What are some tips for a case interview where you know nothing about the industry/sector?

Hello,

I would suggest the below 3 points:

1.    Understand the Objective: 

Focus on the core problem, such as profitability, growth, or strategy, and confirm it with the interviewer. For example, ask, “Just to clarify, is the main objective to increase market share or optimize operations?”
 

2.    Ask Clarifying Questions: 

You’re not expected to know the industry, but ask questions to familiarize yourself. For instance, “What are the key drivers of success in this industry?” or “Who are the main players, and how do they compete?”

3.    Tailor Your Structure: 

Adapt your framework to reflect the industry’s nuances and draw parallels from industries you know. For example, if discussing market structure, you might say, “This sounds similar to industries with high competition—are there dominant players, or is the market fragmented?”

Feel free to DM me if you'd require further advice. Good luck!

Best,

Evelina

Ask thoughtful clarifying sections before you jump into your framework about the industry / sector, client’s business model / products / services, and any trends in competitive landscape and / or customer preferences. 

Once you have an understanding, quickly pivot to generating hypotheses (even if they aren’t perfect) and frame your approach. 

Happy to discuss in more detail!

Hi there,

If you're given an unfamiliar sector or industry in a case, don't panic. The key is to focus on understanding the problem and structuring your approach, rather than knowing every detail of the industry.

Tips for handling unfamiliar sectors:

1. Ask clarifying questions: Start by asking about the key drivers in the industry or any specific challenges the company is facing. For example:
   • "Can you tell me more about the main revenue streams for companies in this industry?"
   • "What are the most important factors that influence customer behavior in this sector?"
   • "Are there any key trends or challenges the industry is currently facing?"
2. Leverage your general problem-solving skills: Consulting firms are testing your analytical skills and structured thinking, not just your knowledge of the industry. Focus on using frameworks and logic to break down the problem.
3. Use transferable knowledge: Many industries share common drivers, like competition, cost management, or customer demand. Even if you’re unfamiliar with the sector, draw from your understanding of these general principles.

How to not come off as unprepared:

• Be honest: It’s okay to admit you're not familiar with a sector, but show your interest in learning. You could say something like:
  • “I’m not as familiar with this specific sector, but I’d like to understand the key drivers so I can approach this case effectively.”

By asking insightful, relevant questions and using your problem-solving skills, you’ll show the interviewer that you can tackle any industry, even if you're new to it.

Good luck!

Hello there!

That's a great question. In fact, it is important even for industries/sectors you know about - sometimes the details are the key to solve the case. Also, the interviewer actually wants you to clarify what you don't know.

Below follow the questions I recommend you to do to understand more an industry/sector - and how to do them properly:

1. "What is the business model/dynamic/value chain of this industry?" - It is  important that you state what you know upfront, otherwise, the interviewer may reply back with: "What do you think it is?". E.g.: If your case relates to the Forestry Equipment industry, you may say: "I assume the companies of this industry buy raw materials such as metal and plastic from industrial suppliers or , then they develop and manufacture tools in their own factories, after that they sell it through online and offline channels such as websites and official stores to clients that may be industrial or domestic ones and after that, provide specialized after sales support. Is my understanding of the business dynamic correct or is there something that should be added?" - I mentioned several steps above just to exemplify, of course you will mention what you know and highlight what you don't. If you know nothing, there are two alternatives. First one, is to anchor in another industry you know a little bit more to show goodwill, as a proxy. You may not know much about the Forestry Industry, but you may know a little bit more about the Power Tool industry. You may say: “I'm not familiar with this industry yet, but making a parallel with the power tool industry, I assume the dynamic is the following …".  Second one is directly asking: "Could you tell me about the business dynamics of this industry?”.
You can find good resources about value chain of different industries in McKinsey, Bain and BCG websites. 

2. “Does the client have success and guardrail metrics to meet the objective of this case?”. Different industries have different metrics, and if you don't know them, you can't solve the case. In the example above, the issue could be the raise of indirect costs. If you don't know what this is, ask. Or it could be LTV (Lifetime value). In this second case, even if you don't know what it is, you can deduct from the name and just conform with the interviewer. It seems a detail, but avoiding obvious questions and dodging the "what do you think it is?” will contribute to a good image you'll craft, in oppose to seem mechanical or even lazy (bein super honest here).

3. "What are the main stakeholders/players of this industry?” a follow up question in case it wasn't mentioned in the business dynamics one. Again, say what you know/assume. This is important to understand who the clients are (maybe they're industrial ones, maybe they're domestic ones), the competitors and those that may be a bridge between the business and the client. You may justify it by saying that you want to make sure you have the information needed to structure well the case, considering the potential specificities of the problem.

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🚨🚨🚨 Important notes:

1. Just ask what will contribute to solving the case. If any of the questions above is irrelevant for this purpose considering the case context, do not ask. Otherwise, your interviewer will reply back asking why you need them, and you'll end up with a yellow smile. In real life, looking after useless data is a certain path to annoy your client, your manager and for you to waste your precious time. So have in mind WHY that information is important, every time you ask for it - that is also valid for when you build your initial framework.
2. As you have mentioned, it is important to know how some industries work, but that's not because you'll avoid questions with this knowledge, but rather for you to stand out by bringing insights, backup data and creative ideas. I suggest that after every case you make, you take 10 min to research that industry and see if there is anything you could have added to your case. 10/10 times, you'll find opportunities to improve it.
3. If the case is about an industry you have worked for and this is stated in your CV, the interviewer will expect more from you than from other candidates. Be prepared!
4. If you know upfront who your interviewer is and what is his industry focus, research that industry. There is a chance they'll give you a case on this field - in my experience, a significant one.

If you have additional questions on how to open a case and make sure you have all the necessary data to solve it, feel free to reach out to me.

Best of luck in your preparation!

Mari

Hey there, 

For sure, this is where clarifying questions become your best friend, but more than that - it's also about staying lazer-focused on the prompt and client objective. 

For example, considerations around whether or not to acquire a business remain broadly the same across industry, but the type of industry just brings specific nuances. Same with profitability, market entry etc. So use clarifying questions to you benefit, but try have hypothesis too and not ask blanket questions. 

That said, if you have time between now and interviews, there is a lot of material on industry deep dives which you can practice and learn now to reduce the risk of not knowing or understanding a specific industry

All the best

Hey!

I know the feeling—when I was interviewing with multiple consultancies, I often worried about being caught off guard by an unfamiliar industry. Here’s the good news: you don’t need to know all the important details about the sector, and you definitely don’t need to understand everything upfront. What’s critical is understanding the product or service that the case revolves around. Ask clarifying questions like, “Could you tell me more about how this product/service works?” or “Who are the typical customers for this offering?” This helps ground your thinking without making you seem unprepared. Some case books also include helpful data, tendencies, and industry benchmarks that can provide context, so reviewing those beforehand can boost your confidence. In the moment, focus on breaking the problem into manageable pieces—interviewers care more about your structured thinking than your industry expertise.

Alessa