have accrued hundreds and hundreds of interviews over comparatively short time-frames.

Think about that for a moment: hundreds and hundreds of interviews.

This means these candidates have consumed hundreds and hundreds of Cases which they can never do again.

I’ll come back to this (which is the core of my arguments today) in a moment.

I wanted to pause and share an anecdote from a candidate within what I’m calling the Cabal of Case Commandos.

This candidate said: “I am aiming to solve at least 200 Cases before my interviews!”

When I probed for the motive behind this, all I could get was that he felt that 200 Live Cases simply represented the right number to crack his final interviews.

Guys, I could not disagree more!

I disagree not only with this magic number of 200 Live Cases as a preparatory pre-requisite, but also just more generally with this mentality that more is better.

I’d like to flip this question around and ask:

AM I DOING TOO MANY LIVE CASES?

My opinion is that too many candidates are!

As we answer this question together, let us explore:

+ the ultimate objectives of Case prep.

+ the limited availability of quality Cases

+ the magic number of Live Cases for a successful preparatory effort

Ultimate Objectives of Case Prep.

In my mind, there are three over-arching goals to doing Live Cases to prepare for final interviews:

1. To become familiar with the unique interview format required to gain entry to a career track in Management Consulting
2. To develop and demonstrate a superior skill set in problem-solving as it relates to complex questions in management and strategy
3. To build up interview stamina across the core assessment metrics to be tested in the final interviews

Voila!

So, what does all this mean?

By the time most candidates come to PrepLounge, or acquire the leading literature on Case interview prep., or join a Consulting Club at one of the leading Business Schools, they are largely familiar with the Case interview format. It hardly takes more than 3-5 Live Cases to reinforce this.

So, the first ultimate objective (see above) is covered in 3-5 Cases.

Similarly, in the two or so weeks before your final interviews, you likely lean (and rightly so!) towards pacing yourselves with no more than five Cases per week (so, one a day with one or two rest days to focus on other areas of the preparatory effort) in order to keep your problem-solving skills sharpened; your energy levels and interview stamina up; and your tool kit of quantitative ability, logical structuring and synthesis, top-down and client-ready communication honed.

If you’re doing interviews across any number of firms over the course of a month, you can expect to do 20 Live Cases in this final stage.

So, we have 20 Cases to satisfy the third objective, and no more than 5 Cases to satisfy the first objective.

A grand total of 25.

If we go back to my Case Commando, we can then infer that he believes he needs 175 cases to attain and demonstrate a superior problem-solving skill set.

This number sounds waaaay too high to me!

I’ll explain.

Using the traditional MBA first year recruiting season as a reference for time-frame (a time-frame which I consider to be rather excellent both within and without the formal MBA recruiting calendar), most candidates have about four months (~16 weeks) from Day 0 to the end of the recruiting season. In many cases, that’s mid-September to late January.

If we strip out the first week (focused on objective 1) and the final 4 weeks (focused on objective 3), then, using Case Commando Carl’s objective of 200 Cases, we have 11 weeks in which to crack 175 Cases. That’s 16 Cases a week. More than 2 Cases a day. EVERY. SINGLE. DAY. For the next three months.

My explanation for why this sounds unreasonable is simply that it is quite difficult to extract quality learnings from a 3-month period in which you average 2+ Cases a day.

Preparation via Live Cases transcends well beyond the 35 minutes or so in which the Case is delivered and in which you proffer what you believe to be ‘the answer.’

An anatomy looks more like this:

Of the actual case;

• 35 minutes: the Case is given
• 15 minutes: your Case partner discusses the Case solution with you and provides quality feedback (if you’re Casing with people who aren’t doing this, find other Case Partners)
• 20 minutes (at least): you reflect on the feedback you have received and reconcile it to your own self-assessment

The rest of the time is then spent on noting what strengths you displayed in that session and how you might play to them in future sessions (and, ultimately, your final interview), along with identifying what development areas are emerging. On the latter, you want to clearly understand what these are, seek out further resources to tackle them (for example, if you’re poor at top-down, synthesised communication, you might wish to seek out literature that provides winning tips to excel at this), and develop strategies to improve upon them.

This is an exercise that, in the early weeks at least, would take hours!

