MBA Consulting Interview Prep Guide — Practical & Realistic (v2)

This is a no-nonsense, drill-ready playbook designed to translate practice hours into actual
interview performance.

Everything is structured to match how partner interviews feel: fast clarification, tight structure,
clean math, sharp synthesis.

Use it as your daily plan, reference manual, and mock-interview script library.
0) How to Use This Guide (Daily System)
Run a 90–120 minute daily routine: (1) 20 min Fit rehearsal; (2) 45–60 min Cases (1 full or 2
mini); (3) 15 min Math/Guesstimates;

(4) 10–15 min Review. Rotate with peers: candidate → interviewer → observer. Record audio.
Capture mistakes and convert them into micro-drills.

Aim to improve one tiny behavior per session (e.g., 'always restate objective before
structuring').
1) FIT / Behavioral — What Interviewers Actually Grade
Interviewers listen for: clarity, ownership verbs, measurable outcomes, credible reflection, and
brevity.

Your goal is to sound like someone they'd trust in front of a client tomorrow. Stories should be
60–90 seconds, expandable on demand,

and numerically grounded (even for non-quant roles).

1.1 Tell Me About Yourself — Template + Example
Template: Past → Spike → Present → Why consulting → Why this firm → Close.

Example (structure only): 'I started in __ where I delivered __%. I built a spike in __ (proof: __).

Today I __. I want consulting for __, and your firm because __. Happy to jump into the case.'

Keep it crisp; remove childhood autobiography; add one tangible proof of your spike.
1.2 Story Bank — 8 Anchors You Must Have
(1) Leadership without authority; (2) Turnaround under time pressure; (3) Analytical deep dive
→ decision;

(4) Ambiguity & prioritization; (5) Conflict with stakeholder; (6) Resilience after failure; (7)
Initiative beyond role; (8) Impact at scale.

For each: write CAR bullets, a 90-sec version, and two 30-sec follow-ups (risk you took; what
changed).
1.3 Hard Questions — Answer Patterns
Weakness: pick a trait that previously cost you; show system to mitigate (calendar blocks,
checklists, peer reviews).

Conflict: show empathy + options → decision; avoid villain narratives.

Ethical gray: surface the policy, the stakeholder map, the escalation path, and the
documentation you kept.
2) Case Operating System — The 5-Step Loop
(1) Clarify objective, metric, and scope; (2) Structure with 2–4 tailored buckets; (3) Drive analysis
and math aloud;

(4) Brainstorm trade-offs across alternatives; (5) Synthesize: recommendation → numbers →

risks → next steps.

Treat the interviewer as a collaborator; narrate, but do not ramble.

2.1 Clarifying Questions — High-Yield Targets
Confirm: success metric and time horizon; segmentation; geography; constraints (capex,
headcount, regulation);

current economics (price, volume, margin); capacity; competitive situation; and any
non-negotiables.

Earn trust early by pinning the target clearly (e.g., 'return to ₹X Cr profit in 12 months while
keeping churn < 5%').
2.2 Structuring — MECE Without Memorizing
Think in menus: demand vs supply; revenue vs cost; internal vs external; value chain; customer
journey; feasibility vs impact.

Sketch a roadmap with 2–4 branches and only the sub-branches you plan to test. Avoid
'framework karaoke'.
2.3 Hypothesis-Driven — But Honest
Give a directional hunch ('mix + discounts are likely'); test it quickly; kill weak branches;
re-synthesize after each module.

Maintain a parking lot for ideas that might matter if data contradicts your path.
3) Toolbox — Practical Framework Menus
Profitability: Revenue (Price × Volume) then Costs (Variable + Fixed) over the value chain.

Market Entry: Attractiveness, Competition, Entry mode, GTM, Economics & Risk.

Pricing: Value-based, Competition-based, Cost-plus; layer fences, bundling, and metering.

Growth: Where to play (segments/geos/channels/products) and how to win (product,

distribution, pricing, CX).

Ops: Find the bottleneck; improve throughput; stabilize variability.

3.1 Profitability Deep-Dive — Patterns to Look For
Revenue: adverse mix toward low-margin SKUs; leakage via discounts; churn spike at
onboarding; channel conflict; seasonality.

Costs: COGS inflation; routing/last-mile inefficiencies; utilization dips; overtime and rework;
returns and reverse logistics.

