Author: Taylor Warfield, Former Bain Manager and interviewer

Last Updated: May 24, 2026

 

Strategy& Deals case interviews focus on commercial due diligence and M&A transactions for private equity and corporate clients. The Deals team runs roughly 70% commercial due diligence projects, which shapes the cases you will see in interviews. This guide walks you through the case types, interview process, and the exact strategies you need to land an offer.

 

But first, a quick heads up:

 

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What Is Strategy& Deals and What Does the Team Do?

 

Strategy& Deals is the dedicated transaction strategy practice within Strategy&, the strategy consulting arm of PwC. The team supports private equity funds, corporate buyers, and infrastructure investors through every stage of an acquisition. Most of the work centers on commercial due diligence and post-deal growth strategy.

 

The Deals team sits separately from PwC's Financial Due Diligence (FDD) practice, which handles accounting and quality of earnings work. Strategy& Deals focuses on the commercial questions instead. Is the market attractive, can the target win, and what are the realistic upside opportunities?

 

According to insider reports from current and former team members, roughly 70% of project volume at Strategy& Deals consists of commercial due diligence engagements. The remaining 30% is split across growth strategy, value creation planning, and corporate development advisory. The team operates as a generalist practice, which means you might work on an energy project one week and an industrials project the next.

 

What Types of Cases Does Strategy& Deals Use?

 

Strategy& Deals cases lean toward market assessments, market sizing, and growth driver analysis, reflecting the team's CDD-heavy work. Cases are typically candidate-led and require both strong quantitative skills and structured business judgment. You should expect at least one case to involve heavy market sizing.

 

There are three main types of cases you should prepare for: commercial due diligence cases, growth strategy cases, and market sizing or market assessment cases.

 

What Are Commercial Due Diligence Cases?

 

Commercial due diligence (CDD) cases ask you to help a private equity client decide whether to acquire a target company. Your job is to assess the market, the target's competitive position, and the major risks. You then deliver a clear go or no-go recommendation, often with a view on valuation.

 

CDD cases typically come in two flavors. Either you are looking at a good company in a tough market, or a struggling company in an attractive market. Both versions test whether you can separate market dynamics from company performance.

 

Example prompt:

A growth equity fund is evaluating a $400 million acquisition of a specialty pet food brand growing at 18% per year. The premium pet food market is growing at 6% per year. Should the fund move forward, and what should they pay?

 

What Are Growth Strategy Cases?

 

Growth strategy cases ask how a portfolio company or corporate client can accelerate revenue. These often follow a CDD project, where Strategy& helps the new owners drive value creation after the deal closes. M&A case interviews at Strategy& Deals frequently bridge into growth questions, since most acquisitions are made to fuel growth.

 

These cases tend to focus on three growth levers. Pricing, expansion into new segments, and operational improvements that unlock capacity. You may also see questions about M&A as a growth lever, including bolt-on acquisitions and roll-up strategies.

 

Example prompt: A PE-backed industrial coatings company wants to double EBITDA in three years. Current EBITDA is $80 million on $400 million in revenue. What growth levers should the management team pursue?

 

What Are Market Sizing Cases?

 

Market sizing cases are extremely common in Strategy& Deals interviews because the team does so much market assessment work. You may get a pure market sizing question on its own, or a sizing component embedded within a larger CDD case.

 

Candidates frequently report market sizing questions that require segmentation by customer type, geography, or product category. Practicing market sizing with this level of detail is essential for Strategy& Deals interviews. The sizing process should always start with a clear framework, then move into round-number assumptions, before delivering a final estimate with sense-checking.

 

Example prompt: Estimate the total addressable market for offshore wind turbine maintenance in the United Kingdom.

 

What Does the Strategy& Deals Interview Process Look Like?

 

The Strategy& Deals interview process consists of two rounds and four to five total interviews. The full process takes about three to five weeks on average for entry-level and associate roles. Senior hires may go through three rounds with additional partner conversations.

 

According to Glassdoor data, candidates rate the Strategy& interview difficulty at 3.31 out of 5 and the overall experience as 71% positive. The Deals team often has a slightly more quantitative bar than the broader Strategy& interview. This reflects the heavy market sizing and valuation work involved in due diligence projects.

 

What Happens in the Strategy& Deals First Round?

 

The first round typically consists of two 45-minute interviews back-to-back. Each interview is led by a senior associate or manager from the Deals team. The format mixes behavioral fit questions and case work.

