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+ Case Starts
Many people struggle with getting started: thinking about the key issues, asking the right questions and
crafting their structure. This section was designed to help you with your case starts.
Some cases are very vague and broad: “Here’s my problem. What do I do?” With cases like these
(more common to BCG and Bain & Company) you need to take great care in drawing your structure.
Also, with BCG your structure should be “hypothesis driven.” A hypothesis is the assumed answer.
“Hypothesis driven” means you need to consider the case from the answer.
Other cases are: “Here’s my problem. I want to you to determine market size, price, breakeven and
profits.” These are less structured cases because the interviewer has given you a laundry list of
information to determine (more common to McKinsey). Keep in mind that you don’t necessarily have to
answer the questions in the order in which they are given. One mistake candidates often make is to
quickly jump into calculating the market-size. Determining the market-size first is probably the right thing
to do 80 percent of the time; however, you need to make sure that you have enough information to figure
it out. If it is a new product, make sure you know the price. If you don’t know the price you can’t accurately
determine market size. You’ll probably also want to know about product differentiations as well. When
the interviewer gives you a list of issues, oftentimes you can take the opportunity to quickly draw up a
final slide. It will act as your structure, a scorecard for the interviewer to follow, and your summary. You’ll
see an example in the pages that follow. Also, read more about final slides on page 29.
Keep in mind that some frameworks are as simple as short-term and long-term; and internal and
external. Take a step back and look at the big picture. Don’t try to force it and don’t use the same
structure all the time. I’ve seen many students use P = R - C as their structure for every case. To me that
is the same as using one of the cookie-cutter frameworks like the 5Cs or 4Ps. They have, in fact, turned
the profit formula into a check list. By doing so, they’ll lose points for lack of creativity, imagination, and
intellectual curiosity.
With all cases you should summarize the case, verify the objective, ask clarifying questions and then lay
out your structure. (See the “The First Four Steps” section in the Ivy Case System chapter on page 32.)
There is one exception, the profit and loss case. With a P&L case you lay out your structure before you
ask the questions. The structure for a P&L case is E(P=R-C)M. This is the only structure that is set in
stone; all others should be handcrafted (see “Improving the Bottom Line: Profits” in the Ivy Case System
chapter page 43).
To get the most out of this chapter, read the case out loud pretending it is a real interview. Make an
audio recording of yourself as you work through the first few steps, summarize the case, verify the
objectives and asT Tey 1 2 es t: T siWrite h or draw out your notes as you would in a real interview and
then compare your notes to those found on the following pages. It’s okay if they don’t match up.
Remember, there are no right answers; the interviewer is looking to see how you think, how you structure
your thoughts and how you communicate. Play the case start back and listen to the speed, tone and
confidence level of your voice. At first you’re not going to be happy, probably downright embarrassed,
but the more you practice the stronger you become.