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1、McKinsey Case,Interview Workshop,FUQUA SCHOOL OF BUSINESS,October 31,NC-ZZG001-103198Shimp-RC.ppt,TODAYS TOPICS,?,Case interview overview,Purpose,Types,Suggested approach,?,Successful problem-solving,1,RESUME AND CASE INTERVIEWS,WHAT FIRMS ARE LOOKING FOR,From your resume,Work experience,?,Advanceme
2、nt faster than norm,?,Selection by superiors to lead,important projects/special,recognition,?,Evidence of leadership and,teamwork,From the case,Approach,?,Genuine interest in solving,complex problems,?,Structured, logical approach,?,Curiosity, creativity,?,Logical, probing questions,?,Synthesis and
3、conclusions,Skills,?,Comfort with ambiguity/poise,under pressure,?,Broad functional skills,?,Analytical rigor,?,Quantitative, numerical agility,Practicality,?,Judgment, common sense,?,Business acumen/instinct,?,Clear, logical communication,Education,?,Academic excellence,?,Significant leadership rol
4、es,?,Personal initiative,Outside interests,?,Athletic/cultural achievements,?,Community activities,?,Drive/perseverance,Evidence of Excellence,Problem Solving Ability,2,TYPES OF CASES,Business cases,?,“What will the impact of industry,consolidation be on company X?”,?,“Should company X enter/exit a
5、new/old,market?”,?,“How should company X react to a new,entrant?”,?,“Should company X add capacity?”,Estimation cases,?,“How big would the Ivy Gardens apartment,complex have to be for everyone on Earth to,live there?”,?,“What is the size of the skateboard market,in the U.S.?”,?,“What do you think an
6、nual residential real,estate commissions are in Atlanta?”,Responses should demonstrate,?,Big picture perspective,?,Ability to structure,?,Broad functional skills,?,Comfort with details, analysis,Responses should demonstrate,?,Comfort with ambiguity,?,Ability to structure,?,Facility with numbers,?,Po
7、ise,3,WHAT TO REMEMBER,WHEN APPROACHING A,CASE,. . . but there are wrong answers,There is no,right answer,Ignoring or forgetting important facts,Not recognizing that some material,may be extraneous,Defending impractical solutions,Force fitting a framework that just does,not work,The goal is to,demon
8、strate,“how you,think”,4,SUGGESTED APPROACH FOR,CASES,What to do,?,Listen to introduction,do not think ahead to,your answers,?,Ask 1-2 clarifying questions, if necessary;,take a few notes if you like; do not expect,every piece of data to be available,?,Organize your thoughts and structure the,proble
9、m,?,Pick one branch to probe, develop,hypotheses, ask for a few relevant facts,defend/refine hypotheses based on new,information, probe further, and describe,implications you see,?,Pick another branch and continue (Make,sure you are prioritizing your responses),?,Put it all together: try to answer t
10、he overall,question (big picture) with a reasonable,actionable conclusion,Review what you know,Clarify what you do not understand,Solidify and tender recommendation,What not to do,?,Play 20 questions,?,Assume 1 framework fits all,?,Cover 1 issue without mentioning,and prioritizing all key issues,?,D
11、ig your heels in,?,Hide from the details (or the,numbers),?,Get frustrated,?,Conduct a postmortem in the,interview,5,FIVE EASY STEPS TO BULLET-PROOF PROBLEM,SOLVING,Step 1,State the problem,Step 2,Disaggregate the,issues,Step 3,Eliminate all,non-key issues,?,Step 4,Conduct critical,analyses, porpois
12、e,between data and,hypotheses,Step 5,Synthesize,findings and build,argument,6,?,STEP 1: STATE THE PROBLEM,LEM,You must clearly understand the problem,Characteristics of a good problem,statement,A leading question or firm hypothesis,Clear statement,of problem to be,solved or issue to,be resolved,Spec
13、ific not general,Not a statement of fact or non-disputable,assertion,Actionable,Focuses on what the decision maker needs to,move forward,You are responsible for ensuring the clarity of the,problem,Paraphrase the,Problem has been clearly,problem to make,stated, and you understand it,sure you have it,
14、right,Interviewer,states the,problem,Problem has NOT been,clearly stated, or you,dont understand it,Ask questions to,clarify the issue,Step 2.,7,STEP 2: DISAGGREGATE THE,ISSUES,Why use logic trees?,Issues/hypothesis,No. 1,Subissue,Subissue,1.,To break a problem into component,parts so that,?,Problem
15、-solving work can be,divided into intellectually,manageable pieces,?,Priorities can be set among the,parts,?,Responsibilities can be allocated,to individuals,2.,To ensure that the integrity of the,problem solving is maintained,?,Solving the parts will really solve,the problem,?,The parts are mutuall