You then want to do a final assessment and set goals for your next session:

• how can I be more intellectually rigorous in defining my initial hypothesis and problem-structuring?
• what can I do to be a more effective communicator?
• are there times I have missed opportunities to do sanity-checks in progress?

These are only examples, of course.

If you’re well into your Case prep., you ideally want to go back periodically and say:

here’s where I was two weeks ago:

+ good problem structuring

+ excellent quantitative manipulation

+ need more work on top-down communication

here’s where I was a week ago:

+ getting really comfortable with problem structuring (my regular Case partner who I trust says I’ve gotten better and am the best he has seen among his cohort)

+ still nailing even complex elements of quantitative manipulation

+ still need more work on communication

Self-Assessment

I NEED TO FOCUS ON RESOURCES FOR THIS WEEK THAT WILL IMPROVE MY COMMUNICATION AHEAD OF MY NEXT BATCH OF LIVE CASES.

Also, what advanced resources are there where I can practice my problem-structuring skills outside of Live Cases. This is clearly a strength of mine. I need to play it up hard!

This process then repeats itself as you go through the calendar, but already, some truth is emerging:

if we agree that the above represents an optimal way to approach the preparatory efforts, it is almost impossible to achieve any meaningful intellectual rigour at a steady clip of 2+ Live Cases every day for three months.

My take-away: an arbitrary (and rather high) number of Cases simply for their own sake will not get you the Offer.

Successfully applying a specific set of problem-solving and communications skills at a consistently high level will.

The key is to approach that high bar through a smart preparatory strategy that is anchored in measurable results that matter.

Limited Availability of Quality Cases

How many times have you done a Case (either Live or simply watched a YouTube clip of a real Case) and thought to yourself: well, that wasn’t a very good case?

In fact, I’d wager that quite a number of you have begun a Case that you eventually found so cumbersome, or so unrealistic, or so lengthy as to be counter-productive to your preparatory efforts that you gave up midway.

I can relate!

We all know an inconvenient truth: the number of quality Cases out there is slim, and the pipeline of new Cases is limited.

I do not have general numbers other than those available to me anecdotally from my own efforts, but, in spite of my monumental effort to source high-quality materials both online and off, I really only came across 50 or so good to really good Cases that positively contributed to my preparatory efforts:

McKinsey Cases: 5

BCG Cases: 7

Bain Cases: 5

Wharton Case Book: 10

Duke Case Book: 5

Rotman Case Book: 3

Case-in-Point Cases: 3

PrepLounge Cases: 4

Miscellaneous: 8

And once I did these Cases, I could never do them again.

I often came across Cases that I considered a waste of time, and others that were detrimental to my overall efforts. The last statement is important. For if I were Case Commando Carl, my 200 target would force me to waste my time and imperil my efforts about 75% of the time.

Now, I realise the 75% number is questionable (there are likely a great many more than the 50 or so good Cases I was able to find in my time), but the truth is not too far off.

Will you really have access to 100+ fantastic Cases in the period of four months or so?

Is it really wise to burn through good material as you seek to build up your number of Cases ‘solved’ at the risk of running out just as your Case strengths are emerging and you need quality material to challenge you?

I say the answer is No.

Conserve your jewels and use them wisely.

So, before I wrap this all up, what have I established?

Two things:

1. That the finite Case prep calendar does not afford enough time to bring a consistent level of requisite intellectual rigour to 2+ Live Cases a day for a 3-month stretch, and
2. That since the number of skill-building Cases does not approach 200, a plan to attempt 200 nevertheless becomes counterproductive (in my case, by what would have been a factor of 3:1)

Before we explore the third and final point in this argument, I’ll point out something else: each Live Case you tackle is only as good as the practice partner delivering it.

Are you sure you can find that cohort of trusted partners (in my time, I was only lucky to find six individuals whose Case delivery I admired, and whose feedback I found useful) who will each administer 30 Cases to you (that’s 180 good Cases if they can find them!) over a four-month period?

Magic Number of Live Cases for a Successful Preparatory Effort

Does such a number really exist?

I have good news friends: it doesn’t!

Do not complicate this already stressful exercise by introducing arbitrary targets that are meaningless.

If you achieve objectives 1 -3 (see above) in 50 Cases. Great!

If you need 90 Cases to reach that comfort level, that’s also great!

