How to CRUSH consulting frameworks | Big 3 Consultants give in-depth, live examples

Рет қаралды 17,887

Күн бұрын

Neel and Rohit explain what frameworks are and why they are important to consulting case interviews and the real job. More importantly, they then run 3 live, in-depth examples of how to ask good clarifying questions + make robust frameworks. If you want to better set yourself up for success in the beginning of a case, this video is crucial.
Link to casing resources: drive.google.com/drive/folder...
1st Video in Casing Insights series: • Big 3 consultant CASES...
Timestamps:
Intro - 0:00
Overview of video - 0:34
Intro to frameworks: 1:17
How frameworks can apply to real-life (Rohit and Neel's entrepreneurial adventures!): 3:14
Recap of frameworks: 4:49
Clarifying questions overview: 5:20
Examples of frameworks! Neel and Rohit give each other cases and run through the clarifying questions and frameworks: 7:09
↳Example 1: 7:25
↳Neel's frameworks: 9:44
↳Example 1 feedback: 12:15
↳Example 2: 15:05
↳Rohit's framework: 18:35
↳Example 2 feedback: 21:48
↳Example 3: 27:14
↳Neel's framework: 31:44
↳Example 3 feedback: 34:50
General disclaimer: All views provided by Neel and Rohit are their own. Their views do not and should not be taken as those of Bain & Company.
To email us: ↳NeelandRohit@gmail.com

Пікірлер: 76

@veroniahanna2320 Жыл бұрын

This has been so helpful, especially as someone in healthcare trying to prepare for interviews in the consulting world! Thank you!

@prajwalomkar 3 жыл бұрын

Too good! Thanks Rohit and Neel! Looking forward to more amazing content! :)

@neelandrohit6490 3 жыл бұрын

Thanks a ton! Let us know if you'd like any specific content.

@estherwu9821 3 жыл бұрын

Helpful! Thank you Neel and Rohit!

@neelandrohit6490 3 жыл бұрын

Of course Esther! Glad we could be helpful

@bilalqazi7289 3 жыл бұрын

Big thanks for another casing video. This channel, while practicing cases live with others, is really all that one needs to know before interviews. One could say you both solved a problem, as consultants, in making the process simpler and more effective!

@neelandrohit6490 3 жыл бұрын

Glad to hear Bilal, best of luck with the process!

@striunguh Жыл бұрын

You make everything sound so easy!

@ivanb4879 3 жыл бұрын

A great, easy to follow case video! I hope you keep doing more.

@neelandrohit6490 3 жыл бұрын

Thank you, it's comments like yours that keep us going!

@PeakFrameworks 3 жыл бұрын

Frameworks baby! 🙌

@neelandrohit6490 3 жыл бұрын

Matt! Love your content man, and would love to do a video with you sometime (potentially comparing PE and consulting) if you're down. Otherwise, best of luck!

@bradsemmens8676 3 жыл бұрын

Loved the video guys, you have both taught me a lot. Thank you.

@neelandrohit6490 3 жыл бұрын

Appreciate it Brad! Glad you found it helpful!

@KarishmaAsher 3 жыл бұрын

This is super helpful! Thank you so much.

@neelandrohit6490 3 жыл бұрын

Thank you Karishma! Glad you found it helpful!

@benjaminfistein2026 3 жыл бұрын

Great content, guys, really enjoying your videos. A quick thought on Neel's GH framework though: I'm not 100% sure whether putting risks in a separate bucket is ever going to yield a MECE structure. There are risks associated with any consideration you'll ever make in a framework, so my personal approach would be to address them individually in each bucket rather than giving them a separate category. Theoretically this might apply to synergies as well, but I've seen this in many videos and it makes a little more sense to me to separate it. My framework would likely look a little like: 1) Financials; 2) Operational considerations (can the client execute the acquisition?) and 3) Synergies and I would mention the risks Neel pointed out as they pertain to each of those buckets. Curious to hear your thoughts on this guys.

@neelandrohit6490 3 жыл бұрын

Yes that's a great point Benjamin! Risks aren't exactly MECE, so your route is probably better.

