After a few days you should then do the case again. This approach will enable you to make sure that you apply what you have learned and to ensure you are making progress. Conclusion McKinsey interviews are challenging because there is a lot of competition for the job. If you would like to learn a method to consistently crack case interviews, you can get started below: McKinsey Case Interview Training Programme Article update: Differences for specialist roles After we published this article we've received comments from multiple readers asking whether the different tips we give here apply for other positions than general consulting at McKinsey e.
Below, we've summarised our general guidance which will help you understand the differences at a high-level view. Specialist roles: specialists have function-specific interviews. Some of the data scientists we've worked with were also asked to solve a case in later rounds of interviews. One of our coaches is a former consultant from McKinsey Digital Labs. We have interviewed him in the following blog post , which you can read if you want to learn more about the interview process at McKinsey Digital Labs.
Implementation Consultant Implementation Consultant is a consulting role. As a result, McKinsey interviewers will test the same skills as for other consultants, including problem solving, leadership and communication skills. Or, they may cover it during a case interview, by asking you to solve an implementation-related case. Candidates for Research Analyst roles regularly prepare with our training programme. For a Data Scientist role, the interview process is probably quite different, including coding interviews with statistics and computer science questions.
For any of these specialised roles at McKinsey, we would also encourage you to double check with your HR contact to understand the exact format. Any questions about McKinsey case interviews? Over the long run, it could work on refreshing its image and company culture as well as designing new products. However, along the way, Thailand Lottery should be careful not to lose its older customers.
Recommendation Based on our initial analysis I would recommend that Thailand Lottery creates a transnational lottery for the following reasons: 1. Based on initial discussions with the three other countries, this level of jackpot seems to be a realistic option. This new product should therefore provide a strong and sustainable revenue source to Thailand Lottery.
However, there are further areas that the firm should explore before actually going ahead and launching the new product: 1. Thailand Lottery should make the necessary changes to its teams and brand image to ensure that the new product will attract young customers 2.
The company should find ways to minimise the cannibalisation between the new transnational lottery product and the other main national lottery products 4.
Finally, the company should make sure it is able to secure the financial resources it needs to launch this new product. IGotAnOffer special tip: In your recommendation, make sure you state clearly what your conclusion is, but also remember to qualify your answer and suggest additional analysis. Situation Star Production is a start-up that produces low-cost movies. Very few low-cost movies end up being very successful.
Star Production is hoping to generate profits by producing a large number of low-budget movies and betting that some of them become very successful. The company forecasts that most of its movies will be loss making but that a few of them will be big financial hits. Considering the high up-front cost of production, and the low probability of success of low-budget movies, the two friends are evaluating the best ways to finance the company.
They have hired you to help them develop a business plan that can convince investors that their model is sustainable. Your team analysed the cost structure related to movie production and summarised its results below. The results are shown in the table below. In order to evaluate how much profit the company could generate in its first year, your team also did some research on the total revenues generated by recent movies.
The table below breaks down the average revenue generated in the first year after movies were released, including revenues from theatre tickets, TV rights, and home distribution DVD and on-demand. As a result, they are worried that the company might fail to attract investors who expect to rapidly generate returns on their investments, and that it might run out of cash before becoming sustainable. How could Star Production accelerate its revenue generation? Recommendation The founders of Star Production give you a call and ask for your recommendation regarding their business model.
What would you tell them? Situation To avoid any misunderstandings, you should ask follow up questions that will help you understand the situation better. If so, how successful have they been? Prior to diving into the framework question, we also recommend that you clearly define the objective of the case. Is this equivalent to a profitable business? If so, how profitable? Has it already made any significant investments we should be aware of? Framework Once you have clarified the situation, you can prepare a framework to analyse the question.
Since the main focus of the company is on profitability, the following areas could be analysed: A. Revenues 1. Revenue from theatre tickets a. Units sold: On average, how many tickets does Star Production expect to sell per movie? Unit price: What is the average price of a ticket? What share of the ticket price will Star Production receive?
Units sold: Which channels can Star Production use to distribute its movies? Revenue from licensing a. Units sold: If the movie is successful, how many licenses does Star Production expect to sell for merchandising e. T-shirts or accessories?
Unit price: At what price can the company expect to sell those licenses? Alternatively, what share of the revenues from merchandises does the company expect to receive as royalties? Costs 1. Upfront costs: What upfront investments will Star Production need to make to start producing movies? Will it need to purchase professional filming equipment, studio space, or post-production equipment? Fixed costs: What are the fixed costs associated with running Star Production?