16、y exclusive,and collectively exhaustive,(i.e., no overlaps, no gaps),Problem statement,Issues/hypothesis,No. 2,Subissue,Subissue,Issues/hypothesis,No. 3,Subissue,Subissue,Suggestions,-,Describe your approach to the interviewer as you proceed. Dont assume they know what you are thinking!,- State your
17、 hypotheses as crisply as possible.,- Only use frameworks if they are appropriate -,dont force fit.,-,The ideas are important, not the framework. “I think we should look at the power of buyers and industry,competitiveness” is better than “Id like to apply part of the Porter Five Forces framework”.,8
18、,STEP 3:,ELIMINATE,ALL NON-,KEY ISSUES,Issue 1,Issue 2,Problem,statement,Issue 3,Why,?,First step in constant, interactive,refinement process,?,Focuses your effort on what is,most important,Dos & Donts,?,Always ask yourself “so what” . . .,but also ask yourself what you,might have missed,?,Tell the
19、interviewer what you are,cutting and why,9,STEP 4: CONDUCT CRITICAL,ANALYSIS,Dos,Be hypothesis-driven and end,products-oriented,“Porpoise” frequently between,hypothesis and data,Keep the analyses as simple as,you can. Be suspicious of huge linear,programs and their ilk.,Do order of magnitude estimat
20、es,before you start detailed analyses,Use 80/20 and back-of-envelope,thinking,Do not be afraid to be creative,Donts,Do not just “run the numbers”,ask,yourself “what question am I trying to,answer?”,Do not chase your tail,Do you really need to calculate the,WACC?,Dont miss the forest for the trees.,B
21、eware of “polishing dirt”,Look for breakthrough thinking,10,STEP 5: SYNTHESIZE FINDINGS,AND BUILD ARGUMENT,Use situation, complication,resolution format,and /,or,Pyramid structure,or decision tree,Situation,State the conditions,at point of problem,Main assertion,Sub-assertion,Complication,Flesh out
22、barriers to,improving situation,Sub-assertion,Supporting,data,Supporting,data,Supporting,data,Supporting,data,Yes,Action 1,Resolution,Lay out possible,solution path,Question,Question,No,Action 2,Yes,Action 3,Question,No,Action 4,11,APPENDIX: INTERVIEWING WITH MCKINSEY,12,FORMAT FOR 30 MINUTE,FIRST R
23、OUND INTERVIEW,Minutes,XII,Introduction,First round,5,Case,15-20,III,?,On campus,?,Two 30 minute,case/resume,interviews,Second round,?,Two 30 minute,interviews,?,Generally both,case interviews,Third round,5-10,VI,Resume-related,questions and,Q&A,?,In an office,?,five 30-45,minute,interviews,?,3-5 ca
24、ses,13,WHAT WE ARE LOOKING,FOR,Problem solving,?,Intellectual capacity,?,Creativity,?,Practical approach,and business judgment,?,Quantitative comfort,McKinsey,profile,Leadership,?,Personal initiative,?,Entrepreneurship,Personal impact,?,Presence,?,Empathy,Drive / Aspiration,?,Drive for excellence,?,
25、Energy,level/perseverance,14,RESUME RELATED,QUESTIONS,?,Focused Questions,“Describe a situation in which youve led,a project to success?”,“What strengths and weaknesses would,your teammates recognize in your work,abilities?”,“Describe a situation in which youve,had to overcome obstacles to reach a,d
26、esired outcome.”,Why?,Evidence of excellence,Personal growth plan,Logical career plan,Depth of preparation for interview,?,Open Ended Questions,“Tell me about yourself.”,“Why did you choose Darden?”,Why?,Clear understanding of personal selling,points,Ability to clearly communicate in a,structured wa
27、y,?,?,15,INTERVIEWING STYLES,FOR CASES,?,From one extreme ,Detailed introduction,Specific problem to be solved,A few starter facts,Lots more facts available, if asked,Conversational feel throughout the,interview,Why?,Test analytical ability,Test ability to sort out key facts and stay,focussed,?,to t
28、he other,Brief introduction,Very broad description of problem (e.g.,poor performance),Few, if any , facts available,What do,you,think” responses to most,questions,Why?,Test overall problem structuring,hypothesis generating ability,Test for creativity and business instinct,Look for comfort with ambig
29、uity,?,?,16,IMPROVING CASE,PERFORMANCE,?,?,Indirectly through classes,Policy,Strategic frameworks,Business instinct,Industry structure,Economics/finance,Variable vs. fixed cost structures,Evaluating investment,opportunities (ROI, Cost of,Capital, ),Income Statement/Balance,Sheet/Cash Flow Statement,thinking,Value chain thinking,Marketing,Customer segmentation,Channel management,Brand management,Operations,Quality,Lead time competition,Ha
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