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The 3-Statement Model: Full Tutorial for a Timed 90-Minute Modeling Test

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A long time ago, we received one complaint/criticism more than any other:

“All your models start from templates ! What about case studies where I have to start from a blank Excel sheet and do not get any data, formatting, or schedules?”

We did this mostly to save time : entering the historical information and setting up the formatting, layout, etc., usually takes at least 30 minutes and sometimes up to several hours.

But there is also value in learning how to build a full model from scratch .

We’ll cover a 90-minute 3-statement modeling test here and explain how to use the company’s financials, 10-K, and investor presentation to do everything.

WARNING: You must have a decent-to-high Excel proficiency to follow along and finish this in the allotted time.

The video walkthrough below has captions for some of the Excel shortcuts, but it’s not a full Excel tutorial, and we assume you already know the basics.

What is a 3-Statement Model?

In financial modeling , the “3 statements” refer to the Income Statement, Balance Sheet , and Cash Flow Statement.

Collectively, these show you a company’s revenue, expenses, cash, debt, equity, and cash flow over time, and you can use them to determine why these items have changed.

In a 3-statement model, you input the historical versions of these statements and then project them over a ~5-year period.

In real life, you do this to value companies, model transactions, and determine whether the company’s expected growth, margins, and cash flow metrics are plausible.

For example, if the company claims it will generate $5 billion of Free Cash Flow and use it to repay $1 billion of Debt and issue $4 billion in Dividends, is that realistic?

Will the company generate more or less cash flow? Might it need outside financing? How do the numbers change if market conditions worsen?

Banks like to test this topic because it’s a quick way to assess who’s proficient in Excel, accounting, and financial modeling.

If you cannot read or interpret a company’s historical financial statements, you won’t be working on complex deals anytime soon.

Types of 3-Statement Modeling Tests

Most 3-statement models and case studies fall into one of three categories:

• Blank Sheet / Strict Time Limit: These are more about working quickly, knowing the Excel shortcuts, simplifying, and making decisions under pressure.
• Template / Strict Time Limit: These tests are more about entering the correct formulas, justifying your assumptions, and answering questions based on your model’s output.
• No Strict Time Limit: These case studies are more about using outside research and data to justify your assumptions for the revenue, expenses, cash flow, etc. You might also have to give a presentation based on your findings.

The “strict time limit” could be anything from 30 minutes to 3-4 hours, and the complexity increases as the time limit increases.

The “no strict time limit” type might give you several days or even 1 week+.

There is still a deadline, but you don’t need to rush around like a madman to finish.

The 90-Minute 3-Statement Model from a Blank Sheet

For this tutorial, I picked an example where you start from a blank sheet and review the company’s filings and presentations .

So, you must demonstrate Excel proficiency and the ability to interpret data and make reasonable assumptions.

You can get the case study prompt, the company documents, and the completed Excel file below:

• 90-Minute 3-Statement Model – Case Study Prompt (PDF)
• 90-Minute 3-Statement Model – Completed Excel File (XL)
• Overview of Main Points in 90-Minute 3-Statement Modeling Test – Slides (PDF)
• Otis – 10-K (PDF)
• Otis – 10-K in Excel Format – Raw (XL)
• Otis – User-Friendly 10-K in Excel with Swapped Columns (XL)
• Otis – Investor Presentation (PDF)

There is no “blank” or “beginning” file because we create a new sheet in Excel and enter everything from scratch in this tutorial.

You can get the video version of this entire tutorial below:

Table of Contents:

• 2:35: What is a 3-Statement Modeling Test?
• 5:54: Part 1: Inputting the Historical Financial Statements
• 15:31: Balance Sheet Entry
• 24:14: Cash Flow Statement Entry
• 35:11: Part 2: Income Statement Projections
• 50:12: Part 3: Balance Sheet Projections
• 57:51: Part 4: Cash Flow Statement Projections
• 1:07:12: Part 5: Linking the Statements
• 1:10:59: Part 6: Debt and Stock Repurchases
• 1:19:16: Part 7: Model Checks, Review, and Final Comments
• 1:22:35 : Recap and Summary

This example is not taken from our courses – it’s new for this article – but it is similar to some of the case studies in our Core Financial Modeling course :

Core Financial Modeling

Learn accounting, 3-statement modeling, valuation/DCF analysis, M&A and merger models, and LBOs and leveraged buyout models with 10+ global case studies.

The full course has 3-statement models with and without templates for additional practice. If you want more advanced 3-statement models with additional schedules, the Advanced Financial Modeling course might be more appropriate since it goes into far more depth in each case study:

Advanced Financial Modeling

Learn more complex "on the job" investment banking models and complete private equity, hedge fund, and credit case studies to win buy-side job offers.

3-Statement Model, Part 1: Inputting the Historical Statements

You could attempt to input the data by copying and pasting from the PDFs, but it’s far more efficient to link directly to the Excel or CSV files.

A few tips:

• Swap the Excel columns, so they go from oldest to newest (see below).

• On the Income Statement , use positives for revenue and other income sources and negatives for all expenses and outflows, as it will be easier to check your work that way.

• Consolidate smaller line items as much as possible; you ideally want ~5 items on each side of the Balance Sheet (maybe 10 at the most) and only a few items in each section of the Cash Flow Statement.

As you proceed, you can check your work by summing up the sections and comparing the totals to the company’s numbers.

3-Statement Model, Part 2: Income Statement Projections

The case study document says that we need to use “something more complicated” than a simple percentage Year-Over-Year (YoY) growth rate for Revenue:

But the investor presentation and 10-K do not make it easy to find unit-by-unit data.

We’d ideally like to project new escalators and elevators sold, forecast the average prices, and assume a certain percentage of these new units go into “Service Units,” generating Services revenue in future periods.

It would also be helpful to know about something like the degree of operating leverage , so we could better forecast different expenses.

But we can’t find enough solid data to do this within the strict time limit, so we simplify and use Market Share and Market Size to project the New Equipment Revenue, with the Services Revenue based on the company’s estimates for the growth in Service Units:

The Cost of Products, Cost of Services, and Operating Expenses are simple percentages of Revenue, and the Taxes and NCI Net Income are based on average historical percentages:

3-Statement Model, Part 3: Balance Sheet Projections

In this part, we focus on projecting the Working Capital line items , such as Accounts Receivable (AR), Inventory, and Accounts Payable.

With more time/information, we might also use metrics like the Days Sales Outstanding or Cash Conversion Cycle to forecast some of these items.

The key point is that the absolute numbers do not matter .

What matter is the Change in Working Capital on the Cash Flow Statement since that affects the company’s cash flow and ability to repay Debt and repurchase Stock.

If the Change in WC has been positive as the company has grown, it should stay positive and in the same range in the future (and vice versa if it has been negative or near-0).

We make most of these items simple percentages of Income Statement lines such as Revenue, COGS , or Total Expenses:

Once we do this and set up the projections, we can calculate the Change in Working Capital on the Cash Flow Statement to check our work:

We also simplify the Operating Leases here by making the Operating Lease Assets a percentage of Operating Expenses and assuming the Operating Lease Liabilities change by the same amount each year.

Lease accounting is more complicated in real life and under IFRS, but this approach is fine for a U.S.-based company.

3-Statement Model, Part 4: Cash Flow Statement Projections

Most of the key line items here, such as CapEx and Depreciation & Amortization, are simple percentages of Revenue:

A few line items, such as the ones for Pension Contributions and Noncontrolling Interests , are more complex to project “correctly,” but we don’t have time to do so here.

One exception to these simple rules is the Dividends line, which we forecast based on the Dividend Payout Ratio (i.e., Dividends / Net Income) (for more, see our tutorial on the dividend yield ).

In this case, the company provides specific guidance on the Dividend Payout Ratio, so we increase it slightly over the period to match their targets (see below).

The bolt-on acquisitions are also a bit different because the company estimates $50 – $100 million per year in acquisition spending in its investor presentation , so we pick the middle of the range and assume $75 million each year:

Strangely, CapEx is below D&A in each projected year, but it’s not necessarily “wrong” for a low-growth company like this one.

We would examine this point and refine these projections if we had several hours or days to complete this case study.

3-Statement Model, Part 5: Linking the Statements

We already have the Working Capital items and the Operating Lease Assets and Liabilities linked on the Balance Sheet, so there are only a few items left to complete.

The main rules are:

• Assets Side – When linking an Asset to a line on the CFS, you start with the old Asset on the Balance Sheet and subtract the matching line on the CFS. This is because cash outflows represent increases in Assets, and cash inflows represent decreases in Assets .
• Liabilities & Equity Side – It’s the opposite: add the line items on the CFS to the old numbers on the Balance Sheet.

Here’s what we do for the remaining line items:

• Cash: Old Cash Balance + Net Change in Cash on the CFS.
• PP&E/Goodwill/Intangibles: This simplified/consolidated line item equals the old balance minus CapEx minus D&A. Due to the signs on the CFS, CapEx increases this number, and D&A decreases it.
• Other Assets: Start with the old number and subtract Acquisitions and the “Pensions/Other” line.
• Total Debt: Old Debt Balance + Change in Debt from the CFS.
• Noncontrolling Interests (NCI) : Old NCI Balance + NCI Net Income from the CFS + NCI Dividends from the CFS.
• Common Shareholders’ Equity (CSE): Old CSE + Net Income + Dividends + Stock Repurchases + Other Items + FX Rate Effects.

