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23/04/22, 10:35 Estudo de caso de consultoria 101: uma introdução aos frameworks | Rua das Paredes
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R E E T DA PAREDE _ _ _ _ _
_
Atualizar: Encontre um trabalho que você ame em Vettery
ESTUDO DE CASO DE CONSULTORIA 101: UMA
INTRODUÇÃO ÀS ESTRUTURAS
de Treinamento de Estudo de Caso de Consultoria
Antes de examinarmos os Casos individuais, é importante começar examinando as estruturas de
análise que normalmente podem ser usadas para abordar as questões do Estudo de Caso. Neste
capítulo, descreveremos algumas das principais estruturas e alguns conceitos adicionais de consultoria
que são importantes de entender e farão parte de muitas entrevistas. Os frameworks serão úteis para
responder a certos tipos de casos, dependendo do tipo de caso. Na realidade, poucas entrevistas de caso
ou situações de negócios da vida real cobrem apenas um conceito ou problema de negócios, então você
precisa ter flexibilidade para aplicar uma variedade de conceitos/estruturas. Por exemplo, uma
empresa que lança um novo produto no mercado exigiria uma análise do tamanho do mercado, análise
da concorrência, bem como a compreensão dos principais segmentos de clientes.
Quanto mais você praticar, mais fáceis os casos se tornarão e mais articulado e estruturado você será
em suas respostas.
Uma observação importante sobre isso: historicamente, a grande maioria dos candidatos a
Consultoria tem utilizado frameworks de negócios específicos para atender casos. Os frameworks
continuam sendo importantes como conceitos para responder aos estudos de caso, mas você deve
evitar absolutamente qualquer uso rígido de um framework específico . Na realidade, o objetivo
principal de aprender os frameworks é ajudá-lo a estruturar suas respostas , assim como as situações
de caso em nossos exemplos posteriores devem fazer.
As principais estruturas a seguir devem ser usadas diretamente em determinadas situações de Caso ,
mas, de forma mais ampla, devem ser usadas como forma de expandir seu pensamento estratégico ,
que é o componente crítico do sucesso no processo de entrevista do Estudo de Caso. Em última análise,
um candidato de primeira linha construirá sua própria estrutura/estrutura para avaliar o Caso à
medida que ele progride, geralmente com base em muitas das estruturas e conceitos deste módulo e
potencialmente de outros. Em outras palavras, você deve evitar absolutamente usar a frase “Vou
aplicar a estrutura X a este caso”.No entanto, esteja ciente das estruturas “famosas” caso sejam
mencionadas em uma entrevista, e não tenha vergonha de fazer referência a elas ao mergulhar nas
especificidades do estudo de caso que está avaliando.
ARTIGOS TREINAMENTO
 
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As cinco forças de Porter
As Cinco Forças de Porter se tornaram uma estrutura incrivelmente conhecida no mundo da estratégia
de negócios. É provavelmente o mais famoso de todos eles. Foi introduzido pelo professor de Harvard e
fundador da empresa Monitor Consulting, Michael Porter. As Cinco Forças de Porter são uma estrutura
de alto nível que você pode usar para realizar uma análise do cenário de mercado e da dinâmica da
concorrência. Pode ajudar a determinar se um mercado ou empresa é atraente, se o cliente para quem a
análise está sendo realizada é uma empresa de private equity pensando em comprar uma empresa ou
uma grande empresa pensando em entrar ou sair de um determinado segmento de mercado. Na
maioria dos casos, um Estudo de Caso abordará pelo menos alguns dos componentes encontrados
nesta estrutura.
Aqui estão as Cinco Forças em detalhes:
AS CINCO FORÇAS DE PORTER
1. Ameaça de Novos Entrantes (efetivamente, isso é “Barreiras à Entrada”)
a. Barreiras legais ou regulatórias (por exemplo, patentes ou contratos governamentais)
b. Economias de escala
c. Vantagem de custo (por exemplo, acesso exclusivo a custos mais baixos de matéria-prima)
d. Acesso aos canais de distribuição
e. Diferenciação do produto (por exemplo, como esse produto é diferente?)