 

The first interview usually opens with 10 to 15 minutes of behavioral and motivation questions before transitioning to a market sizing or short case. The second interview is often a Strategy& Deals data packet case. You receive a 10-page slide deck with charts and tables, get 10 minutes to review, and then walk through three questions with the interviewer.

 

The data packet case is unusual and catches many candidates off-guard. You will not have time to thoroughly read every slide, and that is by design. The interviewer wants to see how you prioritize information under time pressure.

 

What Happens in the Strategy& Deals Final Round?

 

The final round consists of two to three 45-minute interviews with directors and partners. The cases are typically more complex and may include a longer commercial due diligence case with multiple analytical components. At least one interview will be heavily focused on behavioral fit.

 

In some Strategy& Deals offices, the final round includes a written case interview or a partner case that tests your ability to drive a senior-level discussion. The exact format varies by office and practice area. Your recruiter will usually give you a heads up about what to expect.

 

How Is the Strategy& Deals Case Different from Other Strategy& Cases?

 

Strategy& Deals cases differ from the broader Strategy& case interview format in three important ways. They lean heavier on quantitative analysis, focus more on M&A and PE clients, and often involve a slide packet format that is rare elsewhere in the firm. Understanding these differences helps you prepare more effectively.

 

Factor	Strategy& Deals	Other Strategy& Practices
Primary Client Type	Private equity and corporate buyers	Corporate strategy teams
Case Focus	Commercial due diligence, market sizing, growth	Market entry, profitability, growth strategy
Slide Packet Case?	Common in first round	Rare
Quant Intensity	High	Moderate
Project Timeline	4 to 8 weeks per CDD	3 to 6 months per strategy
Travel Expectations	Moderate	Higher

 

The biggest practical difference is the pace of the work, which carries over into the interview. CDD projects move fast, often wrapping up in four to eight weeks. Interviewers want to see that you can analyze a packet of data and form a point of view quickly, which is exactly what the slide packet case is designed to test.

 

How Do You Solve a Strategy& Deals Commercial Due Diligence Case?

 

Follow these six steps to solve any Strategy& Deals commercial due diligence case. The same steps work for both live cases and slide packet cases.

 

Step 1: Clarify the client and the deal

Start by understanding the client type, the target company, and the deal context. Is the client a buyout fund with a 5-year hold, a growth equity fund, or a corporate buyer? Each has different return expectations and different reasons for doing the deal.

 

Step 2: Build a CDD framework

Most CDD cases break into four buckets you should always cover:

 

• Market attractiveness, including size, growth, and concentration

 

• Target's competitive position, including financials and differentiation

 

• Risks and red flags, both commercial and operational

 

• Valuation and deal economics, including expected returns

 

This four-bucket structure beats generic case interview frameworks for deals questions because it mirrors how real CDD projects are scoped. Interviewers recognize the structure instantly and credit you for thinking like a Deals consultant.

 

Step 3: Analyze the market

Cover four things at minimum. Market size in dollars and units, growth rate and underlying drivers, competitive concentration, and customer or end-user trends.

 

For Strategy& Deals cases, expect interviewers to push hard on market growth drivers. A 6% growth rate driven by one factor is fragile. A 6% growth rate supported by three independent drivers is much more durable, and that distinction matters when a PE fund is committing $300 million.

 

Step 4: Analyze the target

Look at financials over the last three years, focusing on whether the target is taking share or losing it. Then assess differentiation. What makes the target win deals, is it product, service, price, or something else?

 

A common Strategy& Deals trap is over-indexing on past performance. A target growing at 25% last year is impressive, but if that growth came from one customer or one product launch, it is not repeatable. Always ask what is driving the growth and whether it can continue.

 

Step 5: Quantify upside and risks

Build a simple value creation model. If revenue grows from $200 million to $320 million in five years at a 15% EBITDA margin, what is the exit value at a 10x multiple? Then identify the top three risks that could derail this trajectory.

 

Step 6: Deliver a clear recommendation

Lead with a yes or no answer, then give three supporting reasons. Then briefly mention the top risk and the next-step analysis you would do if you had more time. Never deliver a recommendation without next-step language, since Strategy& interviewers explicitly look for it.

 

How Do You Solve a Strategy& Deals Slide Packet Case?

 

The slide packet case is unique to Strategy& Deals and a few other transaction-focused teams. You receive a 10-page deck, get 10 minutes to review, and then field three questions from the interviewer. Most candidates run out of time because they try to read every slide carefully.