Use small, correct math with clear contribution logic to size each lever.
3.2 Market Entry — Build / Buy / Partner
Assess market size growth and profit pools; barriers and switching costs; capability gaps and
capex; regulatory load.

Choose mode (build, acquire, partner); select pilot market; define GTM (segments, value prop,
product, price, channel, marketing);

model unit economics and payback; list risks and mitigations; plan milestones.
3.3 Pricing — Create and Capture Value
Start from willingness-to-pay vs alternatives; position against competitors with fences and
good-better-best.

Protect contribution margin; test elasticity; consider two-part tariffs, usage-based pricing, and
bundles.

Use price-metering that aligns with value (per user, per order, per GB, per transaction).
3.4 Growth — Sensible Before Aggressive
Find growth via penetration, frequency, share of wallet, new segments/geos/channels, product
line-ups.

Guardrails: unit economics, cannibalization, capacity, cash runway. Instrument early with
leading indicators (activation rate, payback).
3.5 Ops & Capacity — Throughput and Variability
Throughput is limited by the bottleneck. Compute each stage’s capacity; apply SMED to reduce
changeover; parallelize; build buffers where variability is high;

embrace quality at source to prevent rework. Track takt time and WIP levels to diagnose
queues.
4) Math Toolkit — Speed and Sanity
Core formulas: contribution margin, break-even units, payback, CLV/CAC, utilization, weighted
averages.

Percent moves: −20% then +25% is not back to baseline (do the math).

Sanity checks: order-of-magnitude, per-unit conversions, proxy comparisons (cab fares,

electricity bills).
4.1 Drill Bank — 25 Short Problems (with spaces for work)
(1) Fixed ₹12L; P=600; V=360 → BE units. (2) MAUs 25L; ARPU ₹120; churn 12%: run-rate. (3)
Fleet 120 trucks; 18 km/trip; 12 trips/day; ₹32/km fuel; 26 days → monthly fuel.

(4) SaaS: 1,000 seats; price ₹1,200/mo; discount 15%; COGS ₹300/seat; churn 3%: CM. (...and
more.)
4.2 Charts — Read Like a Consultant
Title → axes → units → time frame. Extract two insights and one implication. Compare rates of
change, not only levels.

Beware truncated axes. Always close with 'so what' that ties back to objective.
5) Guesstimates — Seven-Step Method
(1) Clarify scope; (2) Choose top-down/bottom-up; (3) Segment; (4) Lay the formula; (5) Plug
rounded numbers; (6) Sanity check with proxies; (7) Synthesize with a range and sensitivities.

Keep math visible; narrate the steps; anchor the result to a relatable benchmark.
5.1 Solved Example — Daily Passengers at a Metro Airport
City 20M → flyers 20%/year → average 2 trips/flyer → total trips 8M/year → daily ≈ 22k;
seasonality 1.2× peak, 0.8× trough;

adjust for transit and business mix; present a range and top sensitivities (penetration %,
trips/flyer).
5.2 Solved Example — EV Charging Session Demand (City)
Vehicle stock 3M, EV penetration 3%, cars 60%, two-wheelers 40%, average sessions/week: cars
3, 2W: 2 → weekly sessions and daily split;

layer home vs public share; output utilization per charger; highlight pricing and queueing
implications.
5.3 Skeletons You Can Reuse Tomorrow
Fast-food revenue; OTT churn impact; B2B SaaS ARR; Hospital bed requirements; Rural
distribution reach; License plates by state; Electricity demand per household; City cab market
size.

Build formula first, then numbers.

6) Live Case Playbooks — Step-by-Step
Profitability (decline): quantify delta; split R vs C; chase biggest driver; quick math on each lever;
synthesis with impact and feasibility.

Market entry: attractiveness → entry mode → GTM → unit economics → risks → plan.

Pricing: value/competition/cost, then mechanics.

Growth: where to play + how to win + guardrails.

Ops: map, bottleneck, fix, verify outcomes.

6.1 Profitability — Sample Walkthrough
Client: regional retail chain. Profits down ₹18 Cr YoY. Data shows flat traffic, higher returns, and
discounting spikes.

Hypothesis: margin erosion from hidden discounts + returns. Math: 3 pp discount leakage on
₹600 Cr → ₹18 Cr; returns +1 pp on ₹600 Cr → ₹6 Cr.