This last one is a “catch-all” for everything else on the CFS that has not yet been reflected on the Balance Sheet, and it’s sometimes also known as the Statement of Owner’s Equity .

Our Balance Sheet balances after completing these links, which is a good sign:

But we’re not done because the Change in Debt, Stock Repurchases, and Interest Expense lines are still blank.

3-Statement Model, Part 6: Debt and Stock Repurchases

The case study document tells us to “follow company guidance” for these last few line items.

On slide 41 of their investor presentation , Otis provides an estimated percentage split of its Free Cash Flows over the next 3 years:

We already have the Dividends and Acquisitions, so we’ll use a simple logical check for the Debt and Stock Repurchases based on the $3 billion Minimum Cash from the case document :

• Step 1: Does the company have Excess Cash Flow in this period? In other words, is its Beginning Cash + Net Change in Cash – Minimum Cash a positive number? If so, it can use that cash flow to repay Debt principal and repurchase Stock.
• Step 2: Based on the chart above, we assume an 85% / 15% split between Stock Repurchases and Debt Principal Repayments.
• Step 3: If the company has a Cash Flow Deficit , i.e., Beginning Cash + Net Change in Cash – Minimum Cash is negative, it must issue additional Debt to fund its operations.

You can see the logic below:

With these formulas, we can now add these links to the Cash Flow Statement and set the “Other” line item in Cash Flow from Financing to ~2% of Debt Issuances to represent the issuance fees.

The last line item is the Interest Expense on the Income Statement.

We can calculate the average interest rate on Debt in the previous years, but we don’t know how it will change in the future.

Interest rates were rising at the time of this case study, but if the company’s Debt has fixed rates and matures far into the future, it may not matter.

We can search for “long-term debt” in the 10-K and get a quick answer:

Since most of this company’s Debt matures after the 5-year projection period, the average rate probably won’t increase by that much in this period.

But there are ~$3.4 billion of maturities in the next 5 years, so we increase the average interest rate from 2.0% to 3.5% and use these numbers to calculate the Interest Expense:

To avoid circular references, we can use the Beginning Debt balance to calculate the interest expense as well (for more, see our tutorial on how to find circular reference in Excel ).

3-Statement Model, Part 7: Model Checks, Reviews, and Final Comments

At a high level, this model confirms that most of the company’s claims are reasonable.

For example, Otis generates just over $5 billion in FCF over the next 3 years, and it spends the expected amounts on Dividends, Acquisitions, and Stock Repurchases:

Its Free Cash Flow Conversion, which the company defines as FCF / Net Income, also stays well above 100%.

We’ve completed the model and met the requirements within the 90-minute time limit, so this attempt was successful.

However, there are some issues that we would fix with more time and resources:

• Formatting – It’s not pretty right now. We must clean up the number formats, add input boxes for the projections, fix the color coding, add headers/footers, etc.
• Revenue, Expense, and Cash Flow Detail – It’s better to project Revenue based on individual units sold and link the Product and Service segments to each other, such that New Units Sold drives Service Revenue in future periods; items like Operating Expenses should be linked to the Employee Count, and CapEx should be linked to the company’s production capacity.
• Scenarios – Finally, we always evaluate companies across multiple scenarios in real life. What happens if the market growth changes? What if the company’s market share falls? What if its expenses rise? This model is not robust enough to support these scenarios or sensitivities.

How to Master the 3-Statement Model

This example is more difficult than the average 3-statement modeling test.

If you don’t have moderate-to-high Excel proficiency, you could easily spend an entire day (or more) on this.

But if you can finish in 2-3 hours, you’re at the level where you can improve your times with repeated practice and eventually do this in 90 minutes or less.

You don’t need to score 100% to “pass” these tests; the median scores tend to be very low.

Your goal should be to finish the model , and if you can’t complete everything, simplify so that you can answer at least the main questions by the end.

If you have an upcoming 3-statement modeling test, get as many examples as possible and complete them.

If you can’t find good examples, pick companies you follow, download their statements and investor presentations, and do what we did here: start from scratch and give yourself a few hours to build a simple 3-statement model.

If you improve over time and find it interesting to pick apart companies and business models, great.

If not… well, maybe the finance industry is not for you.

Further Learning

You might be also interested in this tutorial on balance sheet forecasting .

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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Investment Banking Case Studies – Job Application

By Ivy Wang |

 Reviewed By Rebecca Baldridge |

November 21, 2022

What are Investment Banking Case Studies

Candidates will normally encounter case studies at the final stage of the application process, likely during an assessment or final-stage interview. Investment banking roles are highly competitive, and candidates must be properly prepared.

Investment banking case studies are commonly used to assess how a job candidate would perform in a real situation by presenting them with a theoretical scenario similar to those encountered on the job.

Most investment banking case study questions center on acquisitions, raising capital, or company expansion. The case may be given to you ‘blind’ on the day of your assessment with only a short amount of time provided for preparation. If the case is likely to involve deep analysis, financial modeling, or a company valuation, you will likely be given the case in advance to give you more time to work on it before the assessment day.

Key Learning Points

• Investment banking case studies are often used to assess how job candidates would perform in a real situation by presenting them with a theoretical scenario like one they would encounter on the job.
• While general questions give the interviewer a superficial impression of the candidate’s skills and fitness, case study questions allow the interviewer to assess the candidate’s ability to handle multiple levels of analysis and problem-solving.
• Case study questions test reasoning and communication skills as well as analytical skills. They are useful for assessing how candidates approach complex issues, make critical judgments, and deliver recommendations.
• With many case study problems, there will be more than one path to success and more than one possible solution.
• Investment banks are looking for decisive candidates who can articulate and logically present their solutions and defend their decisions under scrutiny.

What are the Types of Investment Banking Case Studies?

In general, there are two types of case studies during an investment banking assessment, the decision-making case, and the financial modeling case.

Decision-Making Investment Banking Case Studies

Decision-making case studies appear more frequently than modeling case studies. In this type of case study, the candidate must make decisions for their client and provide advice. The client case studies could be based on finding funding sources, or whether a proposed merger should proceed and why or why not.

You should expect these questions to be given to you at the interview. Therefore, you must analyze and present the case within a given time frame. Throughout, you will have 45-60 minutes of preparation time and a 10-minute presentation, followed by a round of Q&A.

These case studies do not involve in-depth analysis of the case, given the short amount of time available.

Decision-Making Case Study Example

One of your clients is a global corporation that manufactures and distributes a wide range of perfumes. They are contemplating ways to expand their business. They may either introduce a new range of fragrances with their current distribution channels or start a completely new company with different stores.

You need to determine which solution is better for the business. To do so, you need to compare the return on investment and decide on a solution. Be ready to support your reasoning.

Modeling Investment Banking Case Studies

Modeling case studies are usually take-home assignments where you must do financial modeling and a simple valuation. Thus, it is more of a modeling test than a case study. The Investment Banker provides an introduction to building models, developing multiple techniques for a comprehensive and practical understanding of the topic.

The modeling case study will either employ a free cash flow to the firm (FCFF) valuation on a company or require a simple merger or leveraged buyout model. You would be expected to analyze the corporations’ valuation multiples to determine whether they are undervalued or overvalued.

Generally, you will be given a few days to complete your analysis. Then, you need to spend 30-45 minutes on the day of the interview presenting your case to the bankers. The analysis will go much deeper than a client case study because you will have more time to work on it.

Modeling Investment Banking Case Study Example

A pharmaceutical company wishes to make an acquisition. It has identified the target company and approached you to determine how much they should pay. You will be provided with the necessary financial information, metrics, and multiples, as well as the buyer and seller company profiles.

To complete the case study, you need to determine if the acquisition is feasible. Second, what would be the structure and synergies of the deal if the buyer has access to capital? You need to use multiples and valuation metrics to determine the price range for the transaction.

Access the three-statement case study example to practice a modeling case study.

How to Prepare for Investment Banking Case Studies

Regardless of which type of case study a candidate is presented, the thought process and deliverables are the same. The best way to prepare is to:

• Ensure that key business concepts are well understood and that you can use the associated terminology comfortably in a conversation.
• Learn about various valuation techniques, how to employ them, and how to interpret them. Prepare for case studies by mastering valuation for investment banking with the online investment banker course . Learn how and when to utilize key valuation methodologies and the supporting calculations
• Make sure you read business news regularly and focus on discussing the details of banking transactions in the news.
• Read as many case studies as possible so you get the knack of understanding business scenarios and analyzing Especially for modeling and valuation-based case studies, you must be prepared to format your work using PowerPoint and Excel.
• Check company websites to see if sample case studies are available for reference. Investment banks do not tend to publish case study questions for practice. However, it is possible to formulate your own questions by looking at business scenarios involving possible mergers, valuations, or capital raises.
• Candidates must practice streamlining their thought process so judgments can be made under time pressure.
• Read through the scenario carefully before beginning to form an opinion on how the problem should be tackled. This will ensure that no intricacies are missed, and your response addresses all facets of the case.
• Learn how to stand out from the crowd in your interview with the investment banker interview skills course , designed to prepare you for your interviews and enable you to make a great impression.
• Investment Banking Case Study Example

1.     Scenario

A magazine publisher is evaluating whether it should sell, continue to grow organically, or make small “tuck-in” acquisitions to maximize shareholder value. It is selecting an investment bank to advise on its options and has requested a presentation from your bank.