 

Follow these eight steps to handle the packet under time pressure:

 

1. Read the prompt and the three questions first, so you know what you are looking for
   
   
2. Skim every slide for 60 seconds total, just to know what is in the deck
   
   
3. Identify which slides have the answers to which questions
   
   
4. Spend 7 minutes on the highest-stakes question, usually the quantitative one
   
   
5. Outline quick answers to questions 2 and 3 in the remaining time
   
   
6. Walk the interviewer through each answer using the slide as evidence
    
7. Be willing to flip back to slides as the interviewer probes deeper
   
   
8. Save the last 2 minutes for a brief synthesis across all three answers

 

The biggest mistake is trying to memorize the slides. You cannot. Treat the packet like a real client briefing where you pull data on demand.

 

What Are Examples of Strategy& Deals Case Interview Questions?

 

Based on candidate reports across multiple offices, here are real Strategy& Deals cases that interviewers have used in recent rounds:

 

• A growth equity fund is considering a $250 million investment in a fast-growing direct-to-consumer mattress company. Should they proceed?

 

• Estimate the total addressable market for offshore wind turbine maintenance in the United Kingdom.

 

• A PE firm wants to buy a regional dental support organization with $80 million in revenue and 25 offices. Is the asking price of $400 million reasonable?

 

• A buyout fund is evaluating a healthcare staffing platform. Revenue is growing but margins are compressing. Why is this happening, and should they invest?

 

• Your client is considering acquiring a specialty chemicals manufacturer with three product lines. Which line drives the most value, and what would you pay for it?

 

• Size the European market for B2B last-mile cold chain logistics.

 

• A growth fund is looking at a $150 million SaaS company that just launched a second product. How would you evaluate the deal, and what is your view on valuation?

 

• A corporate acquirer is considering a bolt-on acquisition that would add $40 million in revenue. What is the strategic case, and what are the top three risks?

 

Notice how every case anchors to a transaction decision. That is the defining feature of Strategy& Deals cases. Every analysis should ultimately answer the question: should the client do this deal, and at what price?

 

What Frameworks Should You Use for Strategy& Deals Cases?

 

Strategy& Deals cases benefit from two layers of frameworks. The first layer is the CDD framework that applies to most deals work. The second layer is Strategy&'s firm-wide capabilities-driven approach, which signals you understand how Strategy& thinks about strategy.

 

What Is the CDD Framework?

 

The CDD framework breaks every deal into four core questions. Use this as your default starting point for any Strategy& Deals case.

 

• Is the market attractive? Cover size, growth, concentration, and regulatory dynamics.

 

• Can the target win? Cover financials, differentiation, management, and capabilities.

 

• What are the risks? Cover commercial, operational, regulatory, and integration risks.

 

• Does the math work? Cover valuation, expected returns, and exit assumptions.

 

This framework should be tailored to the specific case. For a market entry case, put more weight on the market section. For a turnaround target, put more weight on the risks section.

 

What Is Capabilities-Driven Strategy?

 

Capabilities-driven strategy is the firm-wide framework that Strategy& was built around. The core idea is that companies win by building 3 to 6 distinctive capabilities that reinforce each other. Showing familiarity with this concept signals you have done your homework on the firm.

 

In a Strategy& Deals case, you can apply this by asking what the target's distinctive capabilities are, and how those capabilities protect the business from competitors. This pushes you beyond generic competitive analysis into a more nuanced view that mirrors how Strategy& consultants actually think about acquisition targets.

 

What Are the Most Common Strategy& Deals Case Interview Mistakes?

 

Having coached hundreds of consulting candidates, I see the same mistakes repeatedly in Strategy& Deals interviews. Avoiding these will immediately set you apart from most candidates.

 

• Treating the case like a generic strategy case. Strategy& Deals cases are fundamentally about whether to do a deal, so anchor every analysis to that question.

 

• Skipping the math. Many candidates rush past the quantitative work because it makes them nervous, but Deals cases reward strong value creation modeling.

 

• Underestimating market sizing prep. Most candidates report at least one sizing question per interview round.

 

• Mishandling the slide packet. Candidates who try to read every slide in 10 minutes always run out of time, so skim first and dive deep only where it matters.

 

• Ignoring deal-specific risks. Strong CDD answers always include integration risk, customer concentration risk, and key-person risk.

 

• Forgetting to reference specific slides. When you cite data in a packet case, point to the slide. This shows the interviewer that you are reading evidence, not pattern-matching.

 

• Underpreparing for behavioral fit. Strategy& weighs fit roughly 40 to 50% of the total evaluation, far more than most consulting firms.

 

How Should You Prepare for a Strategy& Deals Case Interview?

 

A four-week preparation plan works well for most candidates. Adjust the timing based on how strong your current case interview skills are and how much time you have.

 

Week 1: Master the CDD Framework

 

Read the basics of commercial due diligence and how it differs from other case types. Practice 3 to 5 cases on your own, focusing on building the four-bucket framework. Review Strategy&'s capabilities-driven approach so you can reference it naturally.

 

If you want to learn case interview fundamentals quickly, my case interview course walks you through proven strategies in as little as 7 days.

 

Week 2: Practice Market Sizing

 

Do at least 10 market sizing problems, ranging from simple consumer products to more complex B2B services. Focus on segmentation, round numbers, and benchmarking your answer. Strategy& Deals interviews often blend market sizing into larger CDD cases, so practice both formats.

 

Common sizing topics include healthcare services, industrial equipment, software subscriptions, and energy infrastructure. These reflect the industries where Strategy& Deals does most of its work.

 

Week 3: Practice Slide Packet Cases

 

The slide packet case is the format that catches candidates off-guard. Build or download a packet, give yourself 10 minutes to review, then walk through it with a partner. Candidates with private equity case interview or banking experience often find this format more familiar, but anyone can master it with focused practice.

 

Aim to do at least 5 slide packet practice runs before your interview. Time yourself strictly. The 10-minute review window is non-negotiable in the real thing.

 

Week 4: Polish Behavioral Answers and Run Mocks

 

Spend at least 10 hours preparing behavioral questions. The three most important questions for Strategy& Deals are why Strategy&, why the Deals team specifically, and why you are interested in transactions over corporate strategy. Have strong answers for all three before your interview.

 

Then do 3 to 4 mock interviews with someone who can give you honest feedback. Ideally one of these is a slide packet case. In the days before your interview, do no more than one case per day to avoid burnout.

 

Frequently Asked Questions

 

Is Strategy& Deals harder than other Strategy& teams to get into?

 

The Strategy& Deals team is comparable in selectivity to other Strategy& practices, with an overall offer rate of roughly 3 to 5%. The cases are slightly more quantitative, and the slide packet format is unique to Deals interviews. Candidates with finance, banking, or PE backgrounds often have a slight edge but this is not required.

 

Do I need finance experience to apply to Strategy& Deals?

 

No, you do not need finance experience to apply to Strategy& Deals. The team hires from a mix of backgrounds, including consulting, banking, corporate strategy, and even non-business majors. What matters most is your ability to handle quantitative analysis and structured thinking under time pressure.

 

How much of the Strategy& Deals case interview is market sizing?

 

Most Strategy& Deals candidates report at least one market sizing question across their interviews, and many report two. Market sizing is core to commercial due diligence work, where you need to understand the total addressable market for a target's products or services. Strong sizing skills are essential for this team.

 

Do I need to know discounted cash flow analysis for Strategy& Deals cases?

 

You do not need to perform a full discounted cash flow analysis in a Strategy& Deals case. The valuation work in case interviews uses simple multiples-based math, such as EBITDA times an exit multiple. As long as you can calculate basic returns and stress-test your assumptions, you will be fine.

 

What is the offer rate for Strategy& Deals?

 

The Strategy& Deals offer rate is roughly 3 to 5%, consistent with Strategy& overall. This makes Strategy& Deals one of the more selective tier-2 consulting practices. According to Glassdoor data, the typical hiring process takes about 37 days from application to offer.

 

How is Strategy& Deals different from MBB private equity practices?

 

Strategy& Deals operates similarly to PE practices at MBB consulting firms, focusing on commercial due diligence and growth strategy for PE and corporate clients. The biggest difference is brand positioning, with MBB firms commanding higher fees and slightly different deal flow. Strategy& Deals is often seen as a strong alternative for candidates focused on transaction-oriented strategy work.

 

How long does the Strategy& Deals interview process take?

 

The Strategy& Deals interview process takes about three to five weeks on average for entry-level and associate roles. Senior hires may go through three rounds and a longer process. Some candidates report a faster turnaround when they come in through a referral or networking connection.

 

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