Resume & Case Interview Workshop

MIT
October 2003

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Agenda

Resume and cover letter tips

The case interview

- Questions you may be asked
- Interviewer expectations

Walk through a sample case interview

NYC Case Interview Workshop 2003-04 2

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Your resume is often the first impression a potential employer
has of you and you may only get 10-30 seconds to impress!

An effective resume . . .

Highlights your most relevant skills or

qualifications
Is tailored to the job you are applying for
Is well-formatted, spell-checked, and complete

An effective resume IS NOT. . .

A laundry list of activities
Written without regard to your audience
Sloppy

NYC Case Interview Workshop 2003-04 3

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
 Five types of information are traditionally
included in a resume
Heading Name
Permanent address, current address, telephone number(s)
E-mail address

Education Degree and expected date of graduation

Concentration, relevant coursework, thesis title (if any)
Awards/academic societies
GPA, SAT scores
Awards/academic societies

Work experience Include name of position, name of employer/activity, dates of position

Often listed in reverse chronological order
Use action verbs to describe skills utilized
- Avoid Responsible for training new staff
- Use Trained new staff, Developed training program for staff of 50, etc.
Critical skills to emphasize should include analytical, quantitative,
leadership, team player capabilities, and ability to manage multiple tasks
Emphasize presentation/communication skills
Emphasize impact/results of your roles
- Example: Secured $20K in grant funding

Leadership Same format as work experience

experience Emphasize managerial capabilities in positions held
Personal Fluency in languages, interests, computer skills
- Keep in mind anything on your resume can be a topic of discussion during an
interview so choose personal information wisely
*Bolded text highlights information which is commonly absent but very important NYC Case Interview Workshop 2003-04 4
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
But dont let the structure constrain you from
presenting yourself in the best possible light
Remember that the first items listed and those
allotted the most space garner the most attention
-Items do not need to be chronological
-Create section headings that best categorize your
experiences
-Dont automatically relegate extracurricular activities to the
bottom of your resume
-Do not over-describe less important experiences

Remember to utilize a resume format that is most

appropriate to the type of job your are applying for
-Academic and science jobs/careers are more interested in
research experience
Present your experiences in a manner which
highlights the skills and strengths Bain looks for
NYC Case Interview Workshop 2003-04 5
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Five Steps for Resume Preparation

1) Review resume samples Dont reinvent the wheel

-Web

2) Inventory your skills, accomplishments, and

experiences

3) Prepare a draft

4) Have your resume critiqued

-Get feedback from contacts in the industry you are
interested in

5) Modify resume as necessary for different types of

jobs and additional experiences
NYC Case Interview Workshop 2003-04 6
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
A terrific resume might never get read if the
cover letter is not up to par
A good cover letter . . .
Offers you the opportunity to personalize
your application packet

Enables you to clearly state why you are

interested in the company and how you can
match their needs

Allows you to direct attention to specific

skills

Allows you to answer any specific concerns

not covered in resume

Opens doors to future communication and

follow-through
NYC Case Interview Workshop 2003-04 7
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
General Format of the Cover Letter
Should be no longer than one page

State purpose of letter at beginning

-Explicitly state what position you are looking for

Briefly describe your interest in the company and position

-Demonstrate that youve done your homework and understand
the type of position you are applying for

Pick a few succinct selling points from your resume and

describe them
-Dont make laundry lists in the cover letter
-Dont simply repeat what is already stated in the resume
-Do address any potential relevant concerns from your resume

Thank the reader for their consideration and encourage their

response
NYC Case Interview Workshop 2003-04 8
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Sample action words

accomplished designed formulated mediated

achieved determined founded operated

analyzed developed headed organized

assessed devised identified presented

attained directed implemented proposed

completed eliminated improved recommended

concluded established initiated solved

conducted evaluated launched strengthened

coordinated forecasted managed supervised

NYC Case Interview Workshop 2003-04 9

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Agenda

Resume and cover letter tips

The case interview

- Questions you may be asked
- Interviewer expectations

Walk through a sample case interview

NYC Case Interview Workshop 2003-04 10

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
 Cases are based on real issues our
clients face

Corporate Business Unit M&A or

Strategy Strategy Investment Strategy

What business How does our What should we

should we be in? product gain buy/sell
market share?
Which customers At what price?
will we serve? How can we make
more money? Is a company
worth investing
How should we in?
run this unit?

NYC Case Interview Workshop 2003-04 11

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Cases have qualitative and quantitative parts

Qualitative Quantitative

Performance Why could profits be down How much more can we

related: after 2 years of growth? make in taking an action?

Why could one store be How much better should

doing better than the the bad store be?
others?

Market What marketing could work How big is the market?

related: to enter a market?
How much will we grow if
What do we have to think we make an acquisition?
about when making an
acquisition?

Use the discussion to reach a conclusion

NYC Case Interview Workshop 2003-04 12

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
 What does Bain look for?

