One Step at a Time
One essential skill for consulting candidates is mastering case math. While the math itself isn't usually difficult, the candidate must handle various tasks such as determining the appropriate methodology, gathering specific data points, and performing calculations, making it more of a challenge.
A common issue I've seen is casers attempting to tackle everything simultaneously, including asking questions, mentally calculating, structuring the problem, drawing conclusions, and inevitably becoming flustered and making errors.
So, how do the most successful casers handle this? They adopt a step-by-step approach: formula, data, calculation.
Start with the formula - understand your chosen methodology. It's best to develop multiple possible approaches (e.g., bottom-up vs. top-down) and work with the interviewer to assess if any data supports a particular method.
As you progress, request the necessary data. You may receive all, some, or none of what you ask for. If you get everything, it indicates you're on the right track. If you get none, consider an alternative approach. If you get some, use your judgment to evaluate your progress. If it seems like you can make reasonable estimations to fill data gaps, stick with your approach and suggest returning to estimating later.
(Throughout this process, if a number catches your attention, state why and ask questions related to it. For instance, "Oh, the market share is higher than expected. Does the company lack significant competitors? We can revisit this later, but I wanted to flag it now.")
Only after collecting the data should you proceed with calculations and drawing conclusions.
This approach offers several advantages. Firstly, it reduces errors by keeping numbers organized and minimizing mental math. Secondly, it showcases clarity of thinking, allowing the interviewer to follow your thought process in a well-structured manner. Lastly, it demonstrates client-friendliness since you can guide clients through your thinking step by step, even if they aren't as mathematically savvy as the interviewer.
During a case, multitasking is necessary. You must address specific questions, align them with the case's overall objective, and demonstrate clear thinking. Avoid overloading your mental capacity by attempting to tackle all aspects of case math simultaneously.