Author: Taylor Warfield, Former Bain Manager and Interviewer

Last Updated: March 31, 2026

NERA case interviews test your economic reasoning, quantitative analysis, and structured problem solving. Unlike traditional management consulting interviews at firms like McKinsey or BCG, NERA's interview process reflects its focus as one of the world's leading economic consulting firms.

 

In this guide, you will learn exactly how the NERA interview process works, what makes NERA cases unique, how to solve them step by step, and what real NERA case examples look like.

 

But first, a quick heads up:

 

McKinsey, BCG, Bain, and other top firms accept less than 1% of applicants every year. If you want to triple your chances of landing interviews and 8x your chances of passing them, watch my free 40-minute training.

 

What Changed in 2026?

 

This article has been significantly expanded with new content on NERA's economic consulting focus, how NERA cases differ from MBB cases, technical economics questions to expect, guidance on answering "Why NERA?", updated hiring statistics, and London office written assessment details. Case examples have been reorganized by type for easier reference.

 

What Is NERA Economic Consulting?

 

NERA Economic Consulting is one of the world's leading economic consulting firms, with over 500 professionals across 25+ offices globally. Founded in 1961, the firm is now a subsidiary of Marsh McLennan, the same parent company that owns Oliver Wyman.

 

Unlike management consulting firms that focus on corporate strategy, NERA specializes in applying economic, financial, and quantitative analysis to complex business and legal challenges. According to NERA's own recruiting materials, the firm advises government agencies, law firms, and corporations across more than 130 countries.

 

NERA operates across 30+ practice areas, including:

 

• Antitrust and competition economics

 

• Securities and finance

 

• Energy, environment, and climate change

 

• Intellectual property

 

• Health care and life sciences

 

• Transfer pricing

 

• Bankruptcy and restructuring

 

• Labor and employment

 

Understanding what NERA actually does is critical for your interview preparation. The firm's work centers on providing expert testimony, economic analysis for litigation, regulatory consulting, and policy evaluation. This is fundamentally different from the strategy and operations work at MBB firms.

 

What Does the NERA Interview Process Look Like?

 

The NERA interview process is less standardized than what you will find at MBB firms. The exact process varies by office, practice area, and role level. However, based on Glassdoor data from over 250 interview reviews, the average NERA hiring process takes about 27 days and involves 2 to 4 rounds of interviews.

 

How Many Rounds of Interviews Does NERA Have?

 

Most NERA candidates go through two to three rounds. A typical process looks like this:

 

• Round 1 (Phone Screen): A 30-minute call with an analyst or HR representative covering behavioral questions, your research background, and why you are interested in NERA and economic consulting.

 

• Round 2 (On-Site or Virtual Super Day): Three to five back-to-back interviews lasting 30 minutes each with staff at various seniority levels. This round typically includes a mix of case studies, behavioral questions, and technical questions.

 

• Round 3 (Final Round): Some candidates have a final conversation with a Managing Director or practice leader. This round focuses more on fit and motivation than on case solving.

 

According to Glassdoor, roughly 69% of NERA candidates rate their interview experience as positive, and the overall difficulty is rated 2.9 out of 5. This means NERA interviews are generally considered moderate in difficulty compared to MBB firms.

 

What Types of Questions Does NERA Ask?

 

Your NERA interviews will include a mix of four question types:

 

• Resume and background questions: Expect detailed questions about your academic research, economics coursework, honors thesis, and any quantitative projects you have worked on. Multiple interviewers may ask about the same project in different rounds.

 

• Behavioral questions: Standard behavioral interview questions such as "Tell me about a time you dealt with conflict" or "Describe a situation where you had to work with messy data."

 

• Motivational questions: "Why consulting?" and "Why NERA?" come up in almost every interview loop.

 

• Case interviews: Business problem solving exercises that test your analytical and quantitative skills. These may be traditional case studies or more data-focused exercises depending on the practice area.

 

Does NERA Always Give Case Interviews?

 

No. This is one of the most surprising facts about NERA interviews. Based on candidate reports, roughly 50% of NERA candidates do not receive any case questions at all during their interview process. The other 50% do get case questions, with most being situational or data-driven in nature.