2.     Task

Review the company’s financial and market information and create a 30-minute presentation analyzing its options. Recommend a specific course of action – selling the company, continuing to grow organically, or making smaller acquisitions.

3.     Solution

The answer to this case study is rather subjective. You should take a stand and support it with well thought out reasons. Here’s how you should approach it:

• First, read through everything and get a sense of the industry, where it’s heading, and how much this company might be worth based on comparables. If they don’t give you much information on comparable public companies or precedent transactions, you’ll have to do your own research.
• Complete a brief valuation using public comps, precedent transactions, and a DCF.
• Weigh the numbers the valuation gives you, the company’s organic growth prospects, and whether there are any good companies to acquire.
• Make a decision-it’s usually best to say “sell” unless the industry is growing quickly (over 10% per year), the company is extremely undervalued, or there are acquisition targets that would boost revenue or profit by at least 20-30%.
• Keep this simple and straightforward-the numbers should back up your reasoning, not take over the entire presentation.
• You could get much fancier with the analysis and look at the company’s valuation now, 5 years from now, and if it acquires 1 or 2 companies, but that isn’t necessary and it may just make your presentation more confusing.

4.     Sample Answer

If you decide to sell, you can write:

Slide 1: Recommendation to sell and the three key reasons why.

Slide 2: Industry overview – Is it growing?  Shrinking?  Stagnant?

Slide 3: Company’s position in the industry – Leader?  Tier 2 player?  Where is it strong / weak?

Slide 4: What organic growth would look like 5 or 10 years in the future – how much bigger / more highly-valued would the company be?

Slide 5: Potential tuck-in acquisition candidates.

Slide 6: Why neither organic growth nor acquisitions are the answer.

Slide 7: Why selling now produces the greatest shareholder value.

Slide 8: Valuation – Show public comps and precedent transactions.

Slide 9: Valuation – Show DCF output and sensitivity table.

Slide 10: Conclusion – Reiterate that selling now is the best option and that neither organic growth nor acquiring smaller companies will result in a higher valuation 5-10 years from now.

If you come to a different conclusion – for example, that acquisitions are the best strategy, you would reverse the order and list the solutions you’re not recommending first, concluding with the one you are suggesting.

Investment banking case studies are an important element in the interview process, it is an opportunity to showcase your skills and talent to investment bankers. In general, there are two types of case studies, the decision-making case study and the financial modeling case study. Candidates will need to be confident in their valuation skills. They will also need to display a good level of commercial awareness. Presentation skills are also critical.

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Investment Banking Case Study Examples – A Guide

If you are preparing for an investment banking interview, you’ll probably need to conquer a case study interview. because case studies are a very crucial component in the investment banking hiring process. particularly if you have never completed a case study before, that will be very challenging for you to get into the investment banking field. this article has covered everything you need to know about investment banking and potential investment banking case studies. there are also tips and practice investment banking case study questions with examples of how to resolve them..

What is Investment Banking?

Investment banks are financial firms that perform a variety of tasks, including underwriting, assisting companies with the issuance of stock and debt securities through initial public offerings or fixed-priced offerings enabling mergers and acquisitions on both the buy side and sell side of the deal, corporate restructuring and many other tasks. 

To efficiently complete these significant deals, a firm turns into an investment banker when it requires finance services. With some of the best benefits in the businesses, it is an extremely competitive industry.

How Does Investment Banking Work?

Investment banking offers services and serves as the middleman between businesses and investors and focuses mostly on shares and stock exchanges. 

Investment banking services help big businesses and organizations in developing a successful investment strategy that includes accurate financial instrument valuation.

When a company conducts an IPO or initial public offering, an investment bank purchases the majority of the shares immediately on the firm’s behalf.

The investment bank, which is now serving as a stand-in for the company then sells these shares on the market. The investment bank improves the company’s revenue in this way while also making sure that all governing rules are observed.

The investment bank makes money by marking up the initial price of shares when selling them to investors, helping the organization in making the most profit possible from this activity.

If a circumstance in the market emerges where the stock becomes overpriced, the investment bank also runs the risk of losing money by selling the stock at a lower price. 

An organization should assess its requirements and carefully consider all of its possibilities before seeking guidance from an investor banker. Before the company visits an investment bank, there are a few crucial considerations including the amount of capital being raised and the level of market competition. When the business has clarity in these areas, it can enlist the assistance of investment bankers to find new businesses to invest in.

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Benefits of Investment Banking

Investment banking assists big businesses in a variety of ways to make crucial financial decisions and make sure they maximize revenues. That’s the reason, Investment banks are a prevalent financial institution among these businesses and even governments.

Here Are Some of the Advantages of Investment Banking:

• Investment banks effectively manage their client and provide them with the information they require regarding the advantage and disadvantages of investing their money in other businesses or organizations.
• These banks serve as a bridge between the company and the investor, ensuring a rise in financial capital by helping in major financial transactions like mergers and acquisitions.
• It conducts an in-depth analysis of the deal and project that will be undertaken by its customer to ensure that the client’s money is invested safely and helps to reduce the risks involved with the mentioned deal or project.

What is Investment Banking Case Study?

You must have solved case studies during your investment banking training. 

Analyzing a business condition is done in case studies during investment banking interviews.

You would be provided with all the necessary data and have adequate time to examine broad case studies. There you would be asked for your opinion on business-related issues.

Your Task Includes,

• Make the necessary deduction.
• Investigate the matter, which is typically a client’s business.
• Give suggestions for resolving the current issue along with an explanation.

Investment banking case studies are frequently used to evaluate a job candidate’s potential performance in real circumstances, where your interviewers would give you a problem and ask for a detailed recommendation.

By presenting them with a hypothetical scenario similar to those experiences while working in the field, your job is simply to analyze the scenario and give them justified reasons. 

Case studies are typically presented at the end of the application process, most frequently at the final interview or during the assessment center.

The majority of questions in investment banking case studies revolve around acquisition, capital raising, or business growth.

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What Are the Types of Case Studies?

Take home investment banking case study.

• You will probably receive the case in advance so you have more time to work on it before the assessment day.
• In the case of take-home case studies, you are given a few days to work on them, complete your analysis, and showcase your recommendation to the bankers over a 30-45 minutes presentation.
• It involves a much deeper analysis including merger/LBO modeling, company procedures, and valuation.

On the Spot or Blind Investment Banking Case Study

• On the day of your assessment center, the case can be presented to you blindly with little time for preparation.
• These are given to you on the day of your interview and within an hour or two you are supposed to present it on the spot. 
• The time split for this process would usually be 45-60 minutes of preparation, 10 minutes of presentation followed by a round of question and answer.
• It would not involve such deep study.
• Some case studies on investment banking may occasionally be given as a group task, where the employer will use this as an opportunity to examine the candidate’s analytical skills and teamwork qualities.

Why You Should Prepare for Investment Banking Case Study?

The theory behind these case studies is that because the qualification for various professions varies, bankers don’t trust the conventional method of interviewing applicants.

Case studies are preferred by banking recruiters as a better way to evaluate applicants because they show how you should perform in the workplace. 

You don’t need to worry about whether your response is right or wrong in this situation because the interviewer is more interested in how the candidate thinks and how well they can use logic and analysis to come up with an innovative answer to the challenge at that time.

Investment banking case study writers aim to inspire applicants to come up with their ideas and apply critical thinking.

Candidates for these positions must have a variety of skills, but problem-solving ability is one of the most important. 

Recruiters are interested in learning how you would approach difficult circumstances and use your intelligence, education, and professional experience to handle them successfully.

Additionally, candidates get an amazing chance to practice their other abilities including presentation, communication, and interpersonal skills.

These factors make case studies significantly more important than the other methods of evaluating applicants in the investment banking hiring process.

How to Prepare for Case Studies Before Assessment Day?

• Read as much deal news as you can while preparing and going through the daily market and business news in popular publications.
• Discover the many valuation methods, how they are calculated, and how they are evaluated then try out your calculations after watching YouTube videos or reading information on valuation methods.
• You must prepare a structure using PowerPoint and Excel consistently, especially for modeling and valuation-based case studies.
• Also, improve your familiarity with software like Microsoft Excel so that you can use spreadsheets effectively.
• You should practice the kinds of questions you might get during your presentation. 
• Real case study interview questions used by banks might not be available to you.
• But, knowing that you need to practice, consider contacting a colleague or friend, or mentor you know who has gone through case study rounds for the types of questions they were asked.

How to Solve It and Perform Well During Assessment Day?

• To solve the case study, take an organized strategy.
• Before making a conclusion or deciding how to solve the problem, carefully analyze the case and the questions.
• Professionally prepare Excel and PowerPoint while modeling case studies.
• Every assentation you make should be supported by solid logical arguments, and the first few points should address that case’s most important issues.
• Even if is not necessary, it would be advantageous to have a specialized understanding of the industry being studied.
• Do not beat around the bush as you have limited time and hence be precise as you speak.

Investment Banking Case Study Examples and Answers

The decision-making case and the financial modeling case are two main types of case studies used in investment banking assessments.

Modeling – Investment Banking Case Study

Modeling case studies are typically take-home tasks that require you to perform straightforward valuation and financial modeling.

So rather than being a case study, it is more of a modeling exam.