As long as you’re conscious of progress and have a clear bar you wish to attain, you will quickly realise as you traverse this path what the magic number of Live Cases should be for you.

Before I conclude on a short list of things you can start doing now to improve your preparatory efforts, I will share some unscientific data I collected during my time as a candidate.

1. Of the candidates with 150+ interviews on their profile, 100% of them performed, when solving Live Cases with me, in the bottom half of my own assessment curve based on the complete set of all candidates with whom I practised. I am in no way claiming causation. But from the small sample set (and thankfully, it was quite small), I could see no exceptional brilliance for all the Cases they had done.
2. Of the candidates with 150+ interviews on their profile, all but one of them were quite tedious to practise with. Their delivery was very textbook templated, their problem-structuring lacked imagination, and they relied excessively on traditional frameworks attempting to force them onto problems where they did not fit. They also employed lots of business jargon where such was not needed, and were altogether quite tiresome. In other words, they had become Case robots. No Consultant at an actual interview wants to assess a robot.
3. Of the candidates with 150+ interviews on their profile, most had gone through every single Case I had prepared for them.

This can be a bit frustrating if you’ve prepared up to three good Cases (which is good practice for peer-to-peer practice, anyway) and find that they’ve done them all. The other half to Casing is to observe others do the same. By so doing, you may aspire to their strengths and learn from their errors. Case Commandos routinely rob you of this opportunity.

This is a conversation.

I have no accreditation to make ultimate claims one way or the other, but I can challenge behaviour that is demonstrably counter-productive to Case prep. efforts.

As you ponder these things (and, hopefully challenge any assertions of mine that lack merit), I would like to encourage you to step-up your Casing game with the following recommendations

For Partners

1. Avoid Partners who have scheduled back-to-back-to-back sessions on the Meeting Board. A crucial component to Casing is to receiving perceptive, useful, and actionable feedback. Case Commando Carl who needs to rush off to his next session is hardly in a position to provide this.
2. Hold on to every good Case Partner you can find. In my time, I Cased with over 40 unique individuals. Only six were able to consistently contribute to sessions at a very high standard. I courted these partners by, as much as possible, being available when they needed me, and even developing friendships. 6 great partners are better than 60 crappy ones.

For Cases

1. Guard all your Cases jealously. The good ones are in such short supply. Get trusted partners to recommend good Case resources and try to administer Cases you have already done before ever venturing into Cases that are new for you.
2. Set performance targets for yourself and measure your progress religiously over the key metrics that define Case interview success for you.

Good luck and good fortune in the wars to come!

Hi Javad,

Why not?

If you want, drop me a line so that I can sgare with you an example of a good CV and cover letter with my comments inside, that will serve you as an inspiration.

Best,

André

Hi,

I have uploaded the samples of Bain and BCG written cases here, enjoy:

https://www.dropbox.com/sh/zor4m49eyx5qxal/AABeUN6mtiGkWhEklRjszX2Oa?dl=0

Best,

Dear Anna,

Asking 2-3 clarifying questions before your case solving is quite ok.

Actually no need to clarify every detail, but there are 3 main things you need to have a clear understanding about it:

1. objective of the case interview

Here the basic things you have to know about the case objective:

• What is the measurable metric of success?

• What is the time frame?

• What are potential restrictions or limitations?
  
  2. information about the company

In this chapter the main things you have to know are:

• Business model: How does the company make money? Do they sell directly to customers or do they sell through retailers or partners?

• Products and services: What products and services does the company sell? What benefits do these products and services provide?

• Geographic location: Does the company have one location or are they a national chain? Does the company operate in just one country or do they have an international presence?

3. definition of a term you are unfamiliar with

Most consulting interviews do not require you to have specialized knowledge or expertise in an industry. Therefore, if you come across a term that you are unfamiliar with, it is completely acceptable to ask the interviewer for the definition.

Best,

André

Dear anonymous,

Your feeling is really common and you shouldn't worry too much about this. The most effective way to prepare is to practice both with other candidates and coaches that can give you a reliable feedabck.
Regarding what you wrote, you don't have to try to remember something by heart. If you do that you could get in trouble, because a small difference in the statement is enough to invalidate the solution of the similar case that you are trying to remember. Plus, you would look quite academical in your resolution, without any "outside-the-box" idea.

