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Are MBB interviews primarily interviewer or interviewee led? Or does it vary?

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It varies

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Bcg is interviewee McKinsey was the opposite last I checked

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If you do well enough it shouldnt feel like an interview, more of a brainstorming session with you involving the interviewer into your thinking

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What's the most important thing to get right in an interview?

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Does MBB compete mostly between themselves? Are there other firms that put up decent fights?

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