The investment banker gives an overview of creating models as well as developing a variety of methods for an in-depth and useful understanding of the subject.

The modeling case study will either use a simpler merger or leveraged buyout model or a free cash flow to the business valuation. 

To assess whether the firms are overvalued or undervalued, you would be asked to examine their valuation multiples.

In most cases, you will be given a few days to finish your analysis. Then on the day of the interview, you must spend 30-45 minutes presenting your case to the bankers. 

Because you will have more time to work on it, the analysis will be considerably more in-depth than in a client case or decision-making case study.

Evaluating Strategic Alternative: Case Study 1 

To maximize shareholder value, a magazine publisher is deciding whether to sell, grow organically or make tiny “tuck-in” acquisitions. It is looking for an investment bank to assist it with its alternatives and has asked for a presentation from your company.

Given Materials: 

They would provide you with a firm summary with financial statements and five-year forecasts, a ten-page market analysis with main competitors, minor acquisition candidates, and recent transactions.

• First, go through everything to get a sense of the industry, where it’s going, and how much this firm is worth in comparison.
• Complete a quick assessment using publicly available rivals and prior transactions and a DCF.
• Evaluate the figures provided by the value, the company’s potential for organic growth, and the availability of suitable targets for acquisition.

Decide what to do, in most cases it is advisable to say “Sell” unless the industry is expanding rapidly (Above 10% annually) the company is completely undervalued, or these are acquisition candidates that will increase revenue or profit by at least 20-30%.

After you have come to a decision, you must prepare your presentation and decide what to tell the bankers.

If you are analyzing scenarios like this during a 30-minute presentation, choose 10 slides with 3-4 important themes each and attempt to spend 3-4 minutes on each slide.

If you choose to write “Sell the company”, consider the following steps in preparing a presentation:

• List the three main reasons for recommending selling
• Overview of the industry- Is it expanding? Falling off? Or Being Inactive?
• Position of the company in the industry? Leader or Second level position? Or is it strong or weak?
• What would organic growth look like in five to ten years? How much larger or more valuable would the company be?
• Prospective tuck-in acquisition candidates
• Why organic growth and acquisition are not the answers.
• Why selling now will generate the most shareholder value
• Show prior transactions and public comparable valuations
• Display the DCF output and the sensitivity chart valuation
• Summary- State again that the best course of action is to sell your company right away and that neither organic development nor the acquisition of smaller firms would increase your company’s valuation in five to ten years.

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Decision Making- Investment Banking Case Study

Case studies that include decision-making are more common than case studies that involve modeling.

In this kind of case study, the applicant is required to decide for their client and offer advice.

The client case study can center on locating financial sources or determining whether or not a proposed merger should go forward.

At the interview, you should be prepared for these questions. Because you will have a set amount of time in which to examine and present the case. You will be given a total of 45-60 minutes to prepare and beforehand 10 minutes presentation with a Q&A round.

Case Study 1

A customer owns her company fully and wants to release some liquidity while keeping a stake in it (Worth £400 million) what suggestions would you provide the client to get the best possible price?

Given Materials:

A corporate overview and details about the company’s performance over the last three years are provided.

Examine all financial information thoroughly and forecast the company’s organic development.

Consider the breakdown of the present valuation if you are provided with the relevant facts.

Think about the client’s industry and the expected trends for that market.

• How does the valuation stack up against others in the field?
• Is the current valuation backed up by reliable industry forecasts?
• Given the slow development of the industry, would it be wise to give up more equity?
• Is it expected that this industry will keep growing?

Consider present customer portfolios, projects, etc., while deciding whether any actions could be performed to boost the company’s value.

Think about suggestions for the client’s negotiation strategy:

• How much equity should they be prepared to give up?
• What number should the client choose as their actual reserve price, in your opinion?

Case Study 2

A publicly traded firm contacts you in the hope to raise money. Analysts’ expectations were met by recent profits and the latest financial report, but the company’s market values are lowest throughout the year. The management of the company has developed a project that it hopes would significantly boost EBIDTA and is looking to raise funding for it. What should the business do to raise the required capital?

Given material:

A summary of the business and its financial statements will be provided to you to prepare for this question.

You must think about whether the organization should raise debt or stock.

Think about the market capitalization, share count, and share price:

• How would the company be affected in this environment if it issued fresh shares?
• In terms of dilution of ownership, would equity financing be an appropriate option?
• How would the effect currently differ from what it would be if the share price were back to normal?

Then examine the provided financial statements:

• Would increasing debt be a better course of action if they are actually under management’s predictions?
• How much they could possibly raise?
• What potential problems could a debt increase bring about?
• How could the cost of interest be reduced?

Prepare your presentation by organizing your ideas clearly and go through your questions and thought process to get at your recommendation.

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Potential Acquisition: Case Study 3 

A software company is considering a large acquisition. It has chosen the company it wishes to acquire and has contacted a number of investment banks to obtain their thoughts on the transaction and how much they should pay. Based on these presentation, it will choose an advisor and decide what to do.

Two page summaries of the buyers and seller, each containing financial data as well as statistics and multiples for similar organization.

With a recommendation on whether to move forward with the acquisition and if so, how much to pay for the target, create five minute presentation.

For the very first, you should consider this two question to solve this,

• Should they purchase that target business?
• What price should they want for the target business?

For an example,

Let’s assume that the comparable companies are trading at EBITDA multiples that range from 4 to 8 times, with the median at 6 times and the 75th percentile at 7 times, respectively. You choose the 25th to 75th percentile range of 5x-7x and apply it to the target company’s $10 million EBITDA since the target company’s profit margins and revenue growth are comparable.

Therefore, the purchase price should range between $50 million and $70 million.

If you have access to a computer, you can also design a DSF, but if you are short of time, keep it straightforward and use multiples.

To answer the question “Should they buy?” take note of the following:

• Will the buyer be able to purchase the seller with enough cash, debt, or stock issuances?
• Will the vendor increase the buyer’s revenue and profit?
• Will the buyer benefit from new consumers, new goods, new markets, or other kinds of benefits as a result of the seller’s acquisition?

After concluding these, you can complete your presentation.

Investment Banking Case Study: FAQs

Q. what is an investment banking case study in short terms.

By presenting candidates with a hypothetical scenario that is comparable to those they might face on the job, investment banking case studies are frequently used to evaluate how the candidate would function in real circumstances.

Q. Which skills are tested in investment banking case study interviews?

Candidates’ analytical and financial skills as well as problem-solving, presentation skills, critical thinking, and interpersonal skills are tested during investment banking interviews.

Q. Is there any way to practice investment banking case studies?

There are various tools, financial modeling online courses, and investment banking textbooks accessible to practice investment banking case studies. Additionally, there are certain career services offered at universities and institutions that provide investment banking programs with case studies.

Investment Banking Case Study: Conclusion

The opportunities to demonstrate your abilities and expertise to investment bankers are provided by investment banking case studies, which are a crucial component of an interview process. 

We have covered some of the investment banking case study examples that will help you in preparation for an investment banking interview.

No doubt it is a very competitive yet tough field to break into but we hope, through this article you achieve the success ladder in the investment banking industry.

Author: Swati Varli

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How to prepare for financial services case interviews

This article was written by Wasim Tahir , a former Oliver Wyman and BCG consultant who has worked in several financial institutions, including Credit Suisse, Lloyds Banking Group, and CDC Group (impact investing). Wasim has coached many candidates for case interviews with firms such as American Express, Capital One, and Credit Suisse.

Case interviews are a long-standing feature of the interview process at both financial institutions and consulting firms that serve financial services clients, like Oliver Wyman .

These employers use case interviews to assess candidates against the same dimensions as the world’s top management consulting firms. However, the content of the cases that they give is very different.

In this article, we explain these differences and provide some guidance on how to prepare.

What’s unique about financial services cases?

Financial services institutions and consulting firms like Oliver Wyman require candidates to demonstrate a solid understanding of the financial services industry. They assess this by using case interviews focused on financial services and by including questions about technical topics such as financial regulations, technology, and financial metrics.

Here are some examples of the kinds of questions you might be asked in a financial services case interview:

• What is the size of the market for credit cards in the UK?
• A leading online trading platform is looking to expand into new geographies. How would you decide which market to enter?
• A major bank is considering entering the cryptocurrency market. How would you evaluate the opportunity and risks involved?
• A bank is planning to launch a new credit card targeted at young professionals. How would you go about deciding the features of the card?
• A regional commercial bank has seen its profitability decline, despite stable revenue. How would you turn the situation around?
• A leading financial services company is looking to grow its personal loan business. How would you help it develop a customer acquisition strategy?

How should you prepare for a financial services case interview?

As a baseline, you should be able to excel in all the dimensions assessed in a case interview . The video lectures in CaseCoach’s Interview Prep Course cover all of these dimensions. The course also includes sample interviews, case material, and practice tools designed to support your preparation.

In addition, you should take the following measures to prepare for financial services interviews specifically:

• Form a helicopter view of how the financial system works in order to fulfill its key objective: intermediating capital.
• Learn about the role that different types of financial institutions and instruments play in the financial system (as shown in the illustration below).
• Understand the operating model of the type of financial institution you’re interviewing for. For example, the operating model of a lender – which will be different to that of a transaction bank or an investment bank – can be broken down into three key areas: underwriting, distribution and collections, and recoveries.
• Know the unique structure of financial statements and the metrics that financial institutions use to measure performance. These include key ratios such as Net Interest Margin and Tier 1 Equity.
• Be aware of the major economic, regulatory, and technological drivers that affect the industry.

