--- title: "Strategy& Case Interview 2026: The Three Case Content Streams (Deals, Defense, Corporate)" description: "Updated May 18, 2026 | By Florian Smeritschnig, Former McKinsey Senior Consultant Strategy& case interviews don't pull from a single case library. The cases candidates actually face fall into..." url: https://strategycase.com/strategy-and-case-interview/ date: 2026-05-18 modified: 2026-05-18 author: "Florian Smeritschnig" image: https://strategycase.com/wp-content/uploads/2026/05/Strategyand-Case-Interview.png categories: ["Case Interview", "Strategy&"] type: post lang: en --- # Strategy& Case Interview 2026: The Three Case Content Streams (Deals, Defense, Corporate) *Updated May 18, 2026 | By (https://strategycase.com/about/), Former McKinsey Senior Consultant* (https://www.strategyand.pwc.com/gx/en.html) case interviews don’t pull from a single case library. The cases candidates actually face fall into three distinct content streams that map to the firm’s flagship practice areas: deals strategy cases (M&A and commercial due diligence), aerospace/defense/government cases, and corporate strategy cases. Each stream tests a slightly different set of skills, and the stream you face depends on the practice you’ve applied to, the partner running your final round, and which of the firm’s office practice strengths is most active in your recruiting cycle. Candidates who prep all three streams walk into the interview ready. Candidates who prep generic strategy cases without recognizing the streams sometimes face a deals or defense case in their final round and stumble on content they haven’t seen. This guide breaks down the three case content streams, the candidate-led format Strategy& uses across both rounds, sample case prompts from each stream, and a stream-aware prep approach that’s sharper than generic strategy case practice. ## **Key Takeaways** - Strategy& cases fall into three content streams: deals strategy (CDD, M&A advisory), aerospace/defense/government, and corporate strategy. The stream you face depends on practice fit and office. - Two-round process: first round is 2x 45-minute interviews (each ~10 min behavioral + 30 min case + 5 min Q&A). Final round is 2-3 interviews, with one weighted toward behavioral content. - Cases are candidate-led, similar to BCG/Bain format. MECE structuring, hypothesis-driven analysis, and clear communication under time pressure are core scoring dimensions. - The hiring timeline averages 28 days from application to offer per Glassdoor data, faster than MBB and faster than most tier-2 strategy firms. - The most under-prepared content stream for candidates from outside the US is the aerospace/defense/government cases, which require specific industry literacy that doesn’t transfer from typical case prep. ## **The Three Case Content Streams** Most prep guides treat Strategy& cases as generic strategy cases. That’s partially accurate — the underlying structuring, math, and communication skills tested are similar across cases. But the content matters because Strategy& interviewers come from specific practices and bring practice-specific cases to interviews. ### **Content Stream 1: Deals Strategy Cases** These are the most common Strategy& case content, particularly in offices with strong deals practice presence (New York, London, Boston). The cases typically present a private equity or corporate acquirer evaluating a target company and ask the candidate to assess the investment thesis. **Common case structures within this stream:** - Commercial due diligence (market sizing, growth thesis validation, competitive position assessment) - M&A target screening (which companies in a sector should the buyer pursue?) - Post-merger integration strategy (how should two companies combine?) - Carve-out and divestiture strategy **What this stream tests:** - CDD analytical sequence (market, growth, competition, customer, financial, recommendation) - Multi-step layered math chains (TAM × penetration × pricing × margin → EBITDA impact) - Deal-driven structured thinking under time pressure - PE-aware framing — does the candidate understand what PE firms care about? **Why this stream exists at Strategy&:** the deals practice competes with Bain, McKinsey, and L.E.K. on PE-driven deal flow. Cases reflect the actual work the practice does. ### **Content Stream 2: Aerospace, Defense, and Government Cases** Distinctive to Strategy& among major strategy firms. Most candidates haven’t prepared for this content stream and aren’t ready when a defense or government case appears in the final round. The cases typically present aerospace/defense companies, defense agencies, or government services contractors and test strategic thinking in industries with regulatory, procurement, and political dynamics. **Common case structures within this stream:** - Defense industrial