 

However, you should absolutely still prepare for case interviews. You have no way of knowing in advance whether your interviewers will include case questions. Being unprepared for a case when one is given will almost certainly cost you the offer.

 

What Is the NERA London Written Assessment?

 

If you are interviewing at NERA's London office, the first round includes a written assessment rather than a phone interview. Based on candidate reports, the London assessment consists of three tests:

 

• Math, Logic, Economics, and Finance Test (2 hours): A mix of multiple choice and short answer questions covering quantitative reasoning, basic microeconomics, and financial concepts.

 

• Excel and Report-Writing Test (1 hour): You will work with data in a spreadsheet and write a short client-ready summary of your analysis.

 

• General Writing Skills Test (45 minutes): Choose from two current affairs topics and write an economics-informed essay.

 

If you pass the written assessment, you move to one-on-one interviews with Assistant Directors from the practice areas that are interested in you.

 

Interview Detail	What to Expect
Number of Rounds	2 to 4 rounds (varies by office)
Average Hiring Timeline	~27 days from first interview to offer
Interview Difficulty	2.9 out of 5 (moderate)
Case Interview Probability	~50% of candidates receive case questions
Candidate Experience	69% rate the process as positive
London First Round	3-part written assessment (math, Excel, writing)

 

How Are NERA Case Interviews Different from MBB Cases?

 

This is one of the most important things to understand before your NERA interview. NERA is an economic consulting firm, not a management consulting firm. That distinction shapes everything about how case interviews are designed and evaluated.

 

At MBB firms, cases focus on business strategy: market entry, profitability improvement, M&A evaluation, and growth strategy. At NERA, cases lean heavily toward economic analysis, data interpretation, litigation support, and regulatory questions.

 

Here is how they compare:

 

Dimension	MBB Case Interviews	NERA Case Interviews
Primary Focus	Business strategy and operations	Economic analysis and data interpretation
Common Case Types	Market entry, profitability, M&A, pricing	Damages estimation, regulatory impact, litigation, valuation
Data Intensity	Moderate (charts and basic math)	High (complex datasets, econometric reasoning)
Economics Knowledge	Basic business intuition sufficient	Microeconomics and statistical concepts expected
Interview Style	Mix of candidate-led and interviewer-led	Mostly interviewer-led
Brain Teasers	Rare at most MBB firms	Occasionally asked at NERA
Framework Emphasis	Heavy emphasis on MECE frameworks	Frameworks matter, but economic logic matters more

 

The bottom line: if you prepare exclusively with MBB-style cases, you will be underprepared for NERA. You need to layer in economic reasoning, comfort with data-heavy problems, and familiarity with litigation and regulatory scenarios.

 

What Does a NERA Case Interview Assess?

 

NERA case interviews evaluate five core competencies. Understanding these will help you focus your preparation on what actually matters.

 

Structured thinking: Can you break complex economic problems into logical, manageable parts? NERA wants to see that you can organize your analysis into a clear framework, even when the problem is unfamiliar. This includes using MECE principles to ensure your framework covers all relevant areas without overlap.

 

Quantitative analysis: Can you interpret data accurately, perform calculations under pressure, and draw the right conclusions from numbers? According to Glassdoor reviews, NERA interviewers place heavy emphasis on mathematical precision. Accuracy matters more than speed.

 

Economic reasoning: Can you apply basic economic concepts like supply and demand, opportunity cost, marginal analysis, and market incentives to real-world problems? This is the competency that most distinguishes NERA from MBB interviews.

 

Communication skills: Can you explain your analysis clearly and concisely? NERA consultants regularly present findings to clients, attorneys, and government regulators. Your ability to walk through quantitative conclusions in plain language is essential.

 

Personality and cultural fit: Are you coachable, intellectually curious, and easy to work with? NERA teams are small and collaborative. Interviewers will ask themselves whether they would want to work alongside you on a months-long project.

 

How Do You Solve a NERA Case Interview Step by Step?

 

There are six steps to solving a NERA case interview. While the overall structure is similar to MBB cases, the emphasis on data and economic logic is different.