The only thing that you should try to learn and remember are the initial frameworks, because they give you a good base to start with in the highest pressure part of the interview. Write down your own framework for each case typology and everytime that you solve a new case, test your framework and eventually enrich it with new useful segments.

Regarding the general preparation, I suggest the following approach:

• Read the Case in Point (Cosentino) in order to get a first approach with the Case interviews
• When you have read most of it, start doing cases on yourself practicing with frameworks, math and structure of the interview.
• Practice with other people (candidates/coaches)
• Read some chapters of the Case Interview Secrets
• Listen to the recordings of the LOMS program

While you are practicing for your cases, you have to consider also some time to prepare your CV/Cover Letter and the Fit Interview that is a fundamental part of the interview.
Consider that you will need around 1.5/2 months to prepare and at least 40/50 cases.

Feel free to contact me if you want to have some help to stucture your workplan.
Best,
Luca

Hello Reda,

I did the interviews for McKInsey Digital and most of the cases were standard and not related to digital. Are you applying for an experienced hire position?

Best,
Luca

Hey! I have 2 cases which are related to the oil&gas industry (although I think even if you apply in a very oil dependent nation, you can expect any kind of case):

1. Oil Co is a holding company that manages a portfolio of companies related to oil exploration. The portfolio can be segmented as: An oil rig managed and operated by Oil Co; a group of companies (including Oil Co.) that have proportional stake in an oil rig, with each company sharingcosts and profits.Oil Co. wants to increase its profitability-->what are key areas you would look at to help the company?
2. The client is an integrated oil company and controls the entire supplychain from oil wells to gas stations. They have discovered a newautomobile fuel that will increase mileage by 30%. It will also cost10% more to produce the fuel. The fuel is similar to the old fuel inevery other way.What should they do with the new fuel? Additional information:There are 5 players in the industry (including our client). They all have equal market share. The interviewer asked to guesstimate what the demand would be like. No special environment concerns or advantages from the new fuel. Under no circumstances can the client capture more than 10% of the market due to capacity constraint. Margins on old fuel are 10%

Hope this helps you

Hi Benjamine,
case preparation will be the classical one with 2 additional points to focus on:

• 80-20 prioritization: quickly navigate an important amount of data to find what really matters to the case resolution;
• Executive summary: develop 1-2 pages to present that sum-up of the problem and your recommendations.

I have a couple of well done written cases, feel free to text me for sharing.

Best,
Antonello

Hi,

Below is the answer I provided in a different thread, I hope you will find this useful:

https://www.preplounge.com/en/consulting-forum/market-sizing-case-how-many-petrol-stations-are-there-in-the-us-548

Best,

Deniz

Hi Anonymous,

I agree with Vlad and Leif on the importance of live preparation.

I would strongly recommend to find some time for p2p practice – it will drastically increase the productivity of the time spent to prepare.

You will learn not only when you do a case but also when you give it to someone else, since you will notice mistakes made by the other person and avoid to do them yourself.

In terms of general preparation, I would recommend the following:

1. Define a calendar for your preparation. Identify how many hours you have before your expected interviews, then allocate a time slot for preparation in your calendar for each day, working on the following points.
2. Read Case In Point or Case Interview Secrets for a general understanding of what a consulting interview is. Don’t focus on the structures proposed in the books though, as they are not good enough nowadays.
3. Start reading good MBA Consulting Handbooks – you can find several for free online (Insead is a good one to start). Read the cases and try to apply your structure. Whenever you see there is something missing, upgrade your structure with the new insides. Try to read at least a new case per day – in this way you will absorb a lot better the information with constant learning. Structure your remaining daily preparation with at least 5-10 minutes per day for each of the following: market sizing, fit questions and mental math.
4. After you have read the first 10 cases in books/handbooks and basic theory, start to practice live. There is a relevant part of the interview score that is based on your communication, which you cannot practice at all if you read cases only. Keep track of your mistakes and see if you repeat them. If so, try to identify the source of the mistake (feedback of experienced partners would be particularly useful for this). Be sure to focus on both fit and case. Although I understand it could be difficult to find time in your case, it would be really important to optimize your prep.
5. Once you feel you are not improving anymore, if you have a tight time constraint or if you want a realistic assessment of your level, consider using support from experts to strengthen your performance
6. Before the interview, be sure to prepare your questions for the interviewer – great way to show you prepare in advance and to connect more with the interviewer for a good final impression.