2. Dinâmica Competitiva
a. Taxa de crescimento da indústria
b. Fragmentação da indústria
c. Nível de custos de mudança
d. Motivação para reduzir preços (por exemplo, por excesso de capacidade)
3. Energia do Fornecedor
a. Nível de produtos substitutos
b. Decisão do comprador influenciada pelo fornecedor
c. Os insumos/produtos do fornecedor têm altos custos de troca
d. O fornecedor tem potencial para integrar
e. O fornecedor responde por grande parte dos insumos/produtos
4. Poder do Comprador
a. Alta concentração de clientes/clientes 
http://en.wikipedia.org/wiki/Porter_five_forces_analysis
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b. Nível de comoditização do produto/insumo
c. Nível de custos de troca para o comprador
d. O comprador tem informações significativas sobre o produto/mercado
5. Ameaça de substitutos
a. Produtos/serviços substitutos que podem competir em preço e/ou qualidade
b. Custos de mudança para mudar para produtos substitutos
Os 3 Cs
Essa estrutura simples existe há muito tempo como uma maneira de pensar em qualquer setor ou
empresa e se aplica amplamente a uma ampla variedade de perguntas de estudo de caso. Se você
comparar a descrição abaixo com a das Cinco Forças de Porter acima, verá que há uma sobreposição
substancial.
A abordagem “3 Cs” é abordar qualquer situação de Caso avaliando:
1. Companhia
2. Concorrentes
3. Clientes/clientes
OS 3 CS
1. Empresa: o primeiro C é sobre entender as operações da própria Empresa e como a Empresa
ganha dinheiro.
Oferta de produtos/serviços
Prós e contras do produto/serviço
Cadeia de valor
Análise de lucro
Receita (preço × volume) e despesas
Outros fatores da empresa
Capacidade
Competências essenciais
Ambiente regulatório
Rede de distribuição
Gestão e funcionários principais
Outro
2. Concorrência: o segundo C trata de entender como os concorrentes impactam seu cliente e
como a dinâmica competitiva mudará ao longo do tempo. 
http://en.wikipedia.org/wiki/3C's_model
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Concorrente mix/maquiagem
Quota de mercado
Fragmentação
Situação financeira (por exemplo, concorrentes de bolso?)
Gerenciamento
Outras competências (por exemplo, marketing ou canais de distribuição)
Produtos/serviços concorrentes
Proposta de valor versus cliente
Cadeia de valor
3. Clientes/Clientes: o terceiro C muitas vezes passa despercebido, mas é fundamental, e
consiste em conhecer seus clientes/clientes. Sempre peça informações de clientes disponíveis,
pois saber o que seu cliente quer/precisa é importante para vencer nos negócios.
Customer mix
Demographics (age, gender, etc.)
Value of core customers/clients
Wants and needs of customers/clients
Position with customer/client segments
Customer/client segment sizes
Customer/client segment shares
Customer/client segment growth rate
Key drivers of customer/client decisions
Price
Product characteristics
Brand
Personnel (especially for B2B)
The4 Ps
This framework is often used specifically whenever there is a marketing component involved in a case
(for example: how to increase sales resulting from any profitability optimization case, deciding on an
approach to enter a market, etc.). When combined with the 3 Cs, this framework can cover many topics
and as you practice more Case Study questions, you’ll develop a better sense of when and how to draw
from these frameworks.
The “4 Ps” approach is to address a marketing-oriented Case situation by assessing the:
1. Product
2. Price 
http://en.wikipedia.org/wiki/Marketing_mix#McCarthy.27s_four_Ps
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3. Promotion
4. Placement
THE 4 P’S
1. Product: it is critical to understand the Company’s product/service and its value proposition.
Company product/service qualities, features, attributes
Commoditized or differentiated?
Competitor product/service qualities, features, attributes
Commoditized or differentiated?
Substitute product options
How close are the substitutes?
Value proposition versus substitutes (price, quality, etc.)
Switching costs
Customer value proposition
Why are clients/customers purchasing the product?
Brand, availability, service, value, reliability, aesthetic, etc.
2. Price: it is critical to understand the Company’s optimal pricing strategy. Price is often the key
driver of profitability and success. Review the pricing optimization section for more points on
pricing— this also offers a good approach of the key issues to consider on price.
