How to Practice Case Interviews | Proven Strategies to Practice (Part 8 of 12) | caseinterview

Summary

The speaker shares insights on case practice, recommending Business Week for its concise data-driven articles. They discuss the importance of understanding business terminology and concepts, and suggest practicing case openings and closes alone or with a partner. The speaker emphasizes the value of case practice for interview preparation, using made-up scenarios to simulate real case interviews and improve analytical skills.

Takeaways

• 📚 Practice case analysis using short articles from 'Business Week' as they provide concise data.
• 🌟 'Fortune' is less data-focused and more conceptual, which can be useful for broadening perspectives.
• 📈 When practicing, create hypothetical scenarios to simulate the case interview process.
• 📊 Real case interviews will involve hard data, requiring critical thinking and precise analysis.
• 🗣️ Practice opening and closing statements for case interviews to improve structure and delivery.
• 🏥 Explore current business issues like the debate on differential internet speeds and medical bill financing.
• 🔍 Use case studies to familiarize yourself with business lingo and concepts.
• 📈 Track the growth of markets and industries to identify potential business opportunities.
• 🤝 Practice with a partner to simulate real interviews and receive constructive feedback.
• 💡 Practice is key to mastering case interviews; it helps in refining both content and delivery.

Q & A

What does the speaker recommend for practicing case interviews?

The speaker recommends using short articles from Business Week and Portfolio for practicing case interviews because they tend to have data and are more conceptual.

Why does the speaker find Business Week useful for practice?

Business Week is useful because the articles are short and data-driven, which helps in practicing analytical thinking and case structuring.

What is the significance of the LeBron James example mentioned in the script?

The LeBron James example illustrates the importance of understanding market potential and viewership, which is crucial for making strategic business decisions.

How does the speaker suggest practicing for case interviews?

The speaker suggests practicing by making up scenarios based on articles, writing down terminology that is unfamiliar, and practicing both the opening and closing of a case.

What is the importance of having hard data in real case scenarios according to the speaker?

Hard data is important in real case scenarios because it provides a solid foundation for analysis and decision-making, unlike the made-up data used in practice.

Why does the speaker emphasize the difference between made-up practice cases and real cases?

The speaker emphasizes this to highlight that while practice cases can help with structuring and thinking, real cases require precision and are based on actual, logical data.

What is the speaker's approach to reading a new magazine for case practice?

The speaker's approach is to read a new magazine, identify interesting articles, and then consider what framework could be applied to analyze the situation described.

How does the speaker recommend familiarizing oneself with business concepts?

The speaker recommends writing down and looking up terminology that is unfamiliar to build a dictionary of business concepts.

What is the purpose of practicing the opening and closing of a case?

Practicing the opening and closing helps in structuring the case analysis and ensuring a clear and impactful presentation of the conclusions and recommendations.

Why is the speaker's approach to practicing case interviews considered effective?

The speaker's approach is effective because it mimics real interview scenarios, helps in understanding business lingo, and improves the ability to analyze and structure cases.

What is the speaker's advice on how to handle unfamiliar case scenarios?

The speaker advises to familiarize oneself with a wide range of business issues and terminologies to handle unfamiliar scenarios by using practice cases and real articles.

Outlines

00:00

📚 Practice Case Preparation and Data Analysis

The speaker discusses their approach to practicing case interviews using short articles from Business Week and Fortune. They emphasize the importance of working with hard data, which is often absent in practice cases, and the need to think critically about the information presented. The speaker shares their method of making up scenarios during practice to simulate the process of a real case interview, where precise and deliberate data is provided. They also mention the risk of logical inconsistencies when making up numbers but clarify that real case data is precise. The speaker suggests practicing the opening and closing of cases, especially with a partner, and using the table of contents of magazines to select articles and determine the appropriate framework for each case.

