Economic Consulting Case Interview: Step-by-Step Guide to Master It

Preparing for an economic consulting case interview can feel intimidating    especially when you’re expected to analyze complex economic data, assess business damages, and communicate findings clearly under pressure. Whether you’re targeting firms like Cornerstone Research, NERA, or Analysis Group, success depends on how well you structure problems, perform quantitative analysis, and demonstrate sound business judgment. Learning how to prepare for an economic consulting case interview will help you build confidence and stand out in a competitive recruiting process.

TL;DR – What You Need to Know

An economic consulting case interview evaluates how candidates apply economics, data analysis, and structured reasoning to solve real-world business, financial, or legal problems.

• Economic consulting interviews test analytical thinking, quantitative skills, and communication in data-driven case scenarios.
• Preparation involves mastering frameworks, reviewing economic concepts, and practicing quantitative and qualitative analysis.
• Four main case types include corporate, finance, litigation, and regulatory cases with distinct analytical focuses.
• Solving cases follows a six-step structured approach from understanding objectives to presenting recommendations.
• Practicing real economic consulting case examples builds confidence and improves performance in interviews.

What Is an Economic Consulting Case Interview?

An economic consulting case interview tests how well you apply economic theory, data analysis, and structured reasoning to solve real-world business or legal challenges. It simulates the analytical work of economic consultants who use quantitative models and market evidence to advise clients or support expert testimony in complex disputes.

Economic consulting differs from traditional management consulting because it focuses on economic, financial, and legal analysis rather than strategy or operations. You’ll often work with datasets, economic models, and case facts to estimate damages, assess competition, or evaluate regulatory effects.

During the interview, you’ll typically face a 20 to 30 minute problem-solving exercise where you:

• Analyze data to quantify business impact or damages
• Interpret qualitative information to form logical conclusions
• Communicate your reasoning clearly and confidently

These interviews assess your ability to think critically, perform analytical problem solving, and explain complex results in a way that’s both precise and easy to understand. Success comes from demonstrating structured thinking, economic intuition, and clear communication   the same skills top consulting firms value in real projects.

How to Prepare for an Economic Consulting Interview

Preparing for an economic consulting interview requires a structured approach that combines technical preparation, business understanding, and strong communication skills. Interviewers want to see how well you can apply economics to practical problems, interpret data, and explain your reasoning clearly under pressure.

Start by building a solid foundation in core topics such as microeconomics, statistics, and finance. Focus on understanding concepts like market equilibrium, regression analysis, and cost structures, as these often appear in case prompts.

To prepare effectively:

• Study real case examples: Practice analyzing data-heavy cases involving antitrust, pricing, or market demand.
• Practice problem structuring: Use logical frameworks to break complex questions into manageable components.
• Strengthen your quantitative skills: Be comfortable performing quick mental math and interpreting charts or financial tables.
• Develop clear communication: Practice summarizing your reasoning and recommendations concisely.
• Review current economic trends: Stay aware of market and regulatory developments that affect industries.

A strong preparation strategy helps you move confidently through both quantitative and qualitative questions, demonstrating that you can think like an economic consultant and communicate insights with clarity and precision.

The Four Major Types of Economic Consulting Cases

Economic consulting case interviews typically fall into four main categories that reflect the types of client challenges economic consultants solve. Each type requires a different analytical approach but shares a common foundation in structured, evidence-based reasoning.

The four major types of economic consulting cases are:

• Corporate and Advisory Cases: Focus on valuation, risk assessment, and governance issues for companies or investors.
• Finance Cases: Deal with financial markets, bankruptcy, or consumer protection in banking and insurance.
• Litigation Cases: Involve antitrust, intellectual property, or securities disputes requiring expert testimony and damage estimation.
• Regulatory Cases: Analyze the economic impact of policy changes, auctions, or compliance with industry regulations.

Entry-level candidates are not expected to be experts in these topics but should demonstrate comfort discussing data, interpreting financial metrics, and reasoning through economic trade-offs. As you gain experience, your expertise in one or more case types becomes increasingly valuable.

Step-by-Step Approach to Solve an Economic Consulting Case

Solving an economic consulting case interview involves applying a structured framework to break down complex business or legal problems into logical steps. This process ensures you analyze data systematically and present conclusions that are both defensible and actionable.

Follow these six key steps:

1. Understand the case: Clarify the client’s objective, context, and desired outcome before solving.
2. Structure the problem: Create a clear framework that identifies key areas to analyze, such as market factors or financial drivers.
3. Analyze quantitative data: Perform necessary calculations, interpret charts, and draw conclusions supported by evidence.
4. Discuss qualitative factors: Evaluate legal, regulatory, or behavioral aspects that affect the client’s decision.
5. Synthesize insights: Combine your findings into a coherent narrative that answers the client’s question.
6. Deliver your recommendation: Present a concise, confident summary with clear next steps and assumptions.