Price elasticity
Is our product sufficiently better to justify a higher price? Or is it somewhat
commoditized?
Customer loyalty/lock-in
Supply/demand: current state of demand and supply for the product or service
Price of substitute products/services
Price of competitor products/services
Market positioning
Brand position and perception
Status
Profitability
What is the cost for the client to produce the product or offer the service?
3. Placement: this is about getting the products to the customers/clients and how the Company
does so.
Which distribution channels to use?
Select/exclusive channels or wide distribution network?
Transport/logistics
Seamless delivery to customers
 
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Internal transport or outsource?
Specific location within the channels
Specific areas of a site online
Product placement in stores
4. Promotion: This aspect (which could be called “marketing strategy,” if only the word
“marketing” started with the letter “p”) is about reaching and attracting the customer/client.
There is overlap here with other areas, especially product, because a big part of product is
understanding customer wants and needs which helps determine the promotional aspects.
Which markets/customers should the Company target?
Customer/client awareness
Is the Company reaching and attracting its target market?
What are the most effective marketing campaign strategies?
Return on marketing spend
Are we retaining our customers/clients?
Can we up-sell or cross-sell to our current customers/clients?
SWOT (Strengths, Weaknesses, Opportunities, Threats)
SWOT analysis is more of a mini-framework, specifically for quickly evaluating a single company in an
industry. In that regard, it’s far less complete than other frameworks, and can often miss important
details. However an interviewer could potentially ask you for a SWOT analysis, and you should be
prepared to apply it in that case.
SWOT is effectively a quick, high-level market landscape/competitive dynamics analysis arranged
using the following terminology:
SWOT ANALYSIS
1. Strengths: Company strengths within an industry
2. Weaknesses: Company weaknesses within an industry
3. Opportunities: Company opportunities available within the industry (or potentially by
branching into a new industry)
4. Threats: Company threats within the industry (or potentially from companies whose primary
business is in another, related industry, or from disruptive technologies that potentially threaten
all companies in an industry)
It should be noted that SWOT can be extended from comparing a specific company to the others in the
industry, to comparing a specific industry or sub-industry to other, related industries or sub-
 
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industries within the economy. For example, a classic SWOT analysis might entail benchmarking Delta
Airlines with the airline industry as a whole; an extension could entail benchmarking the entire airline
industry against the broad transportation sector.
Other Frameworks
You should be very familiar with the well-known frameworks already discussed in this chapter,
although it is unlikely that an interviewer would ask you to use a particular framework in your analysis.
Instead, it is typically expected that you draw on the concepts encompassed by these frameworks
and/or the concepts that we will outline in the next chapter, which breaks down the common Case
Study interview question types.
In addition to these frameworks, there are a number of other frameworks that you will read about on
certain Consulting firm sites, but you will probably not be expected to know them in detail or apply
them specifically in an interview. It does not hurt, however, to be familiar with them. Therefore, we
include these example frameworks for your reference and encourage you to at least familiarize yourself
with the basics of them:
The BCG Growth Share Matrix for evaluating product or business lines
The McKinsey 7S Framework for evaluating organizational effectiveness
The Product/Market Grid to determine growth opportunities
Force Field Analysis for Change Management
The Affinity Diagram for organizing ideas and information
Additional Analysis Concepts
There are additional, relatively simple analytical techniques that you should be prepared for in
Consulting Case Study interviews. These techniques tend to be numerical, and occur frequently,
although none are comprehensive or broad enough to fall into the category of a “Framework”:
Break-Even Analysis
Fixed vs. Variable Expenses
Net Profit Margin
Return on Investment (ROI)
Compound Annual Growth Rate (CAGR)
Lifetime Customer Value (LCV; sometimes referred to as “User Lifetime Value”)
Product Life Cycle
Opportunity Cost
 
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http://en.wikipedia.org/wiki/Growth%E2%80%93share_matrix
http://www.mckinsey.com/insights/strategy/enduring_ideas_the_7-s_framework
http://www.valuebasedmanagement.net/methods_productmarketgrid.html
http://www.change-management-coach.com/force-field-analysis.html
http://asq.org/learn-about-quality/idea-creation-tools/overview/affinity.html
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Elasticity (Supply or Demand)
Financial Statements, Accounting, and Valuation
Let’s take a deeper look at each analysis category.