What would the administrative costs and fixed labour costs be? Variable costs: What is the average variable cost of producing a movie? In this category, we should include the salary of actors and staff, movie studio rental, the cost of film and other equipment. Both areas of this framework are equally important to analyse in order to get a sense of the potential profitability of the business. IGotAnOffer special tip: When the case revolves around a profitability problem, your framework will have to cover both revenues and costs.
However, make sure you are also specific with what the different revenue and cost areas are for the business at hand. These costs are therefore worth keeping under control if the company wants to minimise costs. As a result, producing the movie over a short period of time could allow the company to control costs.
As a consequence, hiring a small team will also help keeping costs low. As a result, decreasing the amount spent on marketing could hurt revenues in the long run. Star Production should therefore consider keeping a large marketing budget for its movies. If Star Production spends a lot on marketing, it is still possible that its movies will not generate a lot of revenue. In summary, there seem to be various ways to keep costs low. As a next step, it would make sense to look into long-run revenues to make sure Star Production is able to make a profit on its low cost movies eventually.
Here is a potential calculation plan to find out how many movies are needed to break even: 1. Calculate the average revenue per movie 2. Fourth, every client of a resume writing service merely looks at the resume they sent in and the version they receive back. If their new resume looks better, they are pleased.
I say looks better, because for the reasons above, it really cannot be much better in terms of content. Form is only important if the resume content is great. Excellent formatting with poor content is still a disaster. Comparing your new resume to your old resume is a flawed approach to measure quality. The interviewer does not see your before and after version. You should rather compare your best attempt to that of a top candidate from Wharton, Harvard etc.
It may make you cry when you see the competition but at least you have time to fix things. Fifth, editing resumes is a process of formatting, accumulation and then attrition. In terms of formatting, some resume formats just look better, and therefore make you look better. Format counts because it creates an impression that you are prepared well, or at least had people from the elite schools helping you prepare.
Both can only help your image. In the accumulation phase, I ask every client to add as much information about themselves that they can. I never rely on clients to filter their own life details, since they cannot always know what is important. Attrition is an important choice of words.
We next cut out the obvious clutter. The next step is critical. Rather than making massive cuts in just 1 or 2 edits, we make small changes to see how it looks. If you make large cuts to the content, it is very tough to add it back, because you forget what was cut out, and you end up perfecting what is left versus what should be left.
This editing-by-attrition-process is important since it prevent mistakes, encourages discussions which uncovers your spike and leads to a better resume.
As expected, the editing by attrition process cannot happen in 2 sessions, no matter who is editing the resume. As mentioned above, it is tough to know if the problems reside with the services you used or your own use of them. There are surely good firms, good people and well-meaning people. Note that well-meaning does not correlate to competence. That said, case interview training is the Wild West in many ways. It is unregulated. Services shamelessly promote themselves, and people do buy into the hype.
How do you know if someone is a good coach or know what they are talking about? You cannot know. Testimonials mean less than nothing. What about unsolicited testimonials in forums etc. When I read unsolicited testimonials about anything, let alone an unregulated sector, I fondly think of Enron.
It was a multiple company-of-the-year winner in Fortune Magazine no less, and everyone believed the hype. It was true then and will always be true today — people will believe whatever you tell them, despite glaring evidence in the annual reports. Doctored reports, yes, but there was more than enough evidence to see through the charade.
From just the Enron debacle we can deduce that the majority of people are not analytical enough to deduce what works and what does not. Yet, that is for a different discussion.
The point is that people will believe what they want to believe and when they want to believe it. That could not be further from the truth.
It takes discipline and effort. It always amuses that when I ask candidates immediately after their interviews how they think they did, they are never completely confident, but after getting an offer, they are adamant that it was due to x, y and z.
And those reasons always paint the candidate in the best light. Moreover, since most people cannot deduce quality, they rely on the collective wisdom of others. The problem here is that the friend is an outlier. Moreover, the friend, with all due respect, cannot know why he got it.
People bend the truth to make themselves look good. You need to unbend the distortion. If you extrapolate this willingness to follow the mass consensus to case preparation information on the internet, do not buy into the hype, and do not follow the crowd. If you are relying on others feedback, then you are delegating critical reasoning to others.
And if others were sufficiently analytical, they would not be using case interview preparation services in the first place. Ergo, they are not analytical and you should not be listening to them. I am potentially talking about our own client base here, but we also insist that our own clients take accountability for their careers and not delegate decisions to the wisdom of the masses in forums.