Preparing for the assessment dimensions of the case interview and deepening your knowledge of the financial services industry should stand you in excellent stead for succeeding in a financial services case interview.

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47 case interview examples (from McKinsey, BCG, Bain, etc.)

One of the best ways to prepare for   case interviews  at firms like McKinsey, BCG, or Bain, is by studying case interview examples. 

There are a lot of free sample cases out there, but it's really hard to know where to start. So in this article, we have listed all the best free case examples available, in one place.

The below list of resources includes interactive case interview samples provided by consulting firms, video case interview demonstrations, case books, and materials developed by the team here at IGotAnOffer. Let's continue to the list.

• McKinsey examples
• BCG examples
• Bain examples
• Deloitte examples
• Other firms' examples
• Case books from consulting clubs
• Case interview preparation

Click here to practise 1-on-1 with MBB ex-interviewers

1. mckinsey case interview examples.

• Beautify case interview (McKinsey website)
• Diconsa case interview (McKinsey website)
• Electro-light case interview (McKinsey website)
• GlobaPharm case interview (McKinsey website)
• National Education case interview (McKinsey website)
• Talbot Trucks case interview (McKinsey website)
• Shops Corporation case interview (McKinsey website)
• Conservation Forever case interview (McKinsey website)
• McKinsey case interview guide (by IGotAnOffer)
• McKinsey live case interview extract (by IGotAnOffer) - See below

2. BCG case interview examples

• Foods Inc and GenCo case samples  (BCG website)
• Chateau Boomerang written case interview  (BCG website)
• BCG case interview guide (by IGotAnOffer)
• Written cases guide (by IGotAnOffer)
• BCG live case interview with notes (by IGotAnOffer)
• BCG mock case interview with ex-BCG associate director - Public sector case (by IGotAnOffer)
• BCG mock case interview: Revenue problem case (by IGotAnOffer) - See below

3. Bain case interview examples

• CoffeeCo practice case (Bain website)
• FashionCo practice case (Bain website)
• Associate Consultant mock interview video (Bain website)
• Consultant mock interview video (Bain website)
• Written case interview tips (Bain website)
• Bain case interview guide   (by IGotAnOffer)
• Digital transformation case with ex-Bain consultant
• Bain case mock interview with ex-Bain manager (below)

4. Deloitte case interview examples

• Engagement Strategy practice case (Deloitte website)
• Recreation Unlimited practice case (Deloitte website)
• Strategic Vision practice case (Deloitte website)
• Retail Strategy practice case  (Deloitte website)
• Finance Strategy practice case  (Deloitte website)
• Talent Management practice case (Deloitte website)
• Enterprise Resource Management practice case (Deloitte website)
• Footloose written case  (by Deloitte)
• Deloitte case interview guide (by IGotAnOffer)

5. Accenture case interview examples

• Case interview workbook (by Accenture)
• Accenture case interview guide (by IGotAnOffer)

6. OC&C case interview examples

• Leisure Club case example (by OC&C)
• Imported Spirits case example (by OC&C)

7. Oliver Wyman case interview examples

• Wumbleworld case sample (Oliver Wyman website)
• Aqualine case sample (Oliver Wyman website)
• Oliver Wyman case interview guide (by IGotAnOffer)

8. A.T. Kearney case interview examples

• Promotion planning case question (A.T. Kearney website)
• Consulting case book and examples (by A.T. Kearney)
• AT Kearney case interview guide (by IGotAnOffer)

9. Strategy& / PWC case interview examples

• Presentation overview with sample questions (by Strategy& / PWC)
• Strategy& / PWC case interview guide (by IGotAnOffer)

10. L.E.K. Consulting case interview examples

• Case interview example video walkthrough   (L.E.K. website)
• Market sizing case example video walkthrough  (L.E.K. website)

11. Roland Berger case interview examples

• Transit oriented development case webinar part 1  (Roland Berger website)
• Transit oriented development case webinar part 2   (Roland Berger website)
• 3D printed hip implants case webinar part 1   (Roland Berger website)
• 3D printed hip implants case webinar part 2   (Roland Berger website)
• Roland Berger case interview guide   (by IGotAnOffer)

12. Capital One case interview examples

• Case interview example video walkthrough  (Capital One website)
• Capital One case interview guide (by IGotAnOffer)

12. EY Parthenon case interview examples

• Candidate-led case example with feedback (by IGotAnOffer)

14. Consulting clubs case interview examples

• Berkeley case book (2006)
• Columbia case book (2006)
• Darden case book (2012)
• Darden case book (2018)
• Duke case book (2010)
• Duke case book (2014)
• ESADE case book (2011)
• Goizueta case book (2006)
• Illinois case book (2015)
• LBS case book (2006)
• MIT case book (2001)
• Notre Dame case book (2017)
• Ross case book (2010)
• Wharton case book (2010)

Practice with experts

Using case interview examples is a key part of your interview preparation, but it isn’t enough.

At some point you’ll want to practise with friends or family who can give some useful feedback. However, if you really want the best possible preparation for your case interview, you'll also want to work with ex-consultants who have experience running interviews at McKinsey, Bain, BCG, etc.

If you know anyone who fits that description, fantastic! But for most of us, it's tough to find the right connections to make this happen. And it might also be difficult to practice multiple hours with that person unless you know them really well.

Here's the good news. We've already made the connections for you. We’ve created a coaching service where you can do mock case interviews 1-on-1 with ex-interviewers from MBB firms . Start scheduling sessions today!

Related articles:

TymeBank Case Study: The Customer Impact of Inclusive Digital Banking

Full report.

This publication is also available in French  and Spanish .

Executive Summary

This case study presents insights from customer research with TymeBank clients that bolsters CGAP’s hypotheses around how digital banks can support the mission of financial inclusion. As a fully digital South African bank that disproportionately serves low-income rural customers, TymeBank has created a suite of basic products that cater to the essential financial needs of those customers, namely a low-cost transactional account and a high-yield savings account. Judging from product uptake and client testimonials, these products add to a compelling value proposition that not only resonates with customers but improves their lives.

TymeBank’s distribution network, which is based on its partnerships with the nationwide Boxer and Pick n Pay (PnP) grocery store chains, helps to keep operational costs low and passes cost savings onto customers in the form of more affordable services. A clear majority of the bank’s customers cite affordability as a key source of value and the reason they opened a TymeBank account. The distribution network also extends the bank’s reach to areas that are underserved by traditional players. The affordability and accessibility likely explain why underserved segments, such as low-income women and rural customers, are over-represented in TymeBank’s (active) customer base as compared to the overall banked population in South Africa.

Despite having access to other banking options, TymeBank customers overwhelmingly see no compelling alternatives in the market. Crucially, the value customers see in the bank appears to be inversely related to income, with poorer customers reporting higher levels of satisfaction.   

In today’s high-tech financial services landscape, which is often dominated by headlines about fintech startups and tech giants, it is easy to overlook the role banks can play in advancing financial inclusion. The high cost of running brick-and-mortar branch networks has traditionally inhibited banks from serving less profitable client segments, including the low-income groups that are the focus of financial inclusion. Banks have also been slow to adapt the digital innovations that have helped some newcomers reach these segments at lower cost. It is no surprise that some observers have questioned whether banks are even relevant to financial inclusion.

However, there are reasons to believe that banks can play an important role in financial inclusion if they overcome the challenges of their legacy systems and processes and digitize operations. In fact, banks have advantages over other types of financial services providers (FSPs) that may allow them to have an outsized impact on financial inclusion – if they are willing to expand down- market. Most importantly, banks do not face the same regulatory constraints as other providers. Whereas mobile money providers and fintechs generally cannot provide a wide array of financial products (ranging from savings to credit), banks can. License to intermediate retail deposits further plays to a bank’s advantage in the arena of digital credit. Banks can fund their lending portfolios with retail deposits that are typically cheaper than the other funding sources pure lenders use, which further reduces the cost of reaching low-income customers with credit.

CGAP previously presented three emerging business models in banking that we consider to be particularly promising for financial inclusion (Jeník and Zetterli 2020). These models are fully digital retail banks, marketplace banks, and Banking-as-a-Service (BaaS) (see Box 1). We conclude that they have the potential to deepen financial inclusion by:

• Lowering the cost of financial services; 
• Improving access to a greater variety of services;
• Creating services that better meet the needs of various customer segments; and 
• Improving the customer experience. 1

We analyzed several fully digital retail banks in a series of detailed case studies (Jeník, Flaming, and Salman 2020). One of these cases focused on TymeBank in South Africa. TymeBank is a fully digital retail bank founded with financial inclusion as a core business objective. Since its 2018 launch, the bank has onboarded over 4 million customers.

TymeBank offers low-income customers simple products at low prices, such as checking accounts, savings accounts, and debit cards – all through a distribution network that combines online and offline customer interaction based on partnerships with grocery store chains Boxer and PnP. In the area of credit products, TymeBank only offers a “buy now, pay later” option called MoreTyme. This case study provides a compelling example of how challenger banks can leverage digital technology to reach excluded customer segments with more affordable and useful products.