@teeraveekhuprasert9276 3 жыл бұрын

Thank you guys, having 1st round ACI next week. Your content is really helpful and easy to understand. Please keep sharing these great videos, I'm looking forward to hearing tips more from you guys. If there is a chance, I would love to see a video on FIT interview tips for MBBs. Cheers!

@neelandrohit6490 3 жыл бұрын

Best of luck with the 1st round! We'd love to hear how it went and what other content you'd have liked to see from us to be able to prepare! And we'll have a FIT interview video coming soon actually! So stay tuned!

@shashwat4887 Жыл бұрын

Thank you so much ❤

@dcelik7 3 жыл бұрын

Great video! In my opinion it would even be better if you guys could show us your frameworks on the paper.

@neelandrohit6490 3 жыл бұрын

Great point Dora - I (Neel) definitely wanted to do that, but unfortunately I'm not at the same place our framework papers are. Once I get ahold of them, I'll scan them, put them in a Google Doc, and link them in the description

@dcelik7 3 жыл бұрын

@@neelandrohit6490 Sounds great! Thank you so much for your work.

@MH-qp4ic 3 жыл бұрын

brilliant. thank you so much!

@neelandrohit6490 3 жыл бұрын

Our pleasure! Glad you liked it

@lihenry8885 3 жыл бұрын

Great video, thank you! I wish I have known u guys earlier

@neelandrohit6490 3 жыл бұрын

Glad you enjoyed the video! At least you're here now

@margaretfrankiewicz5754 Жыл бұрын

I enjoyed watching the discussion and the brief analytical detail of things that turned into other questions that may not have been considered. I’m a bit more dramatic, I guess. Lol- when discussing ideas, but also on the whole tobacco/Mary Jane thingy, I would have been concerned about legal implications and or-damaging a brand if something went wrong. I’d suggest separate it with a new company being created to avoid legal issues down the road, since tobacco users generally do not want to be associated with Mary Jane sales. Just makes the industry not look good to customers due to former laws of not being legal. But what do I know? I’m not a consultant, just exploring the field! Thank you for your very thought provoking presentations, awesome stuff.

@MuhMuhxD 3 жыл бұрын

This format is really great, can you do more of them? :D I use your videos to prepare for my bain consulting internship interview in 3 months, and it's been great so far. Thanks for the videos!

@neelandrohit6490 3 жыл бұрын

Thanks for the comment Mike! Do you mean more framework videos or more videos where Neel and I go back and forth?

@MuhMuhxD 3 жыл бұрын

@@neelandrohit6490 Hey Neil and Rohit, please more videos where we can pause the video so that we can write down the framework ourselves. So a bit interactive... that would be great! :D

@razabadass 3 жыл бұрын

Thank you Neel and Rohit! Raza =)

@neelandrohit6490 3 жыл бұрын

Appreciate you being a subscriber!

@razachaudhry 3 жыл бұрын

@@neelandrohit6490 =)

@grassgrees6728 3 жыл бұрын

thank you!

@neelandrohit6490 3 жыл бұрын

Appreciate it James!

@cuffsandlinks 3 жыл бұрын

You guys are amazing! Would love if you can take us through your week as a consultant-only if you're comfortable btw

@neelandrohit6490 3 жыл бұрын

Great idea Rebecca - totally comfortable with it, so we'll add that to the list

@LastKungFuPanda 8 ай бұрын

Hi Neel and Rohit, before looking into the second case of entering a new market, should we not have clarified whether the client wants to investigate the decline in their current offerings (amounting to 25% of overall revenue)? like where does that question come in?

@DarrenSish 3 жыл бұрын

Loved the content ! Could you guys make a video on guesstimates as well.Cheers

@neelandrohit6490 3 жыл бұрын

We'll add it to the list, thanks for the suggestion Sridhar!

@raktimpoddar6185 3 жыл бұрын

@24:27 you are pointing out an important issue of not showing the framework to the interviewer, but with all the interviews going virtual, how can I solve it as it's pretty difficult ?

@neelandrohit6490 3 жыл бұрын

Good question - in my opinion (Neel here), I think the best way is by being incredibly precise in how you deliver your framework. I mention it in several other videos, but doing things like first overviewing your framework ("I want to take about 3 thing - the 1st is profitability, the 2nd is the market, etc...) and then deep diving. The goal is to talk about it so clearly that someone could write down your framework just by listening to your voice.

@Matt-jb8px 3 жыл бұрын

Hey guys! Just stumbled upon this video and I think it was great! Was wondering maybe if you could offer an intro series for those like me who know extremely little about consulting? I think that would be super helpful to refer people to instead of having to answer simple questions often!

@neelandrohit6490 3 жыл бұрын

Great idea Matt! Could you check out some of our first videos (links below) and let me know if they answer your questions?? And if they don't, we've love to hear what questions you still have and add those video ideas to our backlog Links to our intro series videos: What do MBB consultants actually do: kzfaq.info/get/bejne/is1zacaVurXFj5s.html 3 steps to get into MBB: kzfaq.info/get/bejne/d751dZV0yNGVlX0.html

@neelandrohit6490 3 жыл бұрын

Hey Matt, that's a great idea. Have you checked out our 3 steps you need to know for consulting video? Anything you would add on top of what we've discussed there?

@sidneychan2134 3 жыл бұрын

Great insights! I've been practicing drawing up frameworks to different cases myself lately but found it hard to gather my thoughts then nail everything down on a piece of paper within 2-3 minutes, feel like I'm taking too long to structure my framework. How can I improve on the efficiency? And how long should I aim to structure my framework, especially with less generic cases and industries that requires you to think more thoroughly? Thanks in advance!

@neelandrohit6490 3 жыл бұрын

First off, that's awesome your practicing like that Sidney - I know it'll pay off! As for being efficient, I think that means you might just need to focus on being more 80/20 (like I mention briefly in the video). Basically, really hone in on the most important places you think the answer will lie and just make a side note / small mention of the ancillary pieces. I think 2-3 (you might be even able to stretch to 4 if your interview seems to be on their laptop responding to emails or something haha) is a good amount. But really, it's just about the feel of it. Hope this all helps!

@sidneychan2134 3 жыл бұрын

@@neelandrohit6490 Thanks a lot for the tips - hope to see more casing videos from you guys!

@janakpadhiar1296 3 жыл бұрын

thanks for your content, have 1st round in 2.5 weeks and come from social sci background, so appreciate the videos - trying to find a buddy to prep with but been in lockdown in the UK, any suggestions for this?

@alishadad6233 3 жыл бұрын

Hey, I have a case interview coming up - also in the UK, would you be interested in prepping together?

@neelandrohit6490 3 жыл бұрын

Glad to see the comments section working!

@lancecheng 3 жыл бұрын

Hey Neel and Rohit! The framework I had for this was: 1. Value of GB (profitability, capabilities, brand & product) 2. Value of HD 3. Value of GB+HD (under which I had synergy, risks, financials) Is this framework too long and complex? I based it from a Victor Cheng framework. How do you decide how to make the framework more simple and specific to the client?

@neelandrohit6490 3 жыл бұрын

Hey Lance, so the framework isn't too long or complex. I think it's missing a few things though. The first thing is you'd want to see what the financials of the deal are. The second thing is you'd want to figure out if they can execute the acquisition (operational considerations). The third thing is that within synergies, you'd want to mention revenue and cost synergies.

@CaseWithFox 3 жыл бұрын

Great content! My channel is similar on case interview practice, glad to see so many ppl are helping out on the application process!

@neelandrohit6490 3 жыл бұрын

Awesome content Fox! Best of luck

@CaseWithFox 3 жыл бұрын

@@neelandrohit6490 Thank you!

@salmanmasood9769 3 жыл бұрын

Great work. Is there any case study available for Audit interviews by Big 4 (PwC, Deloitte, EY and KPMG). They have just introduced case interviews very recently. I want to confirm how different are they likely to be from consulting interviews. Appreciate your views. Thank you.

@neelandrohit6490 3 жыл бұрын

Hey Salman, thanks! I'm sure there are out there, but given that Rohit and I never applied for audit interviews or the Big 4, we're less knowledgable there. I'd recommend seeing what Google has to say. With a quick google, I found this article which seemed promising. Best of luck! big4careerlab.com/67-big-4-interview-questions-answer/

@asishjoshi5774 3 жыл бұрын

excellent content @N&R! Thanks a ton! Now as these MBBs have started to recruit techies too.. does their interview preparation need a different strategy than 'management consulting' interviews? As you might have guessed it, I am a techie :)

@neelandrohit6490 3 жыл бұрын

Hey Asish - totally true! All of these firms are recruiting more and more data scientists, etc. If you're referring to the interview prep needed for one of these data science roles, the preparation will definitely be different than for a "normal" consulting role. It may perhaps combine technical and business-related questions, but I'm not 100% certain of the exact breakdown or nature of questions. However, we will seek to bring someone on the channel to help answer these questions!

@asishjoshi5774 3 жыл бұрын

@@neelandrohit6490 Thanks a lot! Can you share a few frameworks useful for IT/digital transformation perspective?

@annymak8159 3 жыл бұрын

Thanks a ton for the video! I know some online resources emphasize the importance of always having a hypothesis or telling the interviewer your hypothesis as early as possible. How would you guys advise on this?

@neelandrohit6490 3 жыл бұрын

Hey Anny, I (Neel here) having a hypothesis and continually refining it as you get more and more info is a good thing! It forces you to continually go back to the big picture and think through how details of the case impact the overall answer. Of course, there may be some times really early in the case where you can't make a reasonable hypothesis, so don't feel pressured to in those situations. Does that help? Please let me know if not! And I'll make sure to reply faster than 1 month haha

@neelandrohit6490 3 жыл бұрын

Hey Anny, this is a great point. I think having a hypothesis is important and showing the interviewer that you're trying to prove/disprove a hypothesis throughout the case is really valuable. After the framework portion, I'd probably say something like "So my current working hypothesis is that the problem is in the revenues portion because xyz reason. Do you think that's a good place to start?"

@gokceperdeli3939 3 жыл бұрын

Great content thanks! I was wondering how would last case proceed? Would you be giving numbers regarding investment etc? Also, is it possible to upload a content regarding must have excel skills, tools etc. to be encountered on data analysis, or some excel case studies on consulting interviews? It could be on complex data and graph interpretions as well Thanks guys☺️

@neelandrohit6490 3 жыл бұрын

Great question! So the last case would proceed by the candidate figuring out the synergies between the businesses and seeing if the two companies combined would make more money than if they were just individual companies. This is something that's super important in any M&A case. You don't need to know Excel for the case interview - that's something they teach you on the job. But you do need to know how to interpret complex graphs for the case. This is something we can make a video on in the future!

@shilpasundar3812 Жыл бұрын

Great video for new aspiring consultants to learn! One question: Now that everything is online, how do you suggest an interviewee circumvent the need for an interviewer to view the interviewee's notes? Do you suggest writing it on the screen?

@neelandrohit6490 Жыл бұрын

Hey Shilpa - thanks for commenting and glad to hear. Good question. Regarding communicating your thoughts or framework to an interview during an online interview, there's two things: 1. You can still try to show them your notes by holding up the paper to the screen (if the quality of your video and your notes is good enough). 2. [probably more important] Be very clear when explaining your framework. I'd recommend you watch any of the several live case videos we have to see more of what I mean! You can find them here: kzfaq.info/sun/PLRqCkzyWUGvv8YZCgzu-LeExp3euLZzTY

@shilpasundar3812 Жыл бұрын

@@neelandrohit6490 This is great. I love it when consultants give structured answers even to simple questions. #lifeofaconsultant :D Thank you for writing back. This is amazing what you guys are doing. I am pretty sure it helps many newcomers in the consulting world like me.

@raktimpoddar6185 3 жыл бұрын

After clarifying questions , how much time usually a person should take to build his/her framework?

@neelandrohit6490 3 жыл бұрын

Good question Raktim - it really depends on how much time you think you need to be honest. I'd say it's more of a feel kind of thing, but if you really wanted me to be specific, I'd say between 1 - 2 (maybe up to 3) minutes

@raktimpoddar6185 3 жыл бұрын

@@neelandrohit6490 thank you for the quick reply , much appreciated