Best,

Francesco

Hi,

If you have not done any cases yet:

• Take a 1-week vacation to prepare
• If it is not an internship with a dedicated interview period, please reschedule the interview. You can't imagine how many people have failed just because they didn't take enough prep. There is absolutely no penalty for rescheduling.

Start preparations:

I recommend the following approach:

1) Start with "Case in point" book - you can download this book for free everywhere. It's not the best guide on how you should approach the cases, however, it will give you the basic understanding.

2) Start practicing cases with partners here or find them locally. !!! Find experienced partners or coaches who can provide a good feedback!!!

3) Purchase and read Viktor Cheng Book (Amazon Kindle store) and listen to LOMS (his website).

4) Start with the following cases (relevant for ATK) and apply some high-level recommendations on structuring:

1. Market sizing - structuring from the supply or demand side. Structuring using a formula or using an issue tree
2. Profitability - basic profitability framework. Remember about different revenue streams and product mix
3. Market context cases (Market Entry, New product, Acquisition, etc). Always start with the big picture "market". Finish with something specific to the case (e.g. How to enter?"). Structure it as if you are defining the work streams for the real project.
4. Operational math problem (e.g. Should we increase the speed of an elevator or just buy a second one? How should we reduce the queues? Etc.) - Structuring as a process / value chain, with inflows, operations, and outflow

Here is a good list of articles regarding the different parts of the case:

1) Start with clarifying questions:

https://www.preplounge.com/en/consulting-forum/clarifying-questions-1786#a3956

2) Communicating while structuring. Here is a long post by me on how to communicate the structure during the case study:

https://www.preplounge.com/en/consulting-forum/how-to-communicate-its-structure-for-the-case-study-1313#a2806

3) Using hypothesis. I made a post about hypothesis here:

https://www.preplounge.com/en/consulting-forum/how-to-state-a-hypothesis-and-match-to-the-structure-1156#a2268

4) Communicating while making calculations:

• Always tell the interviewer your approach
• Check with the interviewer that your approach is correct
• Come to the interviewer with some preliminary answers
• Check your assumptions with the interviewer

5) Communicating during the analysis of graphs / tables

• Take a minute to look at the graph. Read the graph title. Look at the graph type and define the type (pie chart, line chart, etc). Look at the legend (ask for clarifying questions if necessary). Identify whats going on on the graph. Look for: Trends, % structures. Look for unusual things - correlations, outliers,
• Make 3-4 conclusions from the graph. Think out loud on potential hypothesis on what could be the root cause / what are the consequences
• Prioritize the most important for your current analysis and move forward with the case

6) Communicating while having questions on creativity

• Ask an interview for a minute to think
• Think of several buckets of ideas (e.g. organic growth / non-organic growth / differentiation). Remember to think as big as possible
• Narrow down to each bucket and generate as many ideas as possible
• Present the structure (buckets) and then your ideas

7) Communicating your conclusion. You can find a good example I've posted here:

https://www.preplounge.com/en/consulting-forum/how-much-answer-first-should-the-conclusion-be-1231#a2493

8) Communicating your FIT stories

Use the top-down approach while communicating your stories. "The Pyramid Principle" is the must-read by ex McKinsey on this topic.

I recommend using the STAR framework:

• In Situation, you should briefly provide the context, usually in 1 or 2 sentences
• Task usually includes 2 or 3 sentences describing the problem and your objective.
• Then you provide a list of specific actions you took to achieve the goal. It should take 1 or 2 sentences per action (Usually 3-4 actions). Note that the interviewer can stop you any minute and ask for more details.
• The results part should have 1 or 2 sentences describing the outcomes. This part is finalizing your story - make sure it can impress the interviewer and stay in the memory.

Best!

Hi!