Recs: price fences, returns policy, routing optimization. Risks: competitor retaliation; Next: 2-city
pilot; measure GM lift.
6.2 Market Entry — Sample Walkthrough
Client: diagnostics company considering Tier-2 city expansion. Attractiveness: growing chronic
care; low organized penetration.

Entry: partner with local hospitals; pilot 3 labs; home collection network; digital booking.
Economics: break-even at 35 tests/day; payback ~16 months.

Risks: price sensitivity; staff quality; mitigation: standardized SOPs, training, referral incentives.
6.3 Pricing — Sample Walkthrough
Client: B2B SaaS with under-monetized power users. Map segments by value; create
good-better-best tiers; usage-based overage; annual plans with price fences.

Model elasticity and expected ARPU lift; guard churn; run A/B across cohorts; define success
metrics (ARPU↑, churn ≤ baseline).
6.4 Ops/Capacity — Sample Walkthrough
Client: distribution center with long queues. Measure stage capacities; identify picking as
bottleneck; cut changeover with SMED; add cross-training;

redesign layout for flow; install visual management; track throughput uplift and wait-time
reduction.
Airlines — Economics & Pitfalls
Revenue: ticket yield, load factor, ancillaries, cargo. Cost: fuel, lease, crew, airport charges,
maintenance. Risks: fuel volatility, pilot scarcity, congestion. Levers: network optimization,
ancillaries, dynamic pricing, on-time performance.
E-Commerce / Marketplaces — Unit Economics
Revenue: take-rate, ads, subscriptions, logistics fees. Cost: fulfillment, returns, CAC, tech. Watch:
reverse logistics, counterfeit risk, low-AOV economics. Levers: assortment, last-mile density,
returns policy, ads.
FMCG — Distribution Is the Moat
Revenue: penetration × frequency × price/mix; channel expansion. Costs: RM, packaging,
distribution, promotions. Levers: pack-price architecture, rural reach, D2C pilots, media mix,
yield on trade spend.
IT/ITeS — Utilization and Pyramid
Revenue: T&M vs fixed price, managed services, cloud/AI. Costs: people, bench, infra,
compliance. Levers: utilization, automation, reusable assets, near-shore hubs, pricing models.
Banking/FinServ — NIM & Risk
Revenue: net interest, fees, FX, wealth. Costs: opex, credit, compliance. Levers: risk-adjusted
pricing, cross-sell, digital onboarding, collections; guard: NPAs, fraud, capital adequacy.
Pharma — Compliance & Cost
Revenue: branded generics, tenders, exports. Costs: APIs, GMP, sales force. Levers: supply
security, portfolio strategy, digital detailing; risks: price caps, counterfeit, API dependence.
Oil & Gas — Margins & Policy
Upstream: reserves, lifting costs. Midstream: tariffs, utilization. Downstream: refining margins,
retail. Levers: hedging, energy efficiency, asset reliability; risks: global price swings, regulation.
Power — Grid Realities
Revenue: tariffs/PPAs; Costs: fuel, T&D losses, capex. Levers: loss reduction, renewables
integration, smart metering; Risks: DISCOM health, policy shifts.
Auto — Mix & Capacity
Revenue: model mix, finance, after-sales. Costs: RM (steel, chips), dealer margins, R&D. Levers:
platform sharing, vendor consolidation, pricing fences; risks: emission norms, supply shocks.
Telecom — ARPU vs Capex
Revenue: ARPU, enterprise, VAS. Costs: spectrum, rollout, energy, care. Levers: bundles, fiber,
enterprise solutions; risks: debt load, privacy laws.
Healthcare Providers — Utilization
Revenue: OPD/IPD mix, payor mix, case mix index. Costs: staff, consumables, equipment. Levers:
scheduling, LOS reduction, referral networks.
Logistics — Density Is Destiny
Revenue: lanes, contracts, value-added services. Costs: fuel, fleet, hubs, labor. Levers: route
optimization, load factor, hub design, tech visibility.
7) Practice Sprints — 10 Days to Interview-Ready
Day 1–2: Fit bank; Profitability + Market Entry (2 cases/day). Day 3–4: Pricing + Growth (2–3
cases/day); guesstimates.

Day 5: Ops/Public; 1 full mock. Day 6–7: Weak-area immersion; 3 cases/day (one
interviewer-led). Day 8: Full mock + debrief.

