Teams of students are invite to compete in case competitions sponsored by businesses and business schools and to address actual business issues. These issues include assessing new businesses and overcoming management dilemmas with tight timelines. The teams create their suggested action plans and use all this data, which they then give to the CEO and board of directors.
They can put their MBA knowledge to use by participating in these competitions. Participants must exhibit a range of abilities that would increase their marketability when looking for jobs.
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Types of case competitions
Among the different case competition types are:
- In finance modelling, participants create an Excel framework to analyse and evaluate a business.
- Consulting, in which participants use management techniques to address a problem.
- Investment banking, in which participants address issues regarding mergers and acquisitions or present long- and short-term investment ideas, research, in which participants thoroughly delve into topics ranging from the humanities to the sciences; and data analysis, in which participants examine the information they have discovered based on data.
How is Case Competitions Beneficial for Students?
Great Networking Space
A case competition is a unique opportunity to meet influential people in the business, and it is an excellent method to start expanding your professional network and showcasing your skills. In a competitive employment market, you will have the opportunity to speak with recruiters or senior managers who can improve your chances of landing an interview. It is an exceptional networking opportunity because you can pick the brains of representatives from a possible employer and meet and talk with them about the work you did on the case.
Get to know more about the workplace environment.
You will get to interact with many staff, especially young professionals, who may tell you what it’s like to work there. Additionally, you can ask them any questions you have that are not address on the company’s careers page. Finally, in addition to a practical and accurate simulation of the job content, you will also get a glimpse into how it would be to assume a specific work-related function.
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Insight into Company’s challenges
While working on a real case, you will understand its intricacies and how it is handle. It will provide you with exposure to the work culture and process. It will enhance your knowledge which you can use to make a strong CV. Experience has always proved beneficial when hiring a suitable candidate. Challenges will improve your skills and give you an understanding of the industry. It will push you to learn and perform better.
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Enhance Case Solving Skills
According to a Financial Times article, participants have the opportunity to show off their ability to solve complex problems; make a personal impact by working with others and resolving conflicts; demonstrate leadership to forge consensus; demonstrate their drive to achieve results, and hone their presentation skills that will be useful in future business scenarios.
Many recruiters look for candidates who bring in new perspectives and possess case-solving skills. They prepare questions or tasks that test the candidates’ skills. By participating in case competitions, you will be given opportunities to work on this skill. It teaches you how to deal with various issues, and in the future, you’ll have a broader range of resources at your disposal while applying for jobs.
Boost your self-assurance
Winning a case competition and impressing the jury will give you more self-assurance. This will enable you to portray yourself more effectively in interviews and during the hiring process. However, success in a case competition does not always mean winning the top prize. You will benefit from the experience when moving forward with your job search as long as you learn something from it.
Widen your horizon
Lastly, participating in a case competition is a lot of fun and will also extend your horizons. You will encounter a lot of high energy, excitement, and interesting people from various countries and educational backgrounds. Overall, this is a rare chance to engage in diverse and challenging teamwork that can help you widen your perspective. Participating in case competitions is worthwhile, regardless of the outcome.
Tips to win case competitions
- Work hard to improve both your research and presenting skills.
- Investigate and analyse instances online. Watch case competitions on YouTube.
- Contact previous case competition participants to learn what worked and what didn’t for them.
- Choose an evenly balanced team, each member having expertise in a specific area, such as HR, marketing, operations, or finance.
- Find out more about the organisation sponsoring the competition and the judges, and try to guess what the competition’s questions will be. If you know the questions to ask, you can assign the team members to the case area that suits them best.
- Never challenge or criticise sponsor management’s rules.
- Use the proper computer slides to ensure a logical storyline. To prevent confusion, assign the task of managing the computer slides to just one person at a time.
- Let your team’s presentation begin with its top speakers.
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