I believe in your situation it is extremely important to get systematic coaching from a very strong expert AS SOON AS POSSIBLE! You need to understand the difference between Coaching Sessions and Practice Sessions. The former you do with the expert, and the latter you do with (strong) peers. Usually, you should go through 2-3 rigorous coaching sessions to learn the first principles required to approach and structure cases in the right way, to quickly become independent of frameworks, and to build awareness of the process discipline and “habits” required. Then you use the practice sessions for repetition and solidifying your case muscle. Every 3-4 practice sessions you should re-iterate with your coach to polish and get rock solid.

This process normally takes about 6-8 weeks. But I have had comitted candidates who became “ready” within one good month.

By the way - the above applies to both business and non-business background candidates! In fact, if you internalize the principles of how to think about case problems, your background is simply irrelevant!

Cheers, Sidi

Hi,

I would list a number of things:

Case interview:

• Not listening to the interviewer (Forgetting the information provided, not listening to the interviewer's tips, answering the wrong question)
• Poor structure (not enough levels, not seeing the big picture, a structure not answering the question / answering a wrong question)
• Using "book structures" (3c, 4p, etc) or structures not tailored enough for the case
• The candidate is not structured enough (you are structuring in the beginning, but fail to structure during the case)
• Math mistakes (one may be ok, more than 1 - no go)
• Not communicating the math properly (you don't communicate the way you do calculations and stay silent)
• Lack of creativity (candidate cannot brainstorm creatively on solving the problem)
• Lack of top-down communication (candidate does not apply the pyramid principle in his communication)
• lack of business judgment (candidates ideas are too general / do not reflect the specifics of the industry / function)

Fit interview:

• Can the candidate talk to the client right now?
• The candidate does not look mature (outfit, behavior, language)
• The candidate is too nervous (Being a bit is ok, shaking is probably too much)
• Candidate can not provide the examples of certain traits (e.g. leadership).
• Candidate fails to answer additional questions about his stories (i.e. the story was made up)
• The candidate is not friendly / enthusiastic / shows no emotions
• The candidate stories do not differentiate from the others (e.g. Leading a team in a case competition as a lead story)

Best!

Hi,

My candidates had 3 types of cases for these roles:

• Cost-cutting cases with layoffs, outsourcing, shared service center, etc.
• M&A deals integration
• M&A deals synergies with the focus on people

1) Here is a basic structure for cost cutting cases:

Structuring:

• What is the cost composition and what are the biggest costs
• Benchmarking of the biggest costs to find the improvement potential
• Process improvements to meet the benchmarks
• Costs and benefits of the proposed initiatives

The key concepts that you have to learn:

• Internal / external benchmarking
• Idle time
• Core processes (usually are optimized) and the supporting processes (usually are cut)
• Math structures (Frequency of operations * time per operation)
• Other useful structures (e.g. people - process - technology)

2) For M&A integration cases it was about understanding what should be the approach to Merging the companies. Make sure you cover:

1. Real reasons for the deals (Make sure you cover it in clarifying questions). Criteria for success
2. Integration focus and new org structure
3. Top management team composition
4. Integration plan across different entities
5. Communication to the employees and the clients.
6. Early wins and potential integration risks

3) For Synergies cases focused on people typically you use a value chain structure tailored to the industry (e.g. supply-production-distribution-marketing-after sales support) to calculate the overlaps and savings on people. Think of outsourcing and shared services as well. Also add Risks - major risks that can decrease the synergies (tip: don't underestimate the merging companies culture factor)

Good luck!

Feel free to reach me for further help with these cases.

Best

Hello Sudipto,

the first part of this case would be only about crunching the numbers, then you will need to add some hypothesis and finally make some considerations.

----> Crunch the numbers to estimate the number of Wealthy people in each bucket

• 300/2 = 150 Million of male people
• 150/4 = 37,5 Million of male people in each bucket
• 21-40 & 41-60
  • 37,5*10% = 3,75 Million of Wealthy ppl in each bucket
• 61-80
  • 37,5*5%= 1,875 Million of Wealthy ppl

----> Add some hypothesis to estimate the addressable market of the magazine

• Assumptions on magazines' penetration:
  • 10% of the Wealthy people in the 21-60 range are interested in buying magazines: they are active people and they do not have a lot of free time to read magazines
    • (3,75+3,75)*10%= 750 K
  • 20% of the Wealthy people in the 61-80 range are interested in buying magazines: they have more free time
    • 1,875*20% = 375 K people that will buy the magazine
  • ---> Therefore 1,125 M of Wealthy people are interested in magazines
• Assumptions on features of the magazine:
  • The magazine is monthly
    • 1,125*12 = 13,5 M of magazines sold per year --> Market size in Volumes
  • The magazine has a price of 5$
    • 13,5*5 = 67,5 M$ of revenues from magazine per year --> Market size in $

----> Sanity checks and other considerations

• Remember that this is an estimation of the addressable market not the potential revenues of the company - you will need to assume a market share for those
• Remember to make sanity checks of the results - compare the results with the volumes of the other magazines
• Remember to consider the company as a whole - do not forget the other magazines (eg. cannibalization risks or cross-selling opportunities)

I hope that helps!

Best,

Guido

Dear Anonymous A,

Congratulations on advancing with your Case prep.

Regarding your concerns about concluding/closing a Case, you should almost never use the approach you described (commonly referred to as a deductive or 'bottoms-up' approach that outlines all the steps you took to arrive at your ultimate decision); rather, your recommendation should be crisp, concise, data-driven, and communicated in a manner that is inductive (or 'top-down').

The most conventional form of the inductive Case close is one that can offer a single, 'headline' action-oriented recommendation and/or opinion based on the facts and deductions derived in the Case. This recommendation should then be supported by 2-3 mutually exclusive elements discussed in the case that lend authoritative weight to the headline recomemndation and/or opinion.

One might even go further (as many good candidates do) by identifying possible risks, hurdles, and/or alternate solutions to the headline recommendation/opinion given in the case. A sort of Devil's Advocate scenario, if you will.

The entire package should be communicated in a crisp communication style that is logically sound, thoughtfully structured, and easy to follow. A hypothetical example might read something like this:

[Eighteen-year-old girl making a choice as to which of her divorced parents she would like to live with]

[Recommendation/Opinion]: It makes sense to go and live with mum in London as opposed to my dad in Dresden. Three key reasons why are:

[Supporting Elements]:

1) Educational opportunity: I've already received a scholarship to study at the Imperial College in London. If I were to move to Dresden with my dad, I would undoutdely need to give up such a fantastic opportunity.

2) Language/Cultural Barriers: London is more familiar to me, and I speak English fluently. Living in Dresden would be tougher in comparison since I've only visited briefly during my last four summer holidays, and my German is hardly sufficient.

3) Emotional Support: My mum is a very practical woman, and as an eighteen-year-old with all the attendant distractions that come with being a young adult, my mum is more primed to be my pillar of support as compared to my dad.

[Counter-case]:

I realise that I could always stay here in New York where I went to secondary school and still avail myself of similar opportunities as living with my mum in London would offer since:

a) Columbia University: I have also received a scholarship to study at Columbia University which is equally as prestigious as Imperial College, London, and,

b) Older sister: my older sister who lives in New York has promised I can stay with her and her husband if I go to Columbia. She and I are very close, and she's almost as practical-minded as my mother.

Hi,

Think of it this way - many people who apply don't have a relevant background. That also means you have to develop business knowledge prioritising the industries that are most common in cases.

1) Retail - make sure you understand key retail metrics (P&L lines, same store sales, revenue per square meter and per person, etc) and how distribution works as well as its metrics (share on shelf, etc)

2) Airlines - read about profitability issues, different routing models, cost structure, industry metric s like load factor and make sure you know all possible additional revenue streams

3) Telecom - I would read industry reports and try to understanf how telecom is transforming with internet penetration and tech innovations

4) Banking - you should know the key products in corporate and retail banking and how they earn money (Interest, commision, transactional)

5) PE / M&A - go through available case examples and read about different PE strategies

Good luck!

Samir - I understand there is a conflict of interest in me recommending this (as I am an advisor here), but frankly, given that you are just starting off, there are only few good ways to really get up to speed and understand the what's and how's of case practice:

1. If you are part of an MBA program, join a consulting club ASAP and start going through their materials and case practise scnedules.

2. Take 1-2 classes with an advisor at PL or your case practise website of choice and ask as many questions as you can and get him/her to give you a practice case.

3. This will take longer and you may have to work on finding the right quality and quantity of partners, but if you aren't in an MBA and do not wish to spend the $s for #2, then start doing case practises here at PL with other students.

Hemant