 

Step 1: Understand the Case

 

The interviewer will present a business or economic problem. Take careful notes on the key facts, constraints, and objectives. Then confirm your understanding by summarizing the case back to the interviewer.

 

NERA cases often involve scenarios drawn from real projects, such as calculating economic damages in a lawsuit or evaluating whether a public infrastructure investment is worthwhile. Pay special attention to the specific question you are being asked to answer.

 

Step 2: Structure the Problem

 

Ask for a moment to organize your thoughts. Build a logical framework that breaks the problem into 3 to 4 major areas. For NERA cases, your framework might look different from standard case interview frameworks. For example, a damages estimation case might be structured around: (1) establishing the baseline, (2) identifying the impact, (3) quantifying losses, and (4) considering alternative explanations.

 

Walk the interviewer through your framework before diving in. This shows you can think before you act, which is exactly what NERA values.

 

Step 3: Kick Off the Case

 

NERA case interviews are mostly interviewer-led. The interviewer will guide you to specific areas of the problem and ask targeted questions. Occasionally you may encounter a candidate-led format where you choose which area to investigate first.

 

If you are driving the case, propose which area of your framework to explore first and briefly explain why. There is no single correct starting point.

 

Step 4: Solve Quantitative Problems

 

Quantitative problems are the core of most NERA cases. You may be asked to calculate profitability, estimate damages, size a market, interpret a data table, or evaluate an investment's financial return.

 

The key is to lay out your approach before doing any case interview math. State your formula or methodology, confirm it with the interviewer, and then execute the calculations. Talk through your math out loud so the interviewer can follow your logic.

 

After completing each calculation, tie your answer back to the case objective. For example, if you estimated a market size, explain whether that figure makes the investment opportunity attractive or unattractive.

 

Step 5: Answer Qualitative Questions

 

You will also face qualitative questions during your NERA case. These could include brainstorming possible causes of a revenue decline, identifying risks of a regulatory change, or evaluating strategic options for a client.

 

Structure your qualitative answers just as you would structure a framework. Group your ideas into 2 to 3 categories, present them clearly, and connect your answer back to the case objective.

 

Step 6: Deliver a Recommendation

 

At the end of the case, deliver a clear, firm recommendation supported by 2 to 3 key reasons. Do not hedge or go back and forth between options. State your position, summarize the evidence, and suggest logical next steps.

 

A strong recommendation might sound like: "Based on our analysis, I recommend the client not pursue this highway project. First, the estimated toll revenue of $60M per year is insufficient to recoup the $800M construction cost within the 10-year concession period. Second, the sensitivity analysis shows that even a 20% increase in traffic would not make the project profitable."

 

What Are Real NERA Case Interview Examples?

 

NERA does not publish official practice cases on their website. However, based on candidate reports from Glassdoor, Wall Street Oasis, and other sources, here are representative examples organized by case type.

 

Pricing and Valuation Cases

 

Olympic Broadcast Rights: A US television network is deciding how much to bid for the rights to broadcast the upcoming Olympic Games. How much should they bid? (This requires estimating projected viewership, advertising revenue per viewer, and production costs.)

 

Dynamic Vending Machine Pricing: Coca-Cola is testing a vending machine that adjusts soda prices based on the outside temperature. Higher temperatures would mean higher prices. Evaluate whether this pricing strategy is viable.

 

Profitability and Business Turnaround Cases

 

Gold Mining Revenue Decline: A gold mining company has seen revenue drop 20% over the past month. Investigate the root cause and recommend a path forward. (Consider commodity price changes, production output, and operational issues.)

 

Boxed Wine Division Analysis: An Australian winemaker sells both bottled and boxed wine. Profits are declining and the CEO suspects the boxed wine division is responsible. What metrics would you analyze to determine whether the boxed wine division is a good business?

 

Footwear Company EBIT Growth: An American footwear company owner wants to double EBIT before selling the company in 3 to 5 years. What strategic initiatives should they pursue?

 

Investment and Public Policy Cases

 

Highway Public-Private Partnership: A construction company is evaluating a project to build an interstate highway for $800M. In exchange, they would collect toll revenue for 10 years. Is this project worth pursuing? (This involves building a financial model with revenue projections, discount rates, and breakeven analysis.)

