In what has become one of the most competitive interview processes, the ability to identify key problem drivers in a management consulting interview is what can make the difference between a candidate who lands a top consulting offer and one who does not make it to the next round of interviews. These key drivers are the linchpins that make or break a candidate's case analysis, impacting the direction and strength of your finalized strategic recommendations. To effectively understand these drivers is a foundational practical skill for consultants and it is imperative aspiring consultants prepare rigorously to understand how to do so. In this article, we'll delve into the strategies that illuminate the path to identifying what matters and what does not.
3 Ways To Identify Key Problem Drivers in a Case Interview
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Clarifying Questions
The case interview will introduce a convoluted business scenario for what is often a convoluted industry. Clarifying questions serve as a compass that can guide you through the ambiguity that comes with solving a management consulting case interview. These inquiries can help you as a candidate reveal what the significant drivers of the problem are in the case. An insightful question can make the difference between surface-level symptoms that many candidates will attribute the problem to and the underlying issue that needs to be resolved.
For example, if a retail company is experiencing declining sales, it would be relevant to ask whether this is unique to the company's core customer base or whether this is a problem that has scaled to the entire market. A question pertaining to this may make it valuable to explore changing consumer trends within the company versus the rest of the industry. By asking these probing questions at the very beginning of the interview, you build the foundation for an effective recommendation and framework later.
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Your Framework
The development of an analytical framework serves as a strategic means to examine a complex business challenge and identify the key problem drivers. The framework can act as a filter that sorts through a wide array of potential root causes and zeros in on the ones that have the largest magnitude impact.
From profitability frameworks that break down revenue and cost streams to market entry frameworks that break down market potential, competitive positioning, profitability, and capabilities. Each "bucket" could hold the answer to what the root cause of the client's problem is—a key step to building a long-lasting recommendation. By tailoring these frameworks to the specific client and scenario, you can avoid generic models to set yourself apart from most aspiring consultants.
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Insights Connecting Different Pieces of the Case
Identifying key drivers can be extremely valuable by helping to aggregate different parts of a case into a cohesive recommendation. By understanding how various factors or drivers influence one another, a candidate can better understand what the recommendation should be. These insights are drawn from a blend of quantitative and qualitative data, that expect you to creative problem solve beyond your initial framework. How is customer satisfaction currently impacting sales—if at all? Is this a key driver? By being very meticulous about the relationships in the core business, a candidate can be successful in identifying the relevant drivers.
What's The Point of Identifying Key Drivers?
Identifying drivers is a practical strategy skill that signals to interviewers that you possess the critical thinking, acumen, and experience to distill the most impactful aspects of some of the most complex and ambiguous client issues. Focusing on these key drivers not only saves time but it ensures that recommendations will have the largest and longest-lasting impact. This is an invaluable and essential skill in the realm of management consulting, where you are expected to identify these drivers day-to-day.
Conclusion
Understanding how to identify key drivers will not only support you in successfully landing a consulting offer but it will serve you well when you get staffed on your first engagement. These drivers inform your theories, shape your qualitative and quantitative analysis, and direct your recommendations. All in all, it is the best indicator of how you will respond to the life of a consultant. A candidate who can successfully identify key drivers will prove that they are on the right path to strategic success in and outside of a consulting interview.