05:01

📈 Understanding Business Lingo and Case Practice

In this paragraph, the speaker talks about the importance of familiarizing oneself with business terminology, especially for those without a broad business background. They share their personal experience of writing down and looking up terms they didn't understand, such as 'economies of scale' and 'price elasticity'. The speaker highlights the value of magazines like Business Week for understanding business lingo and practicing case interviews. They also discuss the process of practicing case closings by making up scenarios based on provided data and suggest practicing with a partner by taking turns reading and creating cases from articles. The speaker emphasizes the importance of practice, sharing a personal anecdote about how their first live interview was much smoother due to extensive practice. They also mention the use of magazines like Portfolio for detailed case practice and the benefits of practicing with a partner to refine analytical skills.

Keywords

💡Business Week

Business Week is a magazine known for its concise and data-driven articles, making it an excellent resource for practicing case studies as mentioned in the script. The magazine's focus on brevity and data is ideal for honing analytical skills, as it forces readers to quickly grasp complex business scenarios and make decisions based on limited information.

💡Case Study

A case study, as discussed in the script, is a detailed analysis of a specific situation, often used in business and law schools to teach students how to analyze and solve problems. The speaker uses case studies from magazines to practice structuring arguments and making recommendations, which is a critical skill in consulting and business strategy.

💡Data

Data is a collection of facts, often numerical, that can be used for analysis to support decision-making. In the context of the video, data is a fundamental component of case studies, providing the raw material for analysis. The speaker emphasizes the importance of understanding and interpreting data to derive meaningful insights and conclusions.

💡Conceptual

Conceptual refers to ideas or theories that are not yet concrete or specific. In the script, the speaker contrasts conceptual thinking with data-driven analysis, suggesting that while conceptual understanding is important, the video's focus is on practical, data-based problem-solving.

💡Practice

Practice, as highlighted in the script, is the act of repeatedly performing an activity to improve at it. The speaker advocates for practicing case studies to refine one's ability to analyze business scenarios and make recommendations, which is essential for success in fields like consulting.

💡Regulatory

Regulatory in the script refers to the rules and policies set by governing bodies that influence business operations. An example given is the debate over differential internet speeds, where regulatory decisions can significantly impact how internet service providers manage their services.

💡Framework

A framework in the context of the video is a structured approach or set of guidelines used to analyze and solve problems. The speaker mentions using frameworks like mergers and acquisitions or business situation analysis to organize thoughts and develop a coherent strategy for case studies.

💡Medical Financing

Medical financing, as discussed, involves providing financial solutions for healthcare expenses. The script uses it as an example of a new growth market, where hospitals sell debt to finance companies, illustrating the intersection of healthcare, finance, and business strategy.

💡Brand Name

A brand name is the name by which a company, product, or service is known publicly. In the script, the speaker uses Citibank's brand name as an asset that could facilitate entry into the medical financing business, underscoring the value of brand recognition in business strategy.

💡Growth Market

A growth market is a sector that is expanding and offering opportunities for increased sales and profits. The speaker mentions the medical financing business as a growth market with a high annual growth rate, indicating it as a potentially lucrative area for investment or expansion.

💡Differential Internet Speeds

Differential internet speeds refer to the practice of providing faster internet service to customers who pay more, as opposed to a flat rate for all users. The script uses this as an example of a regulatory issue where the speaker must consider the implications of such a policy on business strategy and customer satisfaction.

Highlights

The speaker prefers using Business Week for case practice due to its short and data-rich articles.

Fortune magazine is mentioned as more conceptual and less data-focused compared to Business Week.

A new magazine is introduced as an interesting source for case studies, despite a lack of data in one specific issue about LeBron James' popularity in China.

The importance of understanding the difference between making up data for practice and using hard data in real cases is emphasized.

The speaker suggests that about 30% of the time in a real case, the person is making up scenarios while 70% of the time involves hard data analysis.

The speaker advises to write down and critically think about hard data in real cases.

A method for practicing case interviews is outlined, which includes making up scenarios and practicing the opening and closing of cases.

The speaker shares a personal practice routine of going through the table of contents of Business Week to decide on frameworks for each article.