 

Carpet Product Profitability: A home design retailer wants to improve profits on a specific shag carpet product line. What cost or pricing levers should they consider?

 

Brain Teasers and Estimation Questions

 

Rope Around the Earth: A rope is tied around the equator of the Earth. If you add 200 meters to the rope's length but keep it centered at the Earth's center, how high above the ground would the rope sit? (This is a geometry problem testing whether you can set up the right equation.)

 

Merger Stock Price Impact: A company announces a merger. Given specific financial details about both companies, determine the expected impact on the acquiring company's stock price.

 

These examples span the range of what NERA interviewers have asked in the past. Notice how they lean more toward financial analysis, data reasoning, and economic logic compared to typical MBB strategy cases.

 

What Technical and Economics Questions Should You Expect?

 

Beyond standard case interviews, NERA frequently tests your economics and quantitative knowledge directly. Based on Glassdoor and candidate reports, here are the categories of technical questions you should prepare for.

 

Microeconomics Concepts

 

NERA's roots are in economic consulting, so basic microeconomics knowledge is expected. You should be comfortable with:

 

• Supply and demand analysis, including shifts vs. movements along the curve

 

• Price elasticity of demand and how it affects revenue

 

• Marginal cost, marginal revenue, and profit maximization

 

• Market structures: perfect competition, monopoly, oligopoly

 

• Antitrust and competition economics: market definition, market power, barriers to entry

 

• Regulatory economics: types of regulation, pricing strategies under regulation, deadweight loss

 

According to a Glassdoor reviewer who interviewed at NERA London, candidates should review supply curve derivation, industrial organization concepts related to regulation, and basic pricing strategies.

 

Statistical and Quantitative Reasoning

 

NERA deals heavily with data analysis and expert testimony. Depending on the practice area, you may be asked about:

 

• How to interpret regression results and determine if a model is well-specified

 

• Expected value calculations and basic probability

 

• How to identify errors or anomalies in a dataset

 

• Basic financial metrics: NPV, IRR, breakeven analysis

 

You do not need an advanced econometrics background. However, being comfortable explaining what a regression coefficient means or how you would test a hypothesis will set you apart from other candidates. About 80% of NERA recruits come from target schools with strong economics programs, so the bar for quantitative comfort is relatively high.

 

Practice-Area Specific Questions

 

If you are interviewing with a specific practice (securities, energy, antitrust, etc.), expect questions tailored to that domain. For example, candidates interviewing for the securities and finance practice have reported questions about stock price movements during mergers. Candidates interviewing for the energy practice have been asked about cross-border electricity transmission.

 

You do not need to be a domain expert. But doing 30 minutes of background reading on the practice area you are interviewing for can give you a meaningful edge.

 

How Should You Answer "Why NERA?"

 

"Why NERA?" appears in nearly every NERA interview loop, often multiple times. This is your chance to show genuine interest and demonstrate that you understand what makes NERA different.

 

A strong answer should cover three things:

 

• Why economic consulting over management consulting: Explain your genuine interest in applying economics to real-world problems. Reference specific types of work that appeal to you, such as litigation support, regulatory analysis, or antitrust economics.

 

• Why NERA specifically: Point to something concrete about NERA. This could be a specific practice area, a published study you read, the firm's reputation for intellectual rigor, or the fact that NERA's work has real-world impact through expert testimony and policy recommendations.

 

• Why you are a good fit: Connect your background to what NERA looks for. Highlight your economics coursework, research experience, quantitative skills, or genuine curiosity about economic analysis.

 

Avoid generic answers like "NERA is a great firm" or "I want to work with smart people." These answers could apply to any company and will not differentiate you. Be specific about what draws you to economic consulting and what you have done that proves your interest is real.

 

What Are the Top NERA Case Interview Tips?

 

1. Start preparing early. In my experience coaching thousands of candidates, the ones who start at least 4 to 6 weeks before their interview perform significantly better. NERA cases require not just case skills but also economics knowledge, and building both takes time.