BREAK-EVEN ANALYSIS
The gist of Break-Even Analysis cases is thatthe Fixed Costs of a business—i.e., the costs that
are unavoidable—need to be overcome by making profit from sales of products. Presumably,
each incremental sale contributes to profit at a rate that can be determined (or at least
estimated); the question that is to be answered is, “How many units do I have to sell in order to
overcome my Fixed Costs, i.e., to ‘Break Even’?”
In other words, the Break-Even Point is the number of units sold at which Revenue equals
Total Expenses (Fixed Expenses plus Variable Expenses).
Break-Even Analysis is often applied when deciding whether to develop a new product or make a
capital equipment investment, as well as helping in making decisions around how to price
products and service and the number of units to produce.
Formulaically, Break-Even Number of Units = Fixed expenses ÷ (Revenue per unit – Variable
Expenses per unit).
Note that the expression (Revenue per unit – Variable Expenses per unit) is often referred to as
the Unit Contribution Margin.
An understanding of how to analyze Expenses and differentiate Fixed Expenses from Variable
Expenses is useful in order to run a Break-Even Analysis of a company.
Break-Even Analysis can get more complex, as there are microeconomic and macroeconomic
considerations that can change both the Fixed and Variable Expenses, but the basic concept is an
important one; therefore you will likely come across some form of Break-Even Analysis in
Consulting Case Study interviews.
Note that this concept can also be translated into a question on Break-Even Price, i.e.,
“Assuming a certain volume of sales, what is the sales price required in order to break even?”
Formulaically, Break-Even Price = (Fixed Expenses ÷ Sales Volume) + Variable Expenses per
unit.
Note that the expression (Fixed Expenses ÷ Sales Volume) equates to the required Unit
Contribution Margin at the assumed Sales Volume in order to break even. In other words,
Break-Even Price = Required Unit Contribution Margin + Variable Expenses per Unit.
FIXED VS. VARIABLE EXPENSES
Fixed Expenses (or Fixed Costs) are expenses that do typically fluctuate regardless of the
production or sales levels. These expenses can be viewed as “unavoidable,” at least in the short-
 
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term. Typical examples for Fixed Expenses include Rent, Insurance, Mortgage Payments, and
Corporate Overhead Expenses.
Variable Expenses (or Variable Costs) are impacted by changes in production or sales levels
– typical examples include are Raw Materials, Direct Labor Expenses (wages and benefits), and
delivery costs.
Understanding a Company’s Fixed vs. Variable Cost structure is important in a variety of cases
(such as in Break-Even Analysis, discussed above).
When analyzing a Case, always keep in mind that total Fixed Expenses remain constant as
volume rises (or falls), but Fixed Expenses per unit decline as volume rises (rise as volume falls).
For example, if a computer component manufacturer has $1,000 of Fixed Expenses and
produces 100 components, then the $1,000 of Fixed Expenses will be spread across 100
components (= $10 of Fixed Expenses per unit). If the Company produced 200 components,
then the Fixed Expenses per unit would decrease to $5 per unit.
Variable Expenses, meanwhile, rise proportionately as volume increases, so Variable Expenses
per unit remain constant.
NET PROFIT MARGIN
When an interviewer asks a candidate to calculate the Net Profit Margin (a.k.a. Profit
Margin or Net Income Margin), he or she will usually be referring to the total Net Income of
a company or business line as a percentage of its Revenue: Net Profit Margin = Net Income ÷
Total Revenue.
The interviewer could also refer to Gross Profit Margin, which is simply Gross Profit as a
percentage of revenue: Gross Profit Margin = Gross Profit ÷ Total Revenue
Similarly, the interview may also refer to Operating Profit Margin (EBIT Margin), or
EBITDA Margin. In both cases, thus is simply the figure in question (Operating Profit, a.k.a.
EBIT, or EBITDA) as a percentage of Revenue.