This paper builds on the TymeBank case study by examining the impact the bank’s services have had on low-income customers. By combining a quantitative analysis of TymeBank customer data with a phone-based survey of a randomly selected sample of low-income customers, the paper addresses the following questions:

• Does TymeBank serve low-income customers?
• Are its products relevant to low-income customers?
• What impact do the bank’s products have on low-income customers’ lives, in their own words?

The aim of this research is to shed light on the potential of digital banks to deepen financial inclusion in a way that improves the lives of low-income customers. CGAP is conducting additional research with other providers to better understand the impact of new financial services business models on customers. 2

TymeBank’s main value proposition consists of (i) simple, affordable, and accessible products; (ii) fast and automated onboarding; and (iii) incentive programs that appeal to target segments (e.g., the SmartShopper loyalty program). These are the qualities we would expect customers to point out when talking about the benefits of using TymeBank.

They are also important features that respond to three frequently cited barriers to financial inclusion: (i) expensive services, (ii) limited access points, and (iii) prohibitive know-your-customer (KYC) requirements. 3

Product affordability relies on TymeBank’s ability to maintain low operational costs and proportionally reduce them further as the bank grows. Current cost efficiency is due to the bank’s technology and microservice architecture (Flaming and Jeník 2020), its branchless model, and digitally facilitated onboarding. TymeBank onboards approximately 110,000 customers per month: about 93,500 through kiosks at an estimated cost of US$3 per customer, and about 16,500 via web at approximately US$0.60 per customer. 4

SOUTH AFRICA 5

South Africa enjoys relatively high levels of financial inclusion, including a banked adult population of approximately 85 percent in a market dominated by the country’s well-established commercial banks. However, many customers only use their bank account to receive government benefits; other use cases lag. There is little to no use of non-bank mobile money wallets.

Across demographic, socioeconomic, and geographic factors, financial inclusion levels positively corelate with higher age (people aged 18–29 are among those least included), urban areas, income level and regularity. Only 38 percent of individuals who reported having no income are banked, while 31 percent are entirely excluded.

METHODOLOGY

For the qualitative analysis based on customer interviews, 1,162 customers were screened from an overall sample of 10,000. The aim was to reach those TymeBank customers living in poverty (i.e., 70 percent or more likely to be living on less than US$5.50). Ultimately, 278 customers were identified for in-depth interviews. The screener surveys were conducted partly through interactive voice response (IVR) surveys and partly through live phone calls.

The quantitative analysis used customer data from TymeBank to assess the potential impact of the bank’s offering on its customer base, particularly individuals from groups that generally exhibit lower levels of financial inclusion. The data examined spanned a nine-month period from July 2020 to March 2021. The analyzed data correlated to active EveryDay account customers, defined as those who had performed a transaction within the past 30 days. Various sets of proxies were applied to estimate income level (e.g., onboarding location, outstanding balance, frequency of transactions, average size of transactions).

The analysis considered several important caveats:

a) We recognize that TymeBank is not representative of all fully digital retail banks in South Africa or elsewhere. The findings presented in this paper should not be interpreted as automatically applicable to other digital banks without careful consideration.

b) The research was conducted during the COVID-19 pandemic; some findings were or could be affected (e.g., as customer behavior changes in response to the pandemic).

c) Despite our best efforts to exclusively focus the analysis on low-income segments, we were unable to identify customers based on their stated income levels since TymeBank does not collect that information. Customer segmentation was performed through the previously mentioned set of proxies for the customer data analysis and through the screening questionnaire for the customer interviews. 6

d) The quantitative analysis focused on active customers with at least one transaction performed over the past 30 days, unless otherwise noted.

e) Where customers stated they had been financially excluded before opening a TymeBank account, we did not identify the underlying cause(s) of financial exclusion.

Key Findings

Does tymebank serve low-income customers.

Our research showed that TymeBank serves a higher proportion of low-income customers than the typical bank in South Africa, and a significantly higher portion of the most financially excluded segment.

Low-income customers in South Africa are relatively highly banked, although they are under-represented. South Africans earning US$200 per month or less constitute 47 percent of the population but only 41 percent of the banked population. 7 However, we estimate that this segment represents 48 percent of TymeBank’s active user base. 8

Among the three-quarters of TymeBank customers for whom data are available, 58 percent live in metropolitan areas and 42 percent in rural areas. This compares to South Africa’s rural population of 35 percent (as of 2016); we estimated this share to be even lower in 2021 (approximately 30 percent). 9 Hence, rural customers appeared to be noticeably overrepresented in the TymeBank user base.

Young, rural, low-income women comprise the most financially excluded and underserved segment in South Africa. This group forms 2.3 percent of South Africa’s banked population but 7 percent of TymeBank’s active base – nearly three times as much. 10 Finally, 13 percent of TymeBank’s active customers are first-time bank customers. 11

From a more general perspective, women in the low-income segment represent a higher-than- average share of the bank’s overall customer base sample (65 percent versus 57 percent),12 which suggests that low-income women particularly benefit from TymeBank’s services.

These findings lead us to conclude that TymeBank customers disproportionately seem to come from traditionally unbanked and underserved segments. In fact, the evidence suggests that the bank’s customer base may particularly skew toward the most underserved segments.

DOES TYMEBANK OFFER PRODUCTS THAT ARE RELEVANT TO LOW-INCOME CUSTOMERS?

Customers find TymeBank’s products useful and act upon features designed to promote certain behaviors.

The bank’s customers particularly value the low cost of its services and the convenience of access and usage. The lower their income, the more value customers seem to derive from its services. While the vast majority of TymeBank customers have previously held bank accounts, 67 percent say they see no good alternative to TymeBank (Figure 4). This response is despite the fact that, as of the time the research was conducted, the bank still only had a relatively modest payments and savings offering and had yet to launch credit products. (TymeBank has since launched MoreTyme, a “buy now, pay later” consumer credit product.) Customer endorsement seems driven by the strength of the bank’s value proposition and the low cost of its services. When asked, customers specifically appreciate the low fees (48 percent) and the high-yield savings account (38 percent).

Importantly, women make up a larger share of the total number of GoalSave (savings account) users compared to their representation in the overall customer base (3 percentage points higher). This finding suggests that female customers find value in the product, although they had slightly lower savings per user than men (US$58 versus US$59). The number of their deposits exceeds the number of withdrawals.

We did not find any significant differences in usage and product lifecycle patterns across income groups (aside from the frequency and size of transactions that correlate with income level), which suggests that TymeBank covers its customers’ essential needs across segments. The similarities in lifecycle (behavior patterns across products, such as most frequently performed type of transaction and their change over time) indicate that customers across income levels increase their engagement as they grow confident with the products.

However, important nuances do exist. For instance, the most excluded segment uses till machines for cash-in and cash-out transactions that are free-of-charge (and perhaps more accessible in certain areas), compared to the ATMs other segments prefer. This may be explained by price sensitivity that drives the preference for free till point withdrawals compared to ATM withdrawals, which are charged at US$0.61 per part of US$70.

The value generated for low(er) income customers will hopefully further expand as TymeBank expands its product offering (e.g., insurance and diverse credit products).

WHAT IMPACT DOES TYMEBANK HAVE ON CUSTOMERS’ LIVES?

Most customers report positive life changes due to their use of TymeBank. Importantly, levels of customer satisfaction increase as customer income decreases. This suggests that the TymeBank value proposition tailored to lower-income customers resonates well.

We relied on the actual voices of customers from the demand survey to gauge the impact the TymeBank offering had on its users. When asked, 73 percent of customers reported a positive change in quality of life attributable to TymeBank. The change could be associated with multiple factors. For instance, 80 percent of interviewed customers reported a decrease in the amount spent on bank fees, which is crucial for low-income segments that have historically experienced cost as one of the biggest barriers to financial inclusion. Nearly a third (31 percent) of customers who reported life improvement said that their access to financial services had expanded thanks to TymeBank. Customers also reported an improved ability to digitally transact and receive money (51 percent and 55 percent of all interviewees, respectively).

One of the most important findings concerned the ability to save. Seventy-three percent of interviewed customers reported an increase in their savings balance due to TymeBank. Savings likely drove customers’ ability to achieve their financial goals (68 percent) and improve financial resilience (32 percent).

These findings support our overall hypothesis that digital banks are well placed to deepen financial inclusion with cheaper, better products that reach beyond payments and are relevant to improving the lives of low-income customers.

It is critical to note that the high-interest yield on the GoalSave savings account was among the reasons most prominently cited by customers as driving them toward TymeBank. Our finding that female and young TymeBank customers were more likely to save using the bank service compared to what nationwide averages suggest was also important. While the national numbers show a 9 percentage point gap in formal savings between men and women (35 percent versus 26 percent), the gap among TymeBank customers favored women by 10 percentage points (45 percent versus 55 percent).

Our findings also revealed areas for improvement. Perhaps not surprisingly, TymeBank customers have not been spared the surge of fraud in South Africa. Ten percent of customers reported challenges concerning security and protection of funds. Six percent of respondents mentioned delays in service delivery and nearly the same share complained of issues related to digital access. Complaints were related to system downtime, clearing time (TymeBank is planning to offer real-time clearing), and the general concerns first-time users may have about their funds.

When asked about potential improvements, the presence of physical branches scored the highest (11 percent), followed by improved security (9 percent) related to the challenges mentioned in the previous paragraph and improved digital services (5 percent).

