In the tightest hiring market in 70 years, college students are expected to do more than just attend lectures and pass exams; they are also expected to fill their resumes from top to bottom with the all-important internship. So how exactly does a student rise above their peers and stand out to potential employers? Case competitions are a key differentiator.
Case competitions can vary tremendously in scope and intensity, from 24 hours to several weeks. Each case lays out a current, real-world business problem. With a group of peers, each team researches and plans a solution based on what they’ve collectively learned in the classroom, internships and any other relevant experience. On the last day of the competition, the team presents its findings and solution to a panel of judges. The top finishers then travel to other universities to compete at the next level, nationally and abroad.
I competed in mini 30-minute case competitions in high school through DECA, but it wasn’t until college that I experienced my first, big case. Recently, I participated in The IKEA Case Competition with a team of several other students. We were given information about a real solar energy company’s current financials, product, global placement and competitor standings. The case required us to do additional research, draw on classroom knowledge and present suggestions to a panel of judges, who play the role of the company’s top corporate executives. We were asked to concentrate on the future of the global energy market, global industry positioning, international expansion strategy and financials.
After 48 hours of research, digging through old class notes, lecture slides and textbooks, consuming mass amounts of coffee, debates over strategy and slaving over the PowerPoint presentation, it was time to present to the judges.
All of our work came down to 10 critical minutes of presentation and another 10 minutes of answering the judges’ questions. We managed to survive and even draw a few smiles and nods from the judges; overall, a rewarding first experience.
Through this experience we learned the importance of good communication and problem-solving in business. The purpose of the exercise is not to see how much you know about the solar energy market or how well you can create a strategy for that particular company. The point is to test a student’s ability to work on a team, look at a company they know little about and conduct useful research, apply business strategy fundamentals and solve a real-world problem.
Likewise, employers need their employees (even entry level employees) to showcase problem-solving skills above all else, NOT academic memorization skill. If my manager needs to hold my hand every hour of every day, then I’m not a valuable employee. She needs to be able to trust my ability to take a task, and use my own judgment and communication skills to figure out the best way to execute. Communication and problem-solving skills are the fundamental skills employers look for. Case competitions help students utilize and develop skills that would otherwise sit idle during lecture.
During my time as an intern at Communiqué PR, I’ve often thought back to the case competition and what I learned. Whether it is how I conduct a phone conference or ask a clarifying question, I think about the way I translate my need for information into clear, concise questions. I want to be valuable to any company, and I strongly believe the skills students further develop through case competitions contribute to their overall value as well as give them an advantage when looking for their first professional position.
This post was authored by Communiqué PR intern, Lindsey Turner.