@Dheepa @Jacob Miller @Daniel Boden @Naomi U @Alice G
For an AC/Interview, where does my commercial awareness need to be? To be specific, are there things I should definitely know about instead of being able to talk about my interests?
This leads me to my follow up question, what can one do in terms of commercial awareness in anticipation of an interview/AC - I have some firms in the works and I hope to have an AC/Interview for any or all of them. Im not saying I will get it but I am so worried that I want to start prepping my commercial awareness/knowledge now rather than after getting the invitation for the AC/interview. What can I do?
For more context, If I get the ACs, they will include a written exercise, partner/associate interview, presentation and negotiation.
Thank you
Hiya!
I completely agree with the responses given above and think they will be super useful in helping streamline your prep.
From my own experiences, I have always took this question as one that is very open-ended. I don't think there is necessarily a right or wrong answer. My personal approach was to make sure that I had a good understanding of key and recent headline issues, but then my actual stories that I would discuss were based on areas of personal interest. I think your answer will naturally be stronger if you choose stories that you genuinely find interesting and are able to form an opinion on because it will feel less forced/ artificial.
It's important to remember that it's not a test but a discussion, so the expectation is that if you mention something, it's something that you understand and feel comfortable to speak on. Similarly, if a question comes up that you aren't as aware of- be honest and approach your response logically using what you do know.
For my prep, I often used podcasts such as BBC's Wake Up to Money and The Commercial Awareness Podcast by Tapiwa Musemba on Spotify. I was personally quite interested in consumer retailers so I also subscribed to the retail gazette which is a great resource.
Whilst these helped improve my commercial awareness, it's important that you structure your research in a way that's conducive for discussion ( which is why I mentioned before that it is important to remember that it is not a test). So whilst researching you want to try to pay special attention to causes, implications and perspectives. You can perhaps use techniques like the PESTLE (Political, Economic, Social, Technological, Legal and Environmental) factor breakdown or try to consider the stories from the perspectives of different practice areas.
I've also included my response to a similar question which may also help ☺️
Hiya,
Congrats on getting an AC ☺️
It really depends on a number of factors - there is no perfect story. I think you want to find a balance between a story that is relevant and current but also one that you have a genuine interest in. My biggest advice is to never feel forced to talk about a story simply because you think its what they "want" to hear.
There is a lot going on right now whether it be regarding the impact of COVID-19 on various industries e.g. consumer retail, hospitality, entertainment, pharmaceuticals etc. There is also a lot of M&A movement right now e.g. ASOS just bought Topshop and Boohoo just bought Debenhams. As mentioned you could also talk about changing market trends e.g. the Gamestop story. These are just some broad ideas based off things that have recently come to my attention but like I said it really depends on your interests.
Also, I think its important to remember that this question is not just focused on your general commercial awareness but also your commercial fluency - whether or not you are able to have a discussion and form an opinion on commercial matters.
When you are researching these stories/deals ask yourself:
What market/ industry was this achieved in, and what are the current trends e.g. is this an emerging market, a declining market?
Was this the first deal of this kind and why? When was the last/similar deal completed and what were the reasons for the time lag?
Was this deal particularly more complex and why? (Consider cultural, financial, environmental, tax and competition implications)
If the story is one involving the firm you are interviewing at- why was X firm able to succeed on this deal (consider location e.g. are they the only firm with practising capacity in that region, and practice area e.g. does X firm offer a unique service to clients that cannot be offered elsewhere)
I think if you approach your preparation for this question from this angle, this will really help to tailor your answer!
Hope this helps and best of luck!