 

2. Learn the right strategies from the beginning. It is far more efficient to learn effective case interview strategies the first time than to build bad habits and try to correct them later. If you want a structured approach, my case interview course covers everything from framework building to case math in as little as 7 days.

 

3. Brush up on microeconomics. Review supply and demand, elasticity, marginal analysis, and basic market structures. You do not need PhD-level economics, but you should be comfortable applying Econ 101 concepts under pressure.

 

4. Practice with a case partner. Doing mock cases with a partner is the best way to simulate the real experience. It forces you to think on your feet, communicate your analysis out loud, and handle follow-up questions.

 

5. Sense check every calculation. The most common math mistake in case interviews is missing or adding zeroes. After each calculation, do a quick gut check: does this number make sense in context? If you calculated that a company's revenue is $500 trillion, something went wrong.

 

6. Know your research inside and out. NERA interviewers frequently dive deep into candidates' academic research, honors theses, and data projects. Be ready to explain your methodology, findings, and limitations in detail.

 

7. Use a hypothesis-driven approach. Form an early hypothesis about the answer to the case and test it as you gather more information. This keeps your analysis focused and demonstrates the kind of proactive thinking NERA values.

 

8. Show enthusiasm for economic consulting. NERA interviewers want to see that you are genuinely excited about economics-driven work, not just using the firm as a backup plan. Let your curiosity and passion come through naturally during the conversation.

 

How Should You Prepare for NERA Case Interviews?

 

Here is a practical preparation plan that covers everything you need for NERA interviews.

 

Weeks 1 to 2: Build your foundation. Learn the fundamentals of case interviews, including how to build frameworks, solve quantitative problems, and deliver recommendations. Simultaneously review your microeconomics notes.

 

Weeks 3 to 4: Practice cases. Start with 3 to 5 cases on your own to build comfort, then shift to practicing with a partner. Focus on economic consulting scenarios: damages estimation, regulatory analysis, pricing, and financial evaluation. Aim for at least 10 to 15 practice cases before your interview.

 

Week 5 to 6: Refine and polish. Work on your specific improvement areas. Practice answering "Why NERA?" and behavioral questions. Do 1 to 2 mock cases with someone who can give experienced feedback. If you feel you have hit a plateau, consider working with a case interview coach who can pinpoint exactly where you need to improve.

 

In the final days before your interview, do no more than one case per day. Overdoing practice right before the interview can cause fatigue and actually hurt your performance.

 

Frequently Asked Questions

 

Is NERA Hard to Get Into?

 

NERA is competitive but not as selective as MBB firms. Based on Glassdoor data, candidates rate interview difficulty at 2.9 out of 5, compared to 3.5 to 4.0 at McKinsey, BCG, and Bain. About 80% of NERA recruits come from target schools, with the remaining 20% from employee referrals and direct online applications.

 

What Salary Does NERA Pay?

 

According to Glassdoor estimates, NERA Associate Analysts earn roughly $86,000 per year, while Senior Consultants earn approximately $146,000. Total compensation including bonuses ranges from about $90,000 at entry level to over $200,000 for senior roles. Salaries vary by office location, with New York and Washington, D.C. offices paying the highest.

 

Do You Need an Economics Degree for NERA?

 

An economics degree is helpful but not strictly required. NERA hires candidates from a range of quantitative backgrounds, including finance, mathematics, statistics, and public policy. However, you should be comfortable with basic economic concepts. Nearly half of NERA's consultants hold PhDs, and the firm places significant value on analytical and research skills regardless of your specific degree.

 

How Long Does the NERA Hiring Process Take?

 

The average timeline from first interview to offer is approximately 27 days, according to Glassdoor data from 199 interview reviews. Some candidates report completing the entire process in as little as two weeks, while others wait up to two months. The timeline depends on the office, practice area, and time of year.

 

What Practice Areas Does NERA Hire For?

 

NERA hires across all of its 30+ practice areas, though the most active recruiting typically happens in antitrust and competition, securities and finance, energy, and health care. Internships are available for final-year undergraduates and current graduate students, and many interns receive full-time offers upon completion.

 

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