Interview Preparation WorkshopFebruary 18, 2003AGENDAIntroductions & overview10 minutesStructured case15 minutesQ&A15 minutesPersonal experience interview15 minutesWHAT McKINSEY DOES DRIVES WHAT WE LOOK FOR IN CANDIDATESHow McKinsey serves clientsWhat McKinsey looks for in our peopleHelp clients develop strategies and make decisions in challenging situationsWork with client management to overcome obstacles and achieve outstanding resultsBring the best expertise to our clients through effective teamwork, including experts from around the worldAbility to solve tough problemsAbility to set and achieve challenging goalsAbility to impact outcomes and influence othersAbility to build long-term relationships with clients and colleaguesMcKINSEY ASSESSES CANDIDATES ABILITY AND POTENTIAL IN FOUR BROAD AREASProblem-solving Structure complex problemsThink creativelyDemonstrate quantitative comfortReason logicallyExercise good business judgmentAchievingSet high aspirationsAchieve outstanding resultsOvercome obstaclesDemonstrate willingness to take personal risksImpacting others Influence others positivelyBehave with IntegrityHave self-confidenceListen activelyBuilding relationshipsTake on leadership rolesDemonstrate presence and personal impactBuild highly effective teamsSeize opportunities TWO TECHNIQUES ARE USED IN ASSESSING CANDIDATES IN THE FIRST ROUND OF INTERVIEWSStructured case McKinsey day 1Personal experience interviewTeam meetingTodays focusOne-on-one verbal caseFocus on real-time problem solvingWritten case based on client studiesLonger format with last hour an interactive discussion with a McKinsey interviewerSimulates the first day of a studyBackground interviewIn-depth exploration of candidates experience, focused on the individuals contributions in 1-2 situationsCooperative exercise in which a group of candidates discuss a specific topic and come to consensusCandidates are evaluated individuallyDoes not require business knowledgeFormatAssessmenttechniquesPurposeTHE INTERVIEWING PROCESS WILL INVOLVE TWO ROUNDS 3 x 45 minute interviewsStructured cases Personal experience interviewsTests all four capability clustersRound 1All-day eventSeveral structured casesPersonal experience interviewPotentially: McKinsey Day 1Team meetingRole playsTests all four capability clustersFinal RoundAGENDAIntroductions & overview10 minutesStructured case15 minutesQ&A15 minutesPersonal experience interview15 minutesWhy give a case?What is a case interview?A problem to be solved in the context of a real-world business situationUsing logical reasoning and creativity, candidates are asked to arrive at a reasonable solutionTo evaluate the way you deconstruct a problem and communicate with othersTo observe real-time “thinking on your feet”To gain insight into how you handle ambiguityTo assess your comfort with numbersWHAT IS A STRUCTURED CASE INTERVIEW?Ability to askAbility to ask good questionsgood questionsAbility toAbility to structurestructure unclear unclear problemsproblemsClear,Clear, logical reasoninglogical reasoningCuriousCurious, , probing mindprobing mindCreativityCreativity in generating optionsin generating optionsBasicBasic numerical agilitynumerical agility/comfort with numbers/comfort with numbersPracticalPractical business sensebusiness sense, , common sensecommon senseAbility toAbility to synthesizesynthesizeAbility to see theAbility to see the big picturebig pictureWHAT ARE WE LOOKING FOR IN CASE ANSWERS?Effective Effective communicatorcommunicatorSelfSelf-confidenceconfidenceOpenOpen mindmindAbility to think through problemsAbility to build working relationshipsA GOOD APPROACH TO CASE INTERVIEWS INVOLVES FOUR STEPSEnsure complete understanding of the question/problemListen closely to problem definitionAsk questions to improve understandingParaphrase to confirm problem statementSome information may be less importantClarifyStructureDevelop a plan to solve the problemDescribe your overall approachBreak the problem into discrete pieces/issuesState crisp hypothesesUse framework only if appropriateAnalyzeConcludeRequest information and test hypothesisWalk the interviewer through your thinkingPrioritize issuesState your hypothesisAsk for a few relevant factsState findings for your analysisRefine your hypothesisProbe further if necessarySynthesis findingsSummarize the discussionDevelop overall recommendationsDiscuss trade-offsRelate back to problem statementSuggest next stepsRelax!Think dont rush to a formulaic answerPrioritize pick out the key pointsProfitsRevenuesCostsPriceVolumeFixedVariableEtc.EXAMPLE- STRUCTURING A “PROFIT” QUESTIONOTHER EXAMPLE ISSUES TO THINK ABOUT IN UPFRONT STRUCTUREWhat substitutes exist?What is the level of competitive intensity in the industry?How do competitors differentiate themselves?CompetitionWhat segments exist?How do they make purchase decisions?What specific product or service features/ benefits do they look for?Customers What are costs compared to competitors?How do they vary with volume?What are they likely to be over time?CostTHERE ARE SOME THINGS TO KEEP IN MIND WHEN PREPARING FOR YOUR STRUCTURED CASE INTERVIEWSPractice several cases to get comfortable with the formatRelax!Listen (take notes if you wish)Organize your thoughts, structure your ideasExplain your thought processWork from hypotheses (guess a little; be creative)Gather and analyze key facts dont be afraid of the numbersBe flexible with your approach if the interviewer wants to explore other areasPush for a conclusionDont let yourself get frustratedAGENDAIntroductions & overview10 minutesStructured case15 minutesQ & A15 minutesPersonal experience interview15 minutesWHAT IS A MCKINSEY PERSONAL EXPERIENCE INTERVIEW?LeadershipImpact on others AchievingThe key to a successful PEI interview is to describe in detail what you didDuring the Personal Experience Interview you will be asked to describe examples from your past that illustrate your skills in one or more of the following broad areas:WHAT CAN YOU EXPECT FROM THE PEI?During the Personal Experience Interview you will be asked to describe examples from your past that illustrate your skills in one or more of the following broad areas:LeadershipAbility to provide leadership and direction to others Does not necessarily mean you were the “official” leader Impact on others Having an impact on others through influencing them AchievingSet and achieve a challenging goalGood Example: You were a team member that was able to guide the group to overcome significant challengesBad Example: You were elected into a position but never faced any obstacles Good Example: It was a challenge to successfully influence one or more people to adopt a particular agenda Bad Example: People already essentially agreed with your point of viewGood Example: You both set and achieved a challenging goal Bad Example: You achieved a goal set by others or set and achieved a goal that was an expected part of your jobTHERE ARE SOME THINGS TO KEEP IN MIND WHEN PREPARING FOR YOUR PERSONAL EXPERIENCE INTERVIEWSPrepare, prepare, prepare (have more than one experience that you could talk about for each of the three attributes).but avoid reciting “canned” examples (answer the specific question asked)Focus on what you did, not what your team as a whole didSpeak in the first personProvide some structure for your answerBe thoughtful and self-reflectiveBe prepared for the interviewer to interrupt and redirect you through your storyAGENDAIntroductions & overview10 minutesStructured case15 minutesQ & A15 minutesPersonal experience interview15 minutes