An example of a case framework is provided with United Airlines looking to merge, which falls under mergers and acquisitions.

The debate on differential internet speeds for customers based on service levels is mentioned as a business situation and regulatory issue.

The financing of medical bills is presented as a new growth market, with hospitals selling debt to finance companies.

The speaker recommends practicing with a partner, taking turns reading articles and making up cases with data.

The value of Business Week for understanding business lingo and terminology is highlighted.

The speaker discusses the importance of familiarity with business concepts to avoid being stuck on unfamiliar ideas during case interviews.

A closing practice example is given for Citibank entering the medical financing business, emphasizing the importance of a strong conclusion and recommendation.

The speaker shares personal experience, mentioning that practice made a significant difference in their first live interview.

The speaker suggests practicing case analysis with a partner and deciding in advance what the answer should be to guide the practice session.

An example of reverse-engineering a case scenario is provided, where the speaker decides the answer first and then creates consistent data to support it.

Transcripts

I can but actually I can't a little

secret I when I practice cases actually

people let me show you here's five

practice cases I go to the bookstore by

far Business Week

it's the best because they're short and

they tend to have data okay

things like fortune they tend to be more

conceptual portfolio so new magazine

came out a couple months ago really

interesting too I think it has like they

haven't gone through this particular

issue and I got the I got the China went

from fortune so I could do the case but

there's no more data the article is

short so LeBron James he I sort of like

the rising star in the NBA and and they

they showed these games in China and

there's like 100 million viewers per

game okay so it's like staggering right

cuz I'm pretty sure not you know forty

percent America probably wasn't watching

those games that's why I get my ideas

from I'll talk about practicing later

but I tend to sort of make these things

up when I'm practicing just to go

through the process one thing you will

find that's a little different

so the examples I'm giving I tend to

sort of sort of make them up a little

bit okay in a real case you will have

hard data okay you will have hard data

and and so maybe I would say 30 percent

of time the person is making up 70% of

time there is a lot of hard data so you

want to get it write it down

think critically about it it's not

conceptual at all so I here I'm making

numbers up and so sometimes when

logically inconsistent that's sort of a

risk of that which is fine but in real

case they're they're not logically

inconsistent they're very precise it's

very deliberate and so you should be

aware of that so I'll be happier then be

a case let's see make sure I'm just make

sure I have all my notes here

okay let's do the imbuing so actually me

skip ahead a little bit when you when

you're practicing I was on talked about

this at the end but since it's sort of

relevant when you're practicing

particularly somebody else you can

practice the opening and the close by

yourself okay so you open up this this

week look at the first article so I just

look at a table of contents and I'll

just rattle them off let's see okay

United Airlines is looking to merge okay

what kind of framework is that mergers

acquisitions right okay okay there's a

debate in the marketplace on the

internet with ISPs around differential

internet speeds so bandwidth speeds

depending on levels of service for the

customer so high paying customers get

faster deliverability under in it and

lower ones don't

what should comcast do that's that's

much more business situation regulatory

let's see another one it's actually me

explain that one what it is is sort of

like if I'm a big company paying more my

emails get delivered instantly but if

you pay less your emails take a day or

two that's what that is so a lot people

hate that it's an industry regulatory

thing that's what that is okay there's a

new growth market in financing medical

bills so you go to the doctor you don't

have insurance you have twenty thousand

dollar bill you only make fifteen

thousand a year you have no insurance

now what hospitals are doing according

to the article and money's magazines

they are taking rather than having an

in-house they're selling the debt to

these professional finance companies

okay so like a beneficial health

convenience so if you're working for

American Express should you enter the

medical financing business that's a

business situation framework right um so

this is literally I did so I just sit

there every week I go to the table of

contents not just an article which

member would I use okay next one I'm

interesting which article right that's

an interesting article which framework

would I use and I would just do that

sort of

I know sort of like is it I don't know I

just thought uh sort of I was sort of

embarrassed actually yeah so I just sit

there the coffee shop and you start