This step-by-step method mirrors how consultants handle client work and allows interviewers to see your logical reasoning, problem-solving ability, and communication style in action.

Common Quantitative and Qualitative Analysis in Economic Cases

Economic consulting cases test your ability to interpret both quantitative and qualitative information effectively. You’re expected to analyze data, recognize patterns, and form logical conclusions supported by economic reasoning.

Typical quantitative analyses include:

• Regression modeling to estimate relationships between variables
• Damage calculations based on lost profits or market share changes
• Forecasting to predict future demand or pricing effects
• Sensitivity analysis to test assumptions under different scenarios

Typical qualitative analyses include:

• Assessing competitive dynamics and market structure
• Interpreting regulatory implications or policy outcomes
• Evaluating behavioral or organizational factors influencing results

Mastering both types of analysis shows you can connect numbers to narrative turning data into insights that support strategic or legal recommendations.

Common Quantitative and Qualitative Analysis in Economic Cases

Economic consulting cases test your ability to interpret both quantitative and qualitative information effectively. You’re expected to analyze data, recognize patterns, and form logical conclusions supported by economic reasoning.

Typical quantitative analyses include:

• Regression modeling to estimate relationships between variables
• Damage calculations based on lost profits or market share changes
• Forecasting to predict future demand or pricing effects
• Sensitivity analysis to test assumptions under different scenarios

Typical qualitative analyses include:

• Assessing competitive dynamics and market structure
• Interpreting regulatory implications or policy outcomes
• Evaluating behavioral or organizational factors influencing results

Mastering both types of analysis shows you can connect numbers to narrative turning data into insights that support strategic or legal recommendations.

What Skills Do Top Firms Look for in Economic Consulting Interviews?

Economic consulting firms evaluate a combination of analytical, interpersonal, and communication skills during interviews. They want candidates who can think logically, analyze complex data, and collaborate effectively.

Key skills assessed include:

• Structured thinking: Breaking down problems into clear, logical components.
• Analytical problem solving: Interpreting quantitative data to support conclusions.
• Business judgment: Making recommendations that are realistic and actionable.
• Communication: Explaining technical results in clear, concise language.
• Team collaboration: Demonstrating curiosity, adaptability, and coachability.

Strong performance across these areas signals to interviewers that you can handle both the technical and interpersonal demands of economic consulting work.

Salary Insights and Career Path in Economic Consulting

Economic consulting offers a well-defined career path and competitive compensation reflecting the field’s analytical rigor. Salaries vary by firm, experience level, and academic background, but entry-level analysts typically earn competitive base pay with strong performance incentives.

Typical progression includes:

• Analyst: Conducts data analysis, research, and modeling
• Senior Analyst or Associate: Manages project segments and client communication
• Manager or Principal: Leads engagements, develops client strategy, and oversees expert work

Economic consulting also provides long-term opportunities for specialization in industries such as finance, healthcare, or energy. Developing both technical and client-facing skills early can accelerate advancement.

Your Next Step to Master Economic Consulting Case Interviews

Mastering economic consulting case interviews requires consistent practice, structured learning, and familiarity with quantitative problem solving. Focus on understanding frameworks, analyzing data efficiently, and communicating insights confidently.

Your next steps should include:

• Practicing real economic cases with mock interviews
• Reviewing recent regulatory and market trends
• Building a study plan that reinforces both theory and practice

By preparing methodically, you can stand out in competitive interviews and demonstrate the analytical excellence economic consulting firms seek.

Frequently Asked Questions

Q: How do you prepare for an economic consulting case interview?
A: To prepare for an economic consulting case interview, review core economics concepts, practice data-driven case questions, and refine your structured problem-solving and communication skills through mock interviews.

Q: What skills are most important for success in economic consulting interviews?
A: The most important skills for economic consulting interviews include analytical problem solving, structured thinking, clear communication, and the ability to interpret quantitative data accurately.

Q: What are the main frameworks used in economic consulting cases?
A: The main frameworks used in economic consulting cases include market structure analysis, financial modeling, cost-benefit evaluation, and regression-based quantitative frameworks.

Q: How hard are economic consulting case interviews compared to strategy cases?
A: Economic consulting case interviews are often more data-intensive than strategy cases, emphasizing quantitative analysis and legal-economic reasoning over broad business strategy.

Q: Does economic consulting pay well and offer good career growth?
A: Economic consulting pays competitively, with entry-level analysts earning strong base salaries and clear advancement paths to managerial and principal roles.