THIS Method improved my case interview success rate by 90% | McKinsey consultant tip sharing

Summary

In this video, Angie shares her transformative approach to case interview preparation through the IMP (It's My Problem) exercise. This method involves imagining yourself as a business owner solving a problem, helping you develop structured, flexible problem-solving skills. Angie provides real-world examples, including turning around a pandemic-affected restaurant and evaluating an international expansion for iFlight Tech. The key takeaway is that successful case interviews rely on customizing your framework to the problem at hand, rather than relying on memorized solutions, and embracing the learning process with confidence.

Takeaways

• 😀 Framework is key to success in consulting case interviews—it's like the right key to a lock. Without the proper structure, no amount of effort will help you solve the problem.
• 😀 Problem-solving skills are at the core of consulting interviews; interviewers want to see if you can break down a problem logically and offer a structured solution.
• 😀 Blindly applying pre-existing frameworks is a mistake; interviewers can tell if you're not customizing your approach to the specific problem.
• 😀 The IMP (It's My Problem) exercise is a highly effective method for practicing case interviews. It allows you to simulate solving business problems on your own at any time.
• 😀 The IMP exercise can be done solo, without a partner, making it a convenient tool for continuous practice and improvement.
• 😀 When solving a business problem, divide the issue into external and internal factors to develop a comprehensive solution.
• 😀 External factors like government policies or market conditions can play a significant role in problem-solving, but internal factors like cost and revenue generation are within your control.
• 😀 Always consider both existing and new revenue streams when trying to solve business problems. Think creatively about ways to increase income.
• 😀 Cost reduction should focus on key areas like rent, staff, utilities, and furniture. Look for ways to negotiate or reduce these expenses.
• 😀 The success of international expansion should be measured by profitability, market potential, and the ability to overcome risks, including regulatory challenges and competition.
• 😀 The consulting interview is less about memorizing frameworks and more about showcasing your problem-solving process and logical thinking.

Q & A

Why is the initial framework so important in consulting case interviews?

The initial framework is crucial because it's the first step in solving a case. It acts as the 'key' to open the 'lock' of the problem. Without a solid framework, no amount of analysis will yield effective solutions. The right structure helps you break down complex problems into manageable parts.

What does Angie mean by 'mutually exclusive, collectively exhaustive' (MECE)?

'Mutually exclusive, collectively exhaustive' refers to the principle that the categories in a framework should be distinct from one another (mutually exclusive) and cover all possible options or factors (collectively exhaustive). This ensures that no important aspect of the case is left out while avoiding overlap between categories.

How can using a pre-existing framework negatively impact a case interview?

Interviewers can tell if you're blindly applying a pre-existing framework without truly understanding the problem at hand. This could result in being penalized because consulting interviews are meant to test your adaptability and ability to create customized solutions, not just memorized responses.

What is the 'IMP' (It's My Problem) exercise, and how does it help with case interview preparation?

The 'IMP' exercise involves creating a hypothetical business problem and using a framework to solve it. It can be done solo, anytime and anywhere, making it a flexible and effective way to practice problem-solving. This exercise helps candidates develop the ability to structure solutions and think critically about business challenges.

Can the IMP exercise be done alone, or does it require a partner?

The IMP exercise is designed to be done alone. You don't need a partner or case buddy, which makes it a convenient and effective way to practice problem-solving skills on your own.

Give an example of how Angie applied the IMP exercise to a real-world situation.

Angie used the example of a beloved fusion restaurant that closed during the pandemic. By applying the IMP exercise, she thought about ways to save the business, considering both external factors like government policies and internal factors like cost reduction and increasing revenue through delivery services and new business ventures.

What are some of the ways a restaurant owner could increase revenue during a crisis like the pandemic?

Some strategies include expanding delivery services, working with platforms like Uber Eats, offering community promotions, lowering food prices to increase sales volume, introducing new revenue streams like cooking classes, or partnering with other businesses for cross-promotion.

What factors should be considered when deciding if a company should expand internationally, as demonstrated with Ifly Tech?

Key factors include market potential (size and growth), competition, competitive advantages, success criteria (e.g., profitability and market share), and risks (e.g., cost of expansion, regulatory challenges, and adapting to local market conditions).

What are some of the risks associated with international expansion, as discussed in the transcript?

Risks include the high costs of expansion, the differences in market dynamics between countries (e.g., customer preferences and regulatory environments), and the challenges of complying with local laws, such as privacy and data protection regulations.

How should success be measured when considering international expansion?

Success should be measured by both profitability and the time it takes to achieve it. Market share or the ability to attract a significant number of users within a reasonable timeframe is also an important success metric.