Structured Strong Reasoning & Professionalism &

Approach Analysis Logic Engagement

Understand the Synthesize Identify and Enthusiasm

question being and filter data prioritize key and interest in
asked provided by issues as they the question
interviewer arise

Develop an Comfort with Sanity General

approach to numbers and check Does understanding
answering the ability to make the answer of the firm and
question reasonable make sense? consulting
assumptions

Always draw Ability to use Mature and

final conclusion the original confident
relating approach and demeanor
discussion to logic to sort
initial problem out a problem

NYC Case Interview Workshop 2003-04 13

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
 Cases follow key phases

Overall situation

Establish a
framework and
get specific

Run the
numbers

Make a
recommendation

Greeting & Case interview Q&A

introduction
(2 minutes) (20 minutes) (2-5 minutes)
NYC Case Interview Workshop 2003-04 14
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Summary

Create a Discussion
- Interviewer will help you identify the key issues Use the
interviewer as a resource
- Ask for clarity we are not trying to confuse you
- Listen carefully and always refer back to the overall question
- Not a test about business terms, but rather your ability to think

Use Frameworks wisely

- Structure your answer
- Be wary of frameworks that may not be relevant

Relax and be yourself

- Opportunity to learn
- We dont expect a perfect answer work with the interviewer
to reach a reasonable solution
NYC Case Interview Workshop 2003-04 15
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Agenda

Resume and cover letter tips

The case interview

- Questions you may be asked
- Interviewer expectations

Walk through a sample case interview

NYC Case Interview Workshop 2003-04 16

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Photo Case Example

Our client, a photography company, currently

makes money by selling film and photo paper

But, they have experienced declining profits over

the past five years and have hired Bain to figure
out what is wrong

Key questions:
- Why is profit declining?
- What should our client do?

NYC Case Interview Workshop 2003-04 17

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Set up a framework and communicate it

Profit = Revenue Cost

Cost = Fixed Cost +

Revenue = Quantity * Price
(Variable Cost * Quantity)

Variable Cost
Quantity = Q Price = P Fixed Cost = FC
= VC

NYC Case Interview Workshop 2003-04 18

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
The next step getting more specific

We have determined that our client is experiencing declining

profitability due to volume declines resulting from digital
substitution
As a result, the client is now considering a few new business ideas
to enter digital photography

Our client has been approached by Target in order to place kiosks

within each of their stores
Kiosks are self-serve stations
users to print their digital photos on the clients paper

How do we evaluate the attractiveness of this opportunity?

NYC Case Interview Workshop 2003-04 19

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Again lay out an approach

How big is the opportunity?

Can we make money serving

that opportunity?

NYC Case Interview Workshop 2003-04 20

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Quantify the opportunity to sell digital prints

Top Down Bottom Up

Start with large number (e.g. total Start with small number (e.g.
relevant population) and number of Target customers per
progressively narrow down day) and progressively scale up

Exact numbers are less important

Make assumptions that are reasonable
Sanity Check
It is OK to go back and refine assumptions

NYC Case Interview Workshop 2003-04 21

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Quantifying the opportunity in practice

Top Down Bottom Up

350,000 people in average-sized How many people go to a single

city Target per year?
- *10% are Target customers= 35000 - 1000 customers per day
- *10% of customers go to Target to - *400 days/yr = 400K visits per year
do photofinishing = 3500 people
How many digital prints will this
- *5% of these customers use a translate into?
digital camera = 175 people
- Average customer goes to Target ten
- *average person prints 100 digital times a year (400K/10) = 40K unique
photos per year = 17500 prints customers
- *10% of customers go to Target to
do photofinishing = 4000
- *5% of these customers use a digital
camera = 200 people
- *average person prints 100 digital
photos per year = 20000 prints

The potential demand for digital prints

in a single Target store is ~20,000
NYC Case Interview Workshop 2003-04 22
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Can we make money doing it?

Estimate sales, costs, and profits

Find the breakeven point (minimum number

needed to support cost of being in Target)

NYC Case Interview Workshop 2003-04 23

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Can we make money doing it?
(Example P&L)

Revenues
# prints * price per print 20000*$.50 = $10K

- Costs
# prints * cost per print (variable) 20000*$.10 = $2K
Cost of in-store kiosk (fixed) $1K

Profit $7K

NYC Case Interview Workshop 2003-04 24

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Can we make money doing it?
(Example Breakeven)

Fixed costs $1000

Profit per print $0.50-$0.10 = $0.40

Breakeven = $1000/$0.40 = 2500

prints

Would you put a kiosk in your

store?
NYC Case Interview Workshop 2003-04 25
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Final Recommendation

Always answer the question

Discuss real-world challenges to execute

Think and potentially discuss how you

would approach this if you had more time

If the client should not pursue the

opportunity, what else should they do?

NYC Case Interview Workshop 2003-04 26

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.
Key Tips For Success

Listen carefully and make sure to answer the question you were asked
to evaluate

If confused, ask for clarification. It will be hard to succeed on the case if

you dont understand the facts

Structure, structure, structure. Use it, it will help you

Make sure you get to an answer

Always provide logical back-up to your answers, the thought process is

much more important than the actual answer

React to verbal and physical cues from your interviewer Remember, the
interviewer wants you to succeed on the case

Be yourself the interviewer wants to get to know you

Relax, and have fun

NYC Case Interview Workshop 2003-04 27

This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.