RETURN ON INVESTMENT (ROI)
Return on Investment (ROI) is a ratio that determines the return, or Profit, from capital
invested. ROI is used in consulting interviews as a way to evaluate the return of a particular
investment or to assess the feasibility of a potential investment or acquisition. Many companies
have an internal ROI metric for capital investments.
Standard ROI is calculated as follows: Profit from the Investment (Revenue minus Costs) ÷
Capital Invested.
Note: Return on Assets (ROA) is a variation of this concept, but instead revolves around all
capital invested in a project (Liabilities + Equity), rather than just Equity invested, which is
typical for an ROI calculation.
 
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COMPOUND ANNUAL GROWTH RATE (CAGR)
The Compound Annual Growth Rate (CAGR) is the percentage rate at which any figure,
such as number of units sold, a population, or an investment must grow in each year to reach a
given end value over a certain amount of time. (Note that this is not the only growth path to grow
from a beginning number to an ending number, but it is the only growth path that is the same
growth rate every year.)
The formula to calculate CAGR is: [(Ending Value ÷ Beginning Value)^(1 ÷ Number of Years)]
– 1.
For example: If sales grew from $1,000 in the year 2001, when a store opened, to $2,100 in
2012, what is the CAGR?
Answer: [(2,100 ÷ 1,000)^(1 ÷ 11)] – 1 = 2.1^(0.090909) = 7.0%
Thus, the CAGR between 2001 and 2012 was 7.0%.
CAGR is very similar in concept to Internal Rate of Return (IRR), which is the annual rate of
return on an investment if its value grows by a specific multiple over a specific amount of time.
Use the Rule of 72 to estimate CAGR whenever possible. The rule of 72 simply states that a
quantity will roughly double in value whenever the number of years times the annual growth rate
equals 72.
Using the above example, we can see that the quantity slightly more than doubled, so the
answer should be slightly above (72 ÷ 11) percent, or slightly above 6.6%. Indeed, it is!
LIFETIME CUSTOMER VALUE (LCV)
Lifetime Customer Value (LCV) projects the total profitability attributed to a firm’s future
relationship to a typical customer.
The idea behind this microeconomic analysis is to determine the reasonable cost to win or
acquire a customer (or to maintain an existing customer, i.e., prevent him or her from
“churning,” or switching to a competitor). It can also be used to determine level and type of
customer service to provide, and as another way to estimate the value of a business. (In theory,
the value of a business should equal the number of existing customers × the LCV per customer,
plus growth opportunities.)
The steps to calculate the LCV are as follows:
Estimate the remaining customer years; in other words, how long is a typical customer
expected to last with the company?
Estimate future Revenue per year per customer, based on product volume per customer ×
price
Estimate Total Expenses for producing those products (either separating Fixed Costs out
or allocating them on a per-customer basis)
 
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Calculate the Net Present Value of the future profit (Revenue– Expenses) per customer
(in other words, discount these future profits back into today’s equivalent dollars)
PRODUCT LIFE CYCLE
Important for market sizing problems, the Product Life Cycle helps to calculate and project
the annual market size for a given market/industry. It is often used by companies to project their
own anticipated Revenue figures.
Formulaically, Annual Market Size = Total Revenue of a product outstanding ÷ Average life of
the product. For example, “Total Revenue of a product outstanding” might represent the sticker
price of all cars driven in the US, while the “Average life of the product” would be the average
number of years a car is driven.
It is also worth knowing the four steps in the Product Life Cycle Curve, as the concept could
come up in a hypothetical product case.
Emerging: A new product or technology that is in initial adoption phases and therefore
has very rapid growth rates (for example: electric cars)
Growth: Product adoption is becoming widespread but still growing at an above-average
rate (for example: smartphones)
Maturity: Product adoption is widespread, or at least stabilized; growth typically comes
only from price increases and growth in GDP (for example: breakfast cereal)
Declining: Technological obsolescence, shifting consumption patterns, or increased
market competition has resulted in total growth rates that are below-average or negative
(for example: dairy products or wireline telephones)
OPPORTUNITY COST
Opportunity Cost simply refers to the concept that if a person or company does X, the person
or company necessarily cannot also do Y. This is an important concept throughout business and
consumer decision making, as there are only finite resources available in most cases (time,
money, etc.).