base strategy (consolidation, capability investment, portfolio optimization) - Aerospace and defense corporate strategy (commercial vs defense portfolio decisions) - Government services strategy (federal contracting, capability investment) - Defense procurement and acquisition strategy **What this stream tests:** - Industry literacy in aerospace/defense/government (defense budget dynamics, procurement cycles, regulatory environment) - Strategic thinking in industries with non-typical commercial economics - Understanding of government as a customer vs commercial customer - Comfort with multi-stakeholder political and regulatory contexts **Why this stream exists at Strategy&:** the aerospace and defense practice is one of the firm’s strongest globally, with deep relationships at Boeing, Lockheed Martin, RTX, Northrop Grumman, Airbus, and federal defense agencies. Candidates targeting Washington DC or US-headquartered offices should especially expect this content. ### **Content Stream 3: Corporate Strategy Cases** The broadest stream, drawn from Strategy&’s corporate strategy work across automotive, energy, financial services, healthcare, consumer, and industrials. These are the cases most candidates expect — typical strategy case content delivered with Strategy&’s structured candidate-led approach. **Common case structures within this stream:** - Growth strategy (market entry, segment expansion, capability build) - Profitability cases (margin compression diagnosis and recovery) - Portfolio strategy (capital allocation, divestiture decisions) - Enterprise transformation strategy (long-horizon strategic positioning) **What this stream tests:** - Standard strategy case skills (MECE structuring, hypothesis-driven analysis, business judgment, math) - Industry awareness across major corporate sectors - Strategic thinking on long-horizon transformations - Clear communication of complex recommendations **Why this stream exists at Strategy&:** corporate strategy is the firm’s broadest practice line, generating revenue across nearly every major industry. Most candidates will face at least one corporate strategy case in their interview cycle. ## **The Two-Round Interview Format of the Strategy& Case Interview** Strategy& runs a relatively compact two-round process compared to MBB. The format is consistent across most offices with minor variation. ### **Round 1: Two 45-minute interviews** Conducted by Managers or Senior Consultants (occasionally by Principals depending on office staffing). Each interview includes: - ~5-10 minutes of behavioral and motivational questions (CV walk-through, “why Strategy&,” basic fit content) - ~30 minutes of candidate-led case - ~5 minutes for your questions to the interviewer The first-round case is typically focused on a single business problem with steady interviewer probing. The interviewer doesn’t aggressively challenge the way L.E.K. interviewers do, but pushes back on weak analyses and tests depth at key steps. ### **Round 2 (Final): Two to three 45-minute interviews** Conducted by senior leadership (Principals, Managing Directors, Partners). Each interview runs 45 minutes with similar split between behavioral and case content. One interview in the final round is typically weighted more heavily toward behavioral and fit content — testing alignment with the firm’s culture and the dual-identity awareness covered in the (https://strategycase.com/strategy-and-fit-interview/). The final-round cases tend to be more open-ended than first-round cases and often draw from the practice area the candidate has been associated with through the recruiting cycle. A candidate associated with the deals practice will face deals strategy cases. A candidate associated with the defense practice will face defense-flavored cases. A generalist candidate will most often face corporate strategy cases. ## **The Candidate-Led Format in Detail** Strategy& cases follow the candidate-led approach used by BCG, Bain, OW, Kearney, Roland Berger, and L.E.K. The structure typically runs: 1. Prompt and clarification (2-3 minutes) — interviewer reads the prompt, candidate asks 2-3 clarifying questions 2. Structure (3-5 minutes) — candidate proposes a tailored framework 3. Analysis (15-20 minutes) — candidate proposes what to investigate, asks for data, runs calculations, draws insights 4. Synthesis and recommendation (3-5 minutes) — candidate delivers a structured answer The Strategy&-specific elements within this format: - Cases lean more heavily on **MECE structuring** than at some peer firms — interviewers test whether your structure is genuinely mutually exclusive and collectively exhaustive - **Hypothesis-driven analysis** is expected — candidates who exhaustively map every dimension before committing to a view fail relative to candidates who form views early and test them - **Clear