Day 9: Industry deep dives. Day 10: Dress rehearsal with two back-to-back mocks. Keep a
running error log and fix list.
7.1 Scorecards — What to Rate 1–4
Fit clarity; structure MECE; analysis accuracy & speed; insightfulness; synthesis power.
Observers capture quotes and exact math errors.

Candidate self-scores before getting feedback (forces reflection).

7.2 Common Failure Modes — And Fixes
Framework recital with no tailoring → replace with problem-specific menus. Math in silence →
narrate steps and units.

No re-synthesis → pause and summarize after each branch. Vague recs → add numbers, risks,
next steps. Story with no numbers → add metrics.
8) Synthesis Templates — 60–90 Seconds
Classic close: 'Net, profits fell by __ due to __. We recover __ via A (~__), B (~__), both
high-feasibility. Risks: __; Mitigation: __.

If aligned, pilot in __, measure __, and scale.' Use feasibility × impact grid to prioritize. Always
end with a concrete next step.
9) Day-Of Checklist — Zero Surprises
Two pens, blank sheets, watch, water. Two crisp intros and two firm-specific reasons. Warm up
with three mental-maths and one 30-sec synthesis.

In case: confirm objective, ask for time, structure, label assumptions, keep running totals,
re-synthesize. Close strong. Ask one thoughtful question.
Appendix A — 100 Clarifying Questions (Grab-and-Go)
1. Placeholder high-yield clarifying question to tailor to the case objective, scope, segments,
constraints, and economics.

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Appendix B — Brainstorming Buckets & Prompts
Internal vs External; Supply vs Demand; Value chain; Customer journey; Feasibility vs Impact.
Prompts: 'What would have to be true?', 'Where is value leaking?',

'If we could do only one thing this quarter, what would it be?'
Appendix C — Mental Math Tables
Fractions: 1/3≈33.3%, 1/6≈16.7%, 1/7≈14.3%, 1/8=12.5%, 1/9≈11.1%. Compounding shortcuts
for small x: (1+x)(1+y)≈1+x+y.

Log rules you actually use; common square roots; quick growth rate approximations.
Appendix D — Mini-Cases (Prompts + Hints)
1) OTT churn spike post price rise. 2) EV charger city rollout. 3) Diagnostic chain margins. 4)
Airline ancillaries growth. 5) D2C skincare EU entry.

Each: objective, key drivers, one calculation to anchor, two risks, next step.
Appendix E — Interviewer-Led vs Candidate-Led Nuances
Interviewer-led: tighter prompts, bite-sized analysis, frequent math; you must transition fast
and synthesize micro-conclusions.

Candidate-led: you own structure and direction; keep the interviewer engaged with crisp
hypotheses and asks.
Appendix F — Solved Guesstimate: Fast-Food Chain Revenue
Stores 500; footfall 300/day; conversion 35%; AOV ₹220; days 360 → annual revenue.
Stress-test with delivery share, weekend uplift, and promo periods.

Sensitivity: conversion ±5 pp, AOV ±₹20, store count ±10%.

Appendix G — Solved Guesstimate: City Electricity Demand
Households 3M; average kWh/day 6; commercial adds 40%; T&D losses 18% → generation
required. Tie back to power mix and peak load mgmt.
Appendix H — Solved Guesstimate: State License Plates
Population 80M; households 16M; vehicles/HH 0.8; replacement cycle 8 years; new household
formation 2% → annual plates; adjust for commercial fleet.
Practice Page 1 — Scratchpad
Use this page to work a full profitability drill or guesstimate. Write structure, math, and a 60-sec
synthesis below.
Practice Page 2 — Scratchpad
Use this page to work a full profitability drill or guesstimate. Write structure, math, and a 60-sec
synthesis below.
Practice Page 3 — Scratchpad
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synthesis below.
Practice Page 4 — Scratchpad
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Practice Page 5 — Scratchpad
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synthesis below.
Practice Page 12 — Scratchpad
Use this page to work a full profitability drill or guesstimate. Write structure, math, and a 60-sec
synthesis below.
Practice Page 13 — Scratchpad
Use this page to work a full profitability drill or guesstimate. Write structure, math, and a 60-sec
synthesis below.
Practice Page 14 — Scratchpad
Use this page to work a full profitability drill or guesstimate. Write structure, math, and a 60-sec
synthesis below.
Practice Page 15 — Scratchpad
Use this page to work a full profitability drill or guesstimate. Write structure, math, and a 60-sec
synthesis below.