Thus, for example, it is unwise for a company to invest $1 million in a project earning $3 million
if that same investment prevents it from investing the $1 million in another opportunity that
would earn $10 million. In this case, the Opportunity Cost can be defined as the loss of
incremental profit of $7 million ($10 million potential profit lost minus the $3 million earned).
If X does not prevent also doing Y, then there is said to be “no Opportunity Cost” of doing X with
respect to Y. In the above example, if the company had $2 million to invest and the capacity to
manage both projects, it could reap the profits from both projects, i.e., $13 million.
ELASTICITY (SUPPLY OR DEMAND)
 
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Elasticity is a concept from microeconomics that describes the tradeoff between Quantity and
Price.
Specifically, Elasticity is the ratio of a percentage change in quantity to the percentage change in
price. Formulaically, Elasticity = % Change in Quantity Demanded or Supplied ÷ % Change in
Price.
For example, if an increase in the price of oranges from $1.00 apiece to $1.50 apiece causes
demand for those oranges to fall from 100 units to 80 units, then the % Change in Quantity = –
20% and the % Change in Price = 50%. Therefore the Elasticity of Demand = (–20 ÷ 50) = –
0.4.
Note that for normal goods, Elasticity of Demand will always be negative (higher prices mean
less quantity is purchased) while Elasticity of Supply will always be positive (higher prices
mean that suppliers are willing to produce and/or supply more goods).
The concept comes up in multiple types of cases, such as pricing optimization. Clients often ask
what the impact would be on volume if they adjust the price. Usually the correct answer is to
increase prices in Inelastic markets (price increases lead to a relatively small decrease in
products sold) and decrease them in Highly Elastic markets (price increases lead to a large
decrease in product sold).
FINANCIAL STATEMENTS, ACCOUNTING AND VALUATION
Unlike Investment Banking interviews, which can be detailed and highly technical in terms of Finance
and Accounting, Consulting interviews and the Consulting job itself revolve much more around
estimation and exercising business judgment and “what-if” analysis. Rarely would a Consultant be
called upon to develop and maintain a detailed, precise financial model for Discounted Cash Flow
valuation, for example.
That being said, a basic-to-moderate understanding of the Income Statement, Balance Sheet and
Statement of Cash Flows, and how they work together, is very relevant to many interviews. (You might
even be provided with a basic Income Statement or Balance Sheet of a company as part of a Case Study
interview question.)
Rather than reinventing the wheel and writing content on Finance and Accounting in this guide, we
recommend you review any standard, basic Financial Accounting textbook to familiarize yourself with
the components of basic Financial Statements:
Income Statement (Revenue, Expenses, and Profit)
Balance Sheet (Assets, Liabilities, and Equity)
 
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Tipos de Estudo de Caso de Consultoria→
Statement of Cash Flows (Cash Flows broken out into the following categories of sources:
Operating Activities, Investing Activities and Financing Activities)
We also recommend that you familiarize yourself with some basic core Finance concepts (Net Income,
EBIT (Operating Profit), EBITDA, Free Cash Flow, Internal Rate of Return, Net Present Value, and
Enterprise Value are good places to start) and core Valuation techniques (Cost of Capital, Comparable
Company Analysis, Precedent Transaction Analysis, Discounted Cash Flow analysis, and Leverage
Buyout analysis). Although these concepts will not be tested and do not form a major part of general
Consulting Case Study interviews, these topics can appear in a general discussion about a particular
business situation and you should be able to discuss them at least on a basic level.
If you are applying for a job in Business Development, or for a Consulting position in a Corporate
Finance group or at a firm that does a lot of Corporate Finance Consulting work, then you should
definitely study up and be prepared for these core Finance and Accounting concepts, because they will
likely be tested on in detail in your interviews. In addition to introductory Finance and Accounting
textbooks, we highly recommend that these candidates read the Street of Walls Investment Banking
Technical Training guide, which addresses complex details around Financial Statements, Accounting
and Valuation at a very detailed level. (We also recommend this training guide in general to anyone
who is interested in advancing their Finance and Accounting skills—particularly when it comes to
Corporate Valuation.)
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