There are some very common misconceptions and myths about analytical problem solving. Most candidates simply skim over this phrase on consulting profiles without thinking about the meaning. This post will tell you what management consulting firms like McKinsey, Bain and BCG mean by analytical problem solving.
This is important advice so it is worth reading carefully.
To be an analytical thinker does not mean you must have a degree in science, engineering, finance, economics or any other quantitative subject. While some subjects, like those listed, imply you could be analytical in your thinking, not having quantitative background does not mean you cannot think analytically. Thousands of candidates with quantitative backgrounds fail to get offers from McKinsey, Bain and BCG every year. Therefore, having a quantitative background can be an advantage, but it does not guarantee analytical problem solving ability.
Being analytical refers to the way you think and not to the problem you solve. This is a very important statement. Lawyers, social scientists, linguists and historians can all be extremely analytical in their thinking. Yet, they are not solving quantitative problems. So the problem is not what determines if you are analytical, it is the way you solve the problem.
Good analyses are grounded in hypotheses. Can you develop hypotheses? It always surprises us how many people do not know what is a hypothesis. A hypothesis is not the problem. It is not a fact. It is not an opinion. It is a statement which captures the observed phenomenon as well as the likely cause of the phenomenon. Both must be present for it to be a hypothesis. A surprising number of candidates do not understand this.
Are you able to reason using only the facts provided? Analytical thinkers are not unemotional. No one is unemotional. However, analytical thinkers are able to separate their emotion from the situation and use the data provided to arrive at a conclusion. Analytical problem solving means reasoning using facts and logic. Past experience or opinions which cannot be substantiated are ignored.
Can you assemble data and facts to develop an argument or line of reasoning? Analytical thinkers can take pieces of information, compare them and decide what the information is saying. They can assemble the information to produce new insight into the problem rather than simply restating the information.
Analytical thinkers do not blurt out answers. Assuming your answer is even correct, the fact that you knew the answer means you did not need to analyse the facts. Therefore, your analytical problem solving skill could not be tested.
Logic has nothing to do with numbers. There is a misconception that if your reasoning lacks numbers than it must be incorrect. That is ridiculous. In many case interviews you will need to reason based on logical arguments and with very little numbers. Your line of reasoning is more important than your final answer.
Analytical thinkers can show you how they arrived at the answer. This should be obvious, right? After all, it is the foundation of the case interview method. If you followed a path of reasoning to arrive at an answer, you should be able to explain that path to someone. That is why the method is used. The interviewer is more interested in how you arrived at the answer than the answer you developed. How you arrived at the answer shows the strength of your analytical problem solving skill.
Logical thinkers apply MECE, even if they do not know it. I have some impressive friends in the legal profession. Watching them reason and debate is worth doing so. When you ask them how they arrived at an answer or why they eliminated an option, you realize they are applying the rules of MECE perfectly. Yet, they never heard of MECE. Reason and logic is not exclusive to management consulting, but is it essential to management consulting.
You do not need to know anything about an income statement, balance sheet or cash-flow statement to develop analytical problem solving capability. I should not need to say this but I will say it anyway. The thought process is more important than the topic. You can learn accounting and financial concepts when you need it. It is not very difficult to do so.
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