reading over actually other guy chahiye

the same thing I mean business week if

you're how many of you don't come prior

to business school did not really have a

broad business background it's with very

narrowly focus okay

Business Week lastly it's a great

magazine for understanding like lingo so

one of the things I did when I was

practicing was write down terminology I

didn't understand I was doing this was

like like 1920 right so I didn't

understand all business and so every

time there's a word like economies of

scale like what's that I mean I had that

Indy Kong one I want to go look up a

note increasing returns to scale

what's that price elasticity what that

does that mean all the senses the prices

and so I'd sort of have this dictionary

for like a page and I just started

writing them all down and and if you

have no if you don't have a broad

background business this is really tends

to touch on all these issues so you're

sort of getting get familiar with the

issues and so often what happens though

is you get a case and you just you've

never heard of anything similar to it

and so you're you're not stuck on the

analytics you're stuck on this was like

foreign the whole idea is foreign and so

you're struggling on the wrong thing and

that's just really a familiarity issue

okay so you can sort of fix that with

magnet so okay is that interesting

helpful so also on the closes when you

close a case see all these all these

business we can particularly they give

you data and they sort of tell it

sometimes I tell you what happened and

what the company did about it and so you

can sort of practice closing okay so we

should find an example so I'll make one

up so you know Ameriprise Ameriprise I'm

making up a company here Oh Citibank

okay so Citibank let's see Citibank

should enter the medical financing

business because it has a brand name

rich it has distribution to all the key

hospitals because they finance through

the receivables so there you have

relationships they have distribution and

there's it's a growing market at 30

percent per year which is higher than

the existing lines of business for

Citibank that's sort of a quick one but

you can literally just sort of go

through each one and as I'm saying it

you can practice drawing it out

start saying it verbally and again it's

always sort of conclusion inside

recommendation first three big ideas as

to why so it's just a good way to

practice and if you subscribe you get it

every week you got ten new things to

practice it's pretty useful and so

business we can think is the best one

very consistently the best one and then

next best is probably portfolio by cons

and asks they get into a lot of detail

so it's otherwise until that's articles

are too short and it's not enough mean

and then in terms of practicing you just

get a partner and you saw it this week

you read it next week I'll read it and

I'll sort of make up cases based on here

I'll have some data and so that makes it

sort of more interesting alright last

thing on practicing practice makes a

difference okay sort of mentioned

earlier to a few of you hum I had my

first live interview I practice it was

probably my thirty or forty eighth case

and mostly practice was just like this

like how would I do this if I was this

company you know and then you're going

to dinner I was a lousy date because I'm

sort of always focused on case surrounds

interview mode go out to dinner and

interesting the customers are really

interested in sushi now for whatever

reason well is their growth strategy

here well okay first of all four things

need to look at you look at a customer

or you look like a product look at that

competition in the company itself clear

this company this restaurant is really

good at catering to the young market the

customers seem to be young why they why

they why are they buying right and so me

it's pathetic said I know okay let's

talk about the NBA oh so when you

practice this is why it came to mind

when you practice you sort of want to

when your partner someone to practice

the analysis you want to figure out what

what conclusion you want that person

you're practicing with to end up with so

if I'm pretending to be the interviewer

and I'm practicing here's interviewee I

had to decide in advance what the answer

is

quote unquote and then I can make up the

rest okay so for the NBA I'm trying to

think of so the answer is they should do

it okay so that and then I can sort of

reverse-engineer make everything else

sort of somewhat consistent that would

lead people to down that road

and I would say and I would probably

refer to say I had to make it up they

should do it because it is a much bigger

market than the US I'm sorry I'm

thinking actually we're I'm thinking of

the close I want to hear right as the as

the mock interviewer and then I'm going

to make up data around what the what

data I'm going to provide so maybe it's

as an interviewer I want to say the NBA

should enter China because it's a big

market the advertising the advertising

portion of the market is growing like 30

percent per year which is great

viewership is growing like a 50 percent

per year and maybe demographically

they're all sorting by TVs some point

them

you