communication under time pressure** is weighted alongside structuring and math — Strategy&’s strategy work is delivered to C-suite audiences who require clean communication For broader case interview fundamentals, see our (https://strategycase.com/consulting-case-interviews-a-comprehensive-guide/). ## **Three Sample Case Prompts (One Per Stream)** ### **Sample Case 1: Deals Strategy** > Our client is a global private equity firm considering a $1.2 billion acquisition of a North American specialty chemicals manufacturer with $400 million in revenue and 22% EBITDA margins. The investment thesis is that the company can expand internationally and grow EBITDA to $130 million within five years through organic growth and bolt-on acquisitions. The PE firm has asked us to assess the thesis and identify the key risks. How would you approach this? **What this tests:** - CDD analytical sequence (market assessment, growth pathway evaluation, competitive position, financial implications) - Industry literacy in specialty chemicals (margin structure, customer dynamics, capex requirements) - Comfort with multi-step financial modeling ($400M revenue → $130M EBITDA implies meaningful margin improvement; what’s the path?) - Risk identification within deal-evaluation frameworks **Common failure modes:** - Generic profitability framework without engaging deal-specific economics - Missing the international expansion complexity (regulatory, manufacturing, distribution) - Treating “bolt-on acquisitions” as easy growth without engaging integration and capital allocation considerations ### **Sample Case 2: Defense/Aerospace** > Our client is a tier-one US defense contractor with $35 billion in annual revenue across air systems, naval systems, missile defense, and government services. The CEO is evaluating whether to invest aggressively in a defense AI capability over the next 5 years, anticipating that the FY2026 R&D budget increase signals a strategic shift in DoD procurement priorities toward AI-enabled systems. We’ve been asked to help structure the investment decision. Walk me through your approach. **What this tests:** - Aerospace/defense industry literacy (procurement cycles, R&D priorities, contractor competitive dynamics) - Understanding of DoD as a customer (capability requirements, acquisition processes, multi-decade contracts) - Strategic thinking under significant uncertainty (technology timelines, geopolitical shifts, budget volatility) - Capital allocation reasoning across a multi-segment portfolio **Common failure modes:** - Treating defense AI like commercial tech (different procurement dynamics, different customer behavior) - Missing the regulatory and security dimensions (CMMC, classified work clearance requirements) - Generic “invest in AI” recommendation without engaging the specific defense AI ecosystem (Palantir, Anduril, Shield AI, primes’ own internal capabilities) ### **Sample Case 3: Corporate Strategy** > Our client is a $4 billion European luxury skincare company experiencing 8% annual revenue growth but seeing margin compression from 28% to 22% EBITDA margins over three years. The board is concerned. The CEO has hired us to identify the drivers of margin decline and recommend a path back to historical margin levels within three years. How would you approach this? **What this tests:** - Profitability case diagnostics (revenue mix shift, cost structure changes, market dynamics) - Industry literacy in luxury and consumer (brand economics, channel dynamics, consumer behavior) - Multi-driver hypothesis-driven analysis - Communication of trade-offs (margin recovery vs growth investment) **Common failure modes:** - Generic profitability framework without engaging luxury-specific economics (high brand investment, premium channel costs) - Missing the channel mix dimension (DTC vs wholesale vs retail) and its margin implications - Recommending specific actions without quantifying the path to 28% margin recovery ## **What Strategy& Interviewers Actually Score** The Strategy& scoring rubric, decoded from coached-candidate feedback patterns: | Dimension | Weight | What it means at Strategy& | | --- | --- | --- | | Structure quality (MECE) | High | Genuinely MECE structures tailored to the case, not generic templates | | Hypothesis discipline | High | Forms views early, tests them, updates with evidence | | Math precision | Medium-High | Multi-step calculations under time pressure, with reconciliation | | Industry awareness | Medium-High in defense and deals streams | Demonstrates literacy in the practice area being tested | | Communication clarity | High | C-suite-ready synthesis and recommendation | | Business judgment | Medium | Trade-off reasoning beyond pure analysis | | Cultural alignment | Medium | Dual-identity awareness, strategy commitment, platform comfort | The communication weight is