While these findings are encouraging, more research is needed before conclusive statements can be made about the broader role of digital banks in advancing financial inclusion. We encourage other experts to undertake similar research and add to the emerging evidence on the impact of digital banks on financial inclusion.

Acknowledgments

This case study features insights from research commissioned by CGAP and conducted by 60 Decibels and Genesis Analytics under the leadership of Ivo Jeník.

The author thanks CGAP colleagues Gayatri Vikram Murthy and Mehmet Kerse for reviewing this paper, and Gcinisizwe Andrew Mdluli for contributions and insights. Peter Zetterli and Xavier Faz oversaw the effort. Andrew Johnson led the editorial work.

This paper would not have been possible without the time and dedication of the team from TymeBank and TymeGlobal.

Flaming, Mark, and Ivo Jeník. 2020. “ How Does Tech Make a Difference in Digital Banking ?” CGAP blog post, 11 November.

Jeník, Ivo, Mark Flaming, and Arisha Salman. 2020. “ Inclusive Digital Banking: Emerging Markets Case Studies .” Working Paper. Washington, D.C.: CGAP.

Jeník, Ivo, and Peter Zetterli. 2020. “ Digital Banks: How Can They Deepen Financial Inclusion? ” Slide deck. Washington, D.C.: CGAP.

Download a PDF of this Case Study >>

1 To assess bank inclusivity, we developed and implemented a four-dimensional framework focused on cost, access, fit, and experience (CAFE). See Jeník and Zetterli (2020), page 42. In a business-to business (B2B) model, BaaS providers have other FSPs as their customers. Thus, their impact on end users is indirect.

2 see collection of cgap research on fintech and new financial services business models: www.cgap.org/fintech, 3 world bank global findex database (2017)., 4 atm-like machines placed in partner grocery stores – mainly pnp and boxer – allow for automated customer onboarding in less than five minutes., 5 this section is based on data from the finmark trust finscope (south africa) 2018 database., 6 the quantitative analysis used the average monthly inflows of customers originated at pnp value stores (us$271) and boxer stores (us$224) to estimate income level. the qualitative analysis estimated that 35 percent of tymebank’s customers live on less than us$5.50 per day, based on the screener survey findings., 7 the finmark trust finscope (south africa) 2018 database., 8 using place of origination (pnp value and boxer stores) as a proxy for low income., 9 south africa gateway .  , 10 the finmark trust finscope (south africa) 2018 database., 11 n = 1,162., 12 comparing screened customers (n = 1,162) and interviewed customers (n = 278)., related resources, inclusive digital banking: emerging markets case studies, digital banks: how can they deepen financial inclusion, related research, 8 billion reasons: inclusive finance as a catalyst for climate action, open finance self-assessment tool and development roadmap, global landscape: data trails of digitally included poor (dip) people.

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How To Prepare for Banking Exams 2024, Tips and Tricks

How to Prepare For Bank Exam

Preparing for a bank exam requires understanding the exam pattern and syllabus, creating a study plan, using quality study material, practicing regularly, focusing on weak areas, and staying consistent with your preparation. By following these steps diligently, you can increase your chances of success in the exam.

Effective Study Strategies for Banking Exam Preparation

Preparing for a banking exam in 2024 is simpler with this step-by-step guide:

• Utilize Online Resources: Make the most of online resources. They keep you updated with recent events and help you master tricks and methods for solving questions efficiently.
• Create a Timetable: Next, set up a timetable. This helps you manage your time effectively and cover multiple sections each day. Remember, scoring the cutoff marks in each section is essential for job eligibility.
• Plan Properly: The first step is to plan properly. Having a well thought out plan is crucial as it ensures no time is wasted. When creating the plan, be aware of the exam pattern, syllabus, and previous year’s cutoff. Knowing these aspects will help you prepare well by focusing on areas that need improvement.
• Thoroughly Revise: Once you complete your preparation, revise thoroughly. Don’t become complacent. Keep working hard on each section to ensure no gaps in your understanding.
• Cover the Entire Syllabus: Ensure you cover the entire syllabus when preparing for the exam. This ensures you can tackle any question that arises during the exam.
• Practice Regularly: Practice as much as possible. The more you practice, the better you become at solving questions. Try solving questions from mock tests within a specific time frame to track your progress and answer as many questions as possible during the exam.

Understanding the Exam Pattern and Syllabus 2024

Understanding the exam pattern and syllabus for effective preparation for any bank exam in 2024. It involves familiarizing yourself with the structure of the exam, including the number of sections, types of questions, and time allocation for each section. Additionally, gaining insights into the syllabus helps you identify the topics and concepts that need to be covered during your preparation process. By comprehensively understanding the exam pattern and syllabus, you can strategize your study plan and focus on areas that require more attention, ultimately increasing your chances of success in the bank exam.

Boost Your Confidence with Mock Tests

Mock tests also help simulate exam conditions, reducing anxiety on the actual exam day. By following these steps and staying consistent in your preparation, you can increase your chances of success in banking exams 2024.

What are bank recruitment exams in 2024?

In 2024, various agencies like SBI, RBI, IBPS, LIC, and PSBs conduct recruitment exams to fill vacancies in public sector banks across different posts including Clerks, PO/MT, SO, and RRB PO/Clerk. Here’s an overview:

• State Bank of India (SBI) conducts exams like SBI Clerk, SBI PO, and SBI SO.
• The Institute of Banking Personnel Selection (IBPS) administers exams such as IBPS PO, IBPS Clerk, IBPS RRB, and IBPS SO.
• The Reserve Bank of India (RBI) conducts RBI Grade B and RBI Assistant Recruitment exams.
• The Life Insurance Corporation of India (LIC) holds recruitment exams for posts like LIC AAO, LIC ADO, and LIC Assistant.
• Additionally, numerous other banks have their recruitment procedures to address staffing needs. Below is a comprehensive list of almost all banks in India participating in recruitment processes.

Selection Process for SBI Clerk, IBPS PO, IBPS Clerk, IBPS RRB, RBI, and LIC Exams:

When you start preparing for banking exams, it’s important to know the selection process, which usually has three stages. Understanding these stages is crucial for candidates:

• The first stage is the preliminary exam. This is like a screening test to shortlist candidates for the main exam.
• In this exam, candidates are tested on basic subjects like English, Math, Reasoning, and General Knowledge.
• After passing the preliminary exam, candidates take the main exam. This is more detailed and covers a wider range of topics.
• The main exam may also include sections on banking and finance-related topics.
• For some exams, candidates who pass the main exam go through a group discussion and/or interview.
• The group discussion tests communication and teamwork skills, while the interview assesses subject knowledge and problem-solving abilities.

Average Salaries in Various Banking Careers

In the banking sector, salaries vary depending on the role. Bank Managers and Certified Public Accountants (CPAs) earn around 7 Lakhs p.a., while Financial Risk Managers and Investment Bankers have higher average salaries of 11 Lakhs p.a. and 10 Lakhs p.a. respectively.

Tips for Banking Exam Preparation

Here are the Simple Tips for Banking Exam Preparation:

• Know the Syllabus: Understand what topics are covered in the exam and focus on learning them well.
• Plan Your Study Time: Create a daily schedule that allows you to study each subject thoroughly.
• Practice with Previous years Papers: Solve previous year’s exam papers to get familiar with the types of questions asked.
• Practice Reasoning Daily: Spend time each day practicing reasoning questions, as they are important in banking exams.
• Understand, Don’t Just Memorize: Try to understand concepts rather than just memorizing them, although some things may need to be memorized.
• Brush Up on Math: Review basic math concepts and use shortcuts to solve problems quickly.
• Improve Your English: Read newspapers daily to build vocabulary and improve comprehension skills.
• Stay Updated: Keep up with current events and news related to banking and finance.
• Learn Basic Computer Skills: Familiarize yourself with common software and hardware terms, and practice using them.
• Focus on Weak Areas: Identify and work on improving areas where you struggle.
• Take Mock Tests: Practice with mock tests to get a feel for the exam and improve time management.
• Revise Regularly: Review what you’ve learned regularly rather than trying to cram at the last minute.
• Practice Descriptive Writing: Practice writing answers to descriptive questions within the time limit.
• Prepare for Interviews: Be ready to discuss exam-related topics confidently during interviews.

Most Popular Careers in Banking

Banking offers diverse career paths such as Asset Manager, Loan Officer, and Business Analyst, each providing unique opportunities for growth and development. Explore these popular roles to find your niche in the dynamic banking industry.

• Asset Manager: Manages investments and financial assets for individuals or organizations.
• Financial Risk Manager: Identifies and manages financial risks to ensure stability and profitability.
• Business Analyst: Analyzes business processes and data to improve efficiency and profitability.
• Internal Auditor: Reviews and evaluates internal controls and procedures to ensure compliance and reduce risk.
• Foreign Exchange Trader: Buys and sells foreign currencies to make profits based on market fluctuations.
• Credit Analyst: Assesses the creditworthiness of individuals or businesses applying for loans.
• Loan Officer: Evaluates loan applications and helps individuals or businesses secure financing.
• Bank Teller: Assists customers with routine banking transactions, such as deposits and withdrawals.
• Financial Manager: Oversees financial activities and prepares financial reports for organizations.
• Financial Service Representatives: Provides financial advice and assistance to clients regarding banking products and services.
• Book-Keeper: Records financial transactions and maintains accurate financial records for organizations.
• Audit Clerks: Assists auditors in reviewing financial records and ensuring compliance with regulations.