Just to be clear, if you do not see the benefit yourself, run. I insist our own clients ask tough questions as well. With all due respect to these firms, they are not the same as the big three and we only focus on McKinsey and BCG , and to some extent Bain. From where should you obtain information? You need to win-with-winners. Translated to case interview preparation, it means listen to and work with people who are successful in consulting firms.
Getting into McKinsey et al does not make you successful. Staying and getting promoted makes you successful. When I see someone with about 5 months to 2 years at Bain-BCG-McKinsey on their resume and no promotion, I immediately think they were managed out — usually because they were managed out, though not in all cases, but definitely the majority.
Very, very few ambitious people will leave the ultimate CEO-finishing schools, consulting firms, without trying to progress up the ranks. Why would you listen to someone who could not succeed at your target firm?
The first assumption is that you actually did very badly in the mock case interview with the McKinsey manager. Some candidates tend to exaggerate their actual performance deficit; either by design, upbringing or for attention. It was a crisis for her, and we once actually did not have the highest grade in the class.
Oh, the horror! She had to go home that weekend to be consoled by her mom. I am assuming that is not your case, even though no details are provided. The second assumption I am making is that your manager was interested in your performance and gave honest feedback.
At least this way, by providing improvement areas, they at least appear to have added value to your life. So getting this feedback is really a waste of time to you and rather disrespectful. I can quickly see a few major mistakes you are making. If you have poor technique to solve a case and you repeat that poor technique times, you are simply ingraining a poor technique. Firmsconsulting has worked with just over clients in the last 3 years.
We keep detailed records in each person. I can tell you how many cases they did with us, how many questions they asked us, how many people practiced with case partners, how many times they practiced, how many math mistakes per session, communication gaps etc. I can also tell you that the number of sessions you do is inversely correlated to your success.
That is very counter-intuitive so let me explain it. If you had a good technique, you would have done well, but since you did not, we can assume the technique is at least part of the problem. Technique refers to the way you solve cases, and I am guessing you are framework obsessed since that is the way most people work.
We hate frameworks since they prepare you for nothing useful. The other point is that cases over 6 months are tiring to do. I cannot image you are giving them all sufficient attention to extract the appropriate lessons.The obvious problem here is that people rarely mean what they say, and most people cannot write well. That means brainstorming, decision trees and hypotheses development must be studied carefully. However, make sure you are also specific with what the different revenue and cost areas are for the business at hand.
As a result, producing the movie over a short period of time could allow the company to control costs. So do not just do enough to get the offer, use the effort expended preparing for consulting interviews to learn the correct techniques. I am potentially talking about our own client base here, but we also insist that our own clients take accountability for their careers and not delegate decisions to the wisdom of the masses in forums. Framework In this situation, the following areas could be analysed: A. You have to be smart, not just work harder. Rarely does that go well.
For a Data Scientist role, the interview process is probably quite different, including coding interviews with statistics and computer science questions. Delivering your solution in a manner which does not make you look like you are in pain is a very different issue altogether. Fatigue is another problem I see and for several reasons as well. However, it is important to remember that your interviewers will be judging how you get to that answer. Revenues 1. Until you know why you have not improved, and it may have nothing to do with the services you use or everything to do with them, you should not make any more purchases.
First, it should calculate how much money it will need to raise to launch the company and what share of the company the founders are willing to give to external investors 2. Considering the high up-front cost of production, and the low probability of success of low-budget movies, the two friends are evaluating the best ways to finance the company. As a consequence, hiring a small team will also help keeping costs low. There are several reasons why it takes that long. She had to go home that weekend to be consoled by her mom. Recommendation Based on our initial analysis I would recommend that Thailand Lottery creates a transnational lottery for the following reasons: 1.
No cases in this time, no planning, no reading — a complete vacation from cases.
Any questions about McKinsey case interviews? You should ask yourself the questions your interviewer would ask you and then answer these questions out loud as if you were in the interview. It was a multiple company-of-the-year winner in Fortune Magazine no less, and everyone believed the hype.
You really want to learn the correct approaches so that you can succeed after you join, and never get managed out. Calculate the potential number of tickets sold by Thailand Lottery 2. Look at the way you do calculations and see if it is an efficient way. Any questions about McKinsey case interviews? Lack of success will lead to fatigue. We regroup and re-plan upon their return.
At least this way, by providing improvement areas, they at least appear to have added value to your life. The results are shown in the table below. If you have any questions about McKinsey case interviews, do not hesitate to ask them below and we will be more than happy to answer them. Here is a potential calculation plan to find out how many movies are needed to break even: 1. Situation Star Production is a start-up that produces low-cost movies.