somewhat higher at Strategy& than at firms with sharper analytical focus (Oliver Wyman, L.E.K.) because Strategy&’s work is delivered to C-suite audiences who require polished communication. The structure quality bar is comparable to McKinsey’s and possibly higher than BCG’s, reflecting the Booz heritage of structured strategy thinking. ## **A Stream-Aware Prep Approach** Generic strategy case prep covers most of what Strategy& tests. The differentiator is stream-aware preparation — explicit practice on the three content streams rather than just generic cases. ### **Phase 1: General case foundations (3-4 weeks)** Build the core skills: MECE structuring, hypothesis-driven analysis, multi-step math, clear communication. Run 15-20 cases with varied content. This phase is similar to general MBB case prep. For foundational case practice, see our (https://strategycase.com/consulting-case-interviews-a-comprehensive-guide/). ### **Phase 2: Stream-specific content building (2-3 weeks)** For each of the three streams, build content literacy and run practice cases: **Deals strategy content:** - Read 3-5 PE practitioner sources (PE-focused blogs, BCG/Bain PE reports, McKinsey PE publications) - Practice 4-6 CDD-style cases - Build comfort with PE-aware framing **Aerospace/defense/government content:** - Read defense budget materials (DoD budget docs, congressional reports, industry analyses) - Familiarize yourself with the major defense contractors and their capability sets - Engage with at least 2-3 recent A&D strategic developments (defense AI, drone strategy, allied procurement) **Corporate strategy content:** - Standard strategy case practice (profitability, growth, market entry, portfolio) - Industry literacy in your target practice (automotive, energy, FS, healthcare, consumer) - Practice clean communication of complex strategic recommendations ### **Phase 3: Practice probe handling (1-2 weeks)** Strategy& interviewers probe meaningfully but not aggressively. Practice handling probes without folding — defending your reasoning while staying open to new information. ### **Phase 4: Final round simulation (1 week)** Run 2-3 full mock final rounds combining case work and fit content. Practice transitioning smoothly between case and behavioral content within the 45-minute interview structure. For one-on-one preparation tailored to the Strategy& format, (https://strategycase.com/florian-coaching/) is available. ## **Frequently Asked Questions** ### **What’s the difference between Strategy& cases and PwC general consulting cases?** Strategy& cases are strategy cases — MECE structuring, hypothesis-driven analysis, multi-step financial modeling, C-suite communication. PwC general consulting cases are often more operationally focused, testing for implementation thinking, process design, or transformation management. Different practices, different case formats, different prep approaches. ### **How hard are Strategy& cases compared to MBB?** Comparable difficulty profile. Strategy& cases test the same core skills (structure, analysis, math, communication) at similar levels of rigor. The probing intensity is less aggressive than at L.E.K. The math complexity is moderate — multi-step calculations are common but the precision standard is lower than at Oliver Wyman. The communication bar is high, reflecting the firm’s C-suite client work. ### **Do Strategy& cases use written cases?** The standard interview format does not include a written case as a primary component. Some offices and some final-round formats include written case exercises, but these are less central than at L.E.K. (60-minute written case is standard) or Oliver Wyman (30+30 written case in final round). Confirm with your recruiter for your specific office. ### **What’s the most distinctive thing about Strategy& cases?** The three content streams. Most candidates prep generic strategy cases and don’t recognize that they may face a defense/aerospace case (if applying to DC) or a deals/CDD case (if applying to NYC or Boston deals practice). Stream-aware preparation is the highest-leverage Strategy&-specific prep. ### **Can I prepare for Strategy& cases with general MBB case prep?** Mostly, yes. The core skills tested are similar. The gaps are: industry literacy in defense and PE-deal contexts, and Strategy&-specific awareness in fit interview content. Strong MBB-prepped candidates with the right Strategy& fit usually succeed; the deltas are at the margin. ### **How long should I prepare for Strategy& cases?** 60-100 hours of focused prep is typical for candidates landing offers, similar to MBB prep. The allocation is roughly: 60% general case practice, 25% stream-specific content building, 15% fit interview and behavioral content. For end-to-end Strategy& preparation, see the (https://strategycase.com/all-in-one-case-interview-preparation/).