The Cases in interviews are usually based on real client engagements and the companies usually pick Cases to use in interviews that have clear recommendations from the analysis. Also, think about how the recommendation would vary depending on what the numerical result was? The FastMath Ace the Case Online Course has a detailed solution method for this problem and discusses in further detail how to take the quantitative result of the analysis and make case-specific recommendations — i.
Your client Consumer Co. They distribute primarily through retailers, and conduct all their manufacturing in the United States. Their profitability has been reduced over the past few years because a foreign competitor Foreign Co. Your team has gathered cost data for both firms, which is shown below.
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Question: What is the relative cost structure for Foreign Co. How is this information relevant? Your client manufacturers and distributes analog medical image equipment e. They have long-term contracts with many hospitals. They have seen prices and margins decline as more and more imaging moves to digital imaging, away from consumption of analog imaging. What was the net percentage change in the Price of Film over the same time period?
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What is the approximate annual percentage change in the Price of Film? The rate of Price decline has a significant impact on the strategy this company should pursue, and how they should pursue it. Most MBA students I have given this problem to have trouble calculating an accurate answer without a calculator.
FastMath Ace the Case f will show you how to calculate the answer to this problem quickly and easily, without even calculating the Revenue from Film, or the Price of Film, 10 years ago. How is this possible? Your client is considering opening a number of MRI scanning clinics. The table below shows annual costs for a single unit of these and other line items required to run a clinic.
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The entire purpose of a Breakeven Analysis is to quickly estimate whether the Breakeven Quantity is realistically achievable. You might need some additional information in order to determine this. An outstanding interview candidate would proactively identify the additional information you would need in order to answer this question and ask the interviewer for this information. Proactively doing this type of analysis shows you can anticipate questions and interpret results, and is usually viewed positively by interviewers.
Based on this information you can determine that you would need to complete 60 Scans per week, which is 30 Scans per machine per week since there are two Scanners. Since each scan is less than an hour, and the center is open about hours per week, this is easily achievable as long as sufficient customers can be attracted. How much profit would an MRI clinic generate annually if it were open from AM — PM, seven days per week, and operated at full utilization i.
Another common Case Interview question is to estimate the Market Size i. This is only a small sample of potential Market Sizing questions. The interviewer could ask you to estimate the market size for any product category in any country or geographic region. Interviewers are most likely to ask candidates to estimate the Market Size of products in the country in which the candidate is interviewing or in other local countries with large economies, in industrial countries e.
FastMath Ace the Case has detailed video explanations of how to approach Market Sizing and estimation problems, and how to efficiently perform the required calculations. Of course, the closer you are, the better, but there is a tradeoff between speed and accuracy. Even answers within 10 x are often useful for clients.
A common Case Interview problem is to be given annual Revenue for a company or a Product Line and an annual percentage growth rate, and then be asked to estimate Revenue at some point in the future, or some point in the past. The growth rates can even vary over time. What was the net change as a percentage in PCs sold over that 10 year period?
The short answer is that strong math and quantitative skills are essential skills for Management Consultants. Clients frequently engage Management Consultants to develop recommendations that will maximize profitability or valuation for the client.
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To do this Management Consultants perform comprehensive quantitative analysis and model the financial results of a range of options the client could pursue. Therefore, the ability to perform quantitative analysis on data and develop insights and recommendations based on that quantitative analysis is a critical skill for Management Consultants. In addition to being able to perform quantitative analysis, effective Management Consultants need several additional quantitative skills. Having these skills allows Management Consultants to collect only the data relevant to the problem, and to determine what additional data is needed beyond what is currently available.
Companies will usually work with a specialized firm like an advertising agency, PR or communications firm for these needs. Historically, Management Consultants have not been very involved in the creative aspects of Product Design. Management Consulting firms are generally not involved with the creative aspects of advertising.
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Since quantitative skills are required to be an effective Management Consultant, Management Consulting firms naturally assess these skills in their interviews. Leading Management Consulting firms also have a surplus of qualified candidates, which would be magnified if the consulting firms did not eliminate people for having sub-par quant skills or did not include quant skills in their overall assessment of a candidate.
Management Consultants are often hired to provide advice on the best course of action, which naturally requires modeling the expected financial impact of each of these actions. Many of the quant problems in Case Interviews therefore ask candidates to calculate the financial impact of various actions and select the best option considering all information available.
Be aware that, in Case Interviews, you cannot use calculators or spreadsheets. There are a number of reasons calculations must be done without calculators or spreadsheets. Since clients are paying a lot of money, they expect the consultants they hire to be able to do basic math without making mistakes. Consulting firms would therefore lose a significant amount of credibility if their consultants make numerical mistakes in front of clients. Quant skills are only one of the skills assessed in Case Interviews.
As a candidate, you are evaluated on your overall combination of skills and your perceived potential. The goal of Management Consulting firms is to find the set of candidates with what they perceive are the best set of skills overall. At other firms, such as McKinsey, if you can demonstrate very strong quantitative skills, it will differentiate you from other candidates.
The quant problems from these firms can be more complex, which allows candidates with strong quant skills to fully demonstrate their ability.
The relative importance of quantitative skills in the Case Interview varies by firm, office and the individual interviewer. Ask yourself 3 questions:. Imagine that you were asked to estimate the market for ceramic tiles. You have to ask yourself the following questions:. Imagine that you were asked to estimate the number of cows in your country. In this case I we will try to do exactly this. There will be examples from FMCG, retailers and service companies. Imagine that as a consultant you were asked to analyze your client situation- FMCG producer that is using different channels of distribution.
How would you check whether his using the right mix channels. If you work for a retailer one of the most useful analysis is to check whether there is still potential to growth and how big it is. In this lecture I will show you 2 ways in which you can estimate how many shops you can open in a specific location, city, province.
One approach will be concentrated solely on the number of shops whereas the second one will also take into account the size of shops.