Developing Problem-Solving Skills and Exam Techniques

To succeed in bank exams in 2024, candidates need to develop problem-solving skills and exam techniques actively. This entails regularly practicing different types of questions and learning various problem-solving strategies. Additionally, mastering time-management techniques and exam tactics like quickly scanning through questions, eliminating incorrect options, and prioritizing easier questions can significantly improve exam performance. By practicing these skills and techniques consistently through mock tests and regular study, candidates can improve their ability to tackle challenging questions effectively and increase their chances of scoring higher in bank exams.

How Do I Prepare For Bank Exams – Best Tips to Remember

Here are some effective tips to help you get through bank exams with good marks –

1.1 Understanding the Exam Pattern – The first thing you need to understand is the pattern and syllabus of the exam – the number of sections in each paper, important topics to cover, sectional cut-off, and allotted time, etc. It is imperative that candidates be aware of the different topics from the syllabus. Questions may be asked from a particular topic or section of the syllabus. Therefore, you should be well prepared to attempt a variety of questions.

1.2 Create a Timetable – Preparing a timetable at home will help you with a study plan. Spending an entire day trying to solve similar questions or studying the same topic will not help you progress any further. Moreover, it becomes monotonous. Therefore, divide your day in a way so that you are able to study different sections of the paper. You can start your day with the ‘General Awareness’ section and then move on to practicing some Quantitative Aptitude problems. Later in the day, keep it light with English Grammar or studying about Computer programs. This way, you will be able to manage your time going through the topics that need to be covered. Focus on the section that you think you are weak in and make proper time-division accordingly.

Want to attempt a free mock test & test your preparations?   CLICK HERE

1 .3 Go Through Online Resources and Competitive Books – Besides textbooks, there are several resources and study materials – articles and blogs available online to help candidates prepare for banking exams . You can visit the various websites dedicated to competitive exam preparation and download these study materials, previous years’ question papers, and solved mock test papers. This will help you to derive a brief idea of the question pattern and important topics.

1.4 Keep Track of Time – Time management is the key to cracking banking exams . You should know that for each of the sections of your exam paper, you will be allotted a specific time. Therefore, you need to speed up in order to be able to attempt maximum questions in the least possible time. When solving papers, keep a stopwatch next to you. This way, you can analyze exactly how much time it is taking you to solve each question. This will help to improve the candidate’s speed and boost confidence in him/her in the course of time.

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1.5 Master the Methods and Tricks – Learning the shortcuts and tricks to solving questions particularly in Logical Reasoning and Quantitative Aptitude sections of the paper can help the candidates to obtain good marks. There are certain formulas for Speed Math and Reasoning Ability that are sure to save you time and spare the trouble of doing complicated calculations. You should memorize the formulas and practice as much as you can.

Therefore, the next time you ask yourself, how do I prepare for bank exams? glance through the above pointers. Regardless of these quick tips, the one thing that makes all the difference is rigorous practice.

Banking exams are hard to crack but if you work hard enough, you can surely get through with flying colors. In addition to the pointers mentioned here, it is very important to have a good source to prepare for the exam. Oliveboard gives you a surreal experience of the exam with its mock test designed according to the latest pattern. We also provide you the mock analytics which helps you capture your weak areas and a plan to help you overcome that.

Keep Yourself With Weekly Current Affairs Questions & Answers Here

In an attempt to answer, how do I prepare for bank exams? we have written this blog to help with the answers.

How to Prepare For Bank Exam – Ebooks

You can download 200+ ebooks important for SSC, Banking, Railway, Insurance, and other government exams here.

Oliveboard Bolt series E-books: 

• Oliveboard Bolt – General Awareness
• Bolt – Monthly Current Affairs PDF
• Banking Bolt – Free E-book for Banking Awareness
• Economy Bolt – Free E-book for Economy

Prepare for Bank Exam 2024 – FAQs

Ans. Important ways include understanding the exam syllabus, creating a study plan, practicing regularly, and using resources like practice tests and old exam papers.

Ans. Effective time management involves making a study schedule that gives enough time for each subject, focusing on harder topics first, and taking short breaks to avoid getting tired.

Ans. Resources include books, online materials, videos, and classes. Practice tests and old exam papers are also helpful for practicing and improving.

Ans. Yes, practicing with practice tests is helpful because it helps you get used to the exam format, improves your time management, and helps you find areas you need to work on.

Hey there! I am Laxmi, the person behind the words you see on Olive Board. My job is to make things simple and helpful for those getting ready for exams. I am here to share the information you need. Studying might not be everyone’s idea of fun, but i am here to make it a bit easier and who knows maybe even a bit enjoyable. If you are gearing up for exams, let’s work together to make the journey smoother

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Bird Flu (H5N1) Explained: 5th U.S. Human Infection Reported In Colorado

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Here’s the latest news about a global outbreak of H5N1 bird flu that started in 2020, and recently spread among cattle in U.S. states and marine mammals across the world, which has health officials closely monitoring it and experts concerned the virus could mutate and eventually spread to humans, where it has proven rare but deadly.

A sign warns of a outbreak of bird flu.

July 3 Colorado health officials confirmed the state’s second human case of bird flu in a dairy farm worker who has since recovered and only had mild symptoms, reporting pink eye.

June 25 Finland said it plans to begin vaccinating vulnerable populations like farm workers against bird flu as early as next week using 10,000 vaccine series—each with two doses—acquired as part of a European Union deal with vaccine maker CSL Seqirus to provide up to 40 million vaccines to 15 countries.

June 11 The World Health Organization announced a four-year-old child in India was infected with H9N2 bird flu—a different flu strain from H5N1—but recovered after suffering from seizures, respiratory distress, fever and abdominal cramps; H9N2 has infected around 100 people globally since 1998, and this is the second human case in India.

June 6 Dozens of cows infected with bird flu have either died or been slaughtered in Colorado, Ohio, Michigan, South Carolina and Texas, which is unusual since—unlike poultry—cows cost more to slaughter and around 90% usually make a full recovery, Reuters reported .

June 5 A new study examining the 2023 bird flu outbreak in South America that killed around 17,400 elephant seal pups and 24,000 sea lions found the disease spread between the animals in several countries, the first known case of transnational virus mammal-to-mammal bird flu transmission.

May 30 Another human case of bird flu has been detected in a dairy farm worker in Michigan—though the cases aren’t connected—and this is the first person in the U.S. to report respiratory symptoms connected to bird flu, though their symptoms are “resolving,” according to the Centers for Disease Control and Prevention.

May 23 A new study with mice suggests that drinking infected milk can spread the disease—and that a certain type of pasteurization may not always be effective in killing the virus.

May 22 Michigan reported bird flu in a farmworker—the second U.S. human case tied to transmission from dairy cows—though the worker had a mild infection and has since recovered.

May 21 Australia reported its first human case of bird flu after a child became infected in March after traveling to India, though the child has since recovered after suffering from a “severe infection,” according to the Victorian Department of Health.

May 16 The USDA conducted a study, and discovered that after high levels of the virus was injected into beef, no trace was left after the meat was cooked medium to well done, though the virus was found in meat cooked to lower temperatures.

May 14 The Centers for Disease Control and Prevention released influenza A waste water data for the weeks ending in April 27 and May 4, and found several states like Alaska, California, Florida, Illinois and Kansas had unusually high levels, though the agency isn’t sure if the virus came from humans or animals, and isn’t able to differentiate between influenza A subtypes, meaning the H5N1 virus or other subtypes may have been detected.

May 10 The Food and Drug Administration announced it will commit an additional $8 million to ensure the commercial milk supply is safe, while the Department of Agriculture said it will pay up to $28,000 per farm to help mitigate the spread of the disease, totaling around $98 million in funds.

May 9 Some 70 people in Colorado are being monitored for bird flu due to potential exposure, and will be tested for the virus if they show any symptoms, the Colorado Department of Public Health told Forbes—it was not immediately clear how or when the people were potentially exposed.

May 1 The Department of Agriculture said it tested 30 grocery store ground beef products for bird flu and they all came back negative, reaffirming the meat supply is safe.

May 1 The Food and Drug Administration confirmed dairy products are still safe to consume, announcing it tested grocery store samples of products like infant formula, toddler milk, sour cream and cottage cheese, and no live traces of the bird flu virus were found, although some dead remnants were found in some of the food—though none in the baby products.

April 30 Wenqing Zhang, head of WHO's Global Influenza Programme, said during a news briefing "there is a risk for cows in other countries to be getting infected," with the bird flu virus, since it’s commonly spread through the movement of migratory birds.

April 29 The Department of Agriculture told Forbes it will begin testing ground beef samples from grocery stores in states with cow outbreaks, and test ground beef cooked at different temperatures and infected with the virus to determine if it's safe to eat.

April 24 The USDA said cow-to-cow transmission may be occurring due to the cows coming into contact with raw milk—and warned against humans and other animals, including pets, consuming unpasteurized milk to prevent potential infection.

April 18 Jeremy Farrar, chief scientist for the World Health Organization, said during a press conference the threat of bird flu spreading between humans was a “great concern,” since it’s evolved and has increasingly been infecting mammals (on land and sea), which means it could possibly spread to humans.

April 1 The CDC reported the second U.S. human case of bird flu in a Texas dairy farmer who became infected after contracting the virus from infected dairy cows, but said the person was already