Consulting and Case Interviews

Consulting is all about asking the right questions. Its the evolution of thought process from the problem to possible solutions.

1. Understand the business problem : This is the first and important step. Lets take an example. We are asked to address the issue of declining profits of a large retailer. So, understand what really is the problem. Declining profits and not the revenues or something else.

2. Analyze the problem: The most important of all - The analytical skills come into picture here. Profits are declining only for client or his competitors also? Is there any increase in Costs? Is there any decrease in Revenue? What is the market trend? What is the trend in Clients profits? Are there any changes in the market through innovative selling?

3. Analyze the options : What are the options available to increase the profits? This is the next step to the above (step 2). From the analysis in step 2 we will come to know what is the main reason for declining profits is. We will decide the best possible options to increase the profits.

4. Execution of the options : How can we execute the ideas that we have got to increase the profits? Do we have the required resources? Should we put in more resources or buy? What is the rate of return for the new investment? How does this investment reflect in long term strategy?

By this time, you must have realized that case interviews and consulting jobs are all about asking and answering the right questions. It should evolve as a thought process and the practice of lots of cases makes the candidate's thought process more evolved. I have not yet started my B-School studies. I can post more on this once I get started. After all solving cases does not require an MBA. It requires commonsense and logic.