I'm in the process of applying for an entry level consultant role. I'm currently doing a non-business undergraduate degree. Could anyone indicate all the financial concepts and terms I should be aware of? Thanks
Edit: I have no business background at all (History of Art major) but have decent understanding of how some industries operate but have little knowledge with basic technical words i.e. gross vs net profit
(edited)
Hi there,
When it comes to casing, be careful with the mindset of “all the x I need to learn”. The ocean is vast and we can't boil it all ;)
That said, some of the key formulas/concepts are:
Hello,
I suggest starting by reading these pages on preplounge. These are the absolute must to be able to successfully “crack” a case. Then you should also have a look into what the other coaches recommended, but bear in mind that coming from a non-business background the interviewer will likely avoid going beyond what I suggest below.
https://www.preplounge.com/en/bootcamp.php/business-concept-library/common-terms-of-business/net-present-value-npv
https://www.preplounge.com/en/bootcamp.php/business-concept-library/common-terms-of-business/balance-sheet
https://www.preplounge.com/en/bootcamp.php/business-concept-library/common-terms-of-business/income-statement
https://www.preplounge.com/en/bootcamp.php/business-concept-library/common-terms-of-business/cash-flow-statement
Hope this helps, and good luck for the interview!
There is no complete list of X things to note. The case interview process is designed for you to solve it based on your abilities and without memorizing lists.
Ian has a great list in his answer. If you are very particular on finance, aim to have a basic understanding of the following
In general know how finance works - how do different types of institutions (banks, hedge funds, crypto companies etc.) make money, what are the typical products they sell, what types of costs do they occur, what do the operations entail etc. Curiosity about the industry is much more important than memorizing lists.
Udayan
Hi!
There is a lot of content here on PrepLounge that is related to financial knowledge for case interviews.
Start from there!
Best,
Anto
