I'm prepping for McKinsey case interviews and their other problem solving tests. Do I need to brush up on my micro/macro economics formulas?

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Only formula I find useful for cases is profit = revenue - costs. Beyond that, you shouldn't need any formulas.

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OP asked what was in the interview. I assume most of the people answering have interviewed or gotten offers.

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None of the MBB interview I had (a few years ago) had anything aside from basic profit formulas. Calculations are generally very case specific and not some memorized formula

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Okay next q: how would you define best assuming I'm going with a work experience? Would it be the one with the best measurable results or the one that i can tell with the most passion? Should I be worried about describing a project with subject matter that could be considered 'beneath' McKinsey?

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You may be asked to do some lagrange multipliers, so brush up on that

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OP- what is your tenure? I can't speak to the internal McKinsey evaluations, but I am involved in BCG recruiting and I imagine we assess the stories in a similar way. These are an excellent opportunity to differentiate yourself/ create memorable impressions in a process that can become long and repetitive for the interviewer. If you have any stories from outside of work that demonstrate key skills (grit, tenacity, leadership,etc), I would use those.

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Think about how businesses match sources and uses of capital -- tracking ROI on activities, ventures, new products; think also about marginal cost / marginal revenue -- has interesting implications for intellectual property sales, e.g., marginal cost of next software license is zero.

I ran into a practice test problem that seemed like it required me to calculate future value assuming a steady growth rate over X # of years. On the job I would just use excel formulas in a table of course but without a computer, I'd need to use one of those compound growth rate formulas I think

Maybe I'm being paranoid

That would be incredibly weird to see in an MBB case. Tons of folks at the undergrad and MBA level with basically zero Econ background. Intuitive understanding of what D1 said, yes. Precise formulas never.

Rule of 70 is pretty useful. Or you can just go YoY with whatever growth you're projecting out

I guess knowing how to discount cash flows is a formula I used. But everything is pretty straight forward if you think about the fact that these cases are made to replicate similar questions we get asked on our projects. Understanding the value of decisions you are recommending is at the heart of any calculation.

This was practice for one of the apptitude tests they give online so maybe I was supposed to use excel

No. but be able to rationally relate macro/micro theory into potential recommendations. know percentage growth, year over year growth, break even, profit, percentage of total, and (oddly enough) be up on your times zones

I'd be more worried about their fit questions. Very different from other firms.

A1-Can you elaborate please?

"Personal experience interview" -- one, single question where you tell a story responding to the question and are peppered with questions while you tell your story. Not your typical behavioral interview format

It's like an interrogation. Make sure you have a response for any question possible. They'll probably ask all of them....and then a few more.

So I'll mention a project from work for example and they will pepper me with behavioral questions about it in search of red flags?

Yeah...but I wouldn't use work as an example unless it very strongly differentiates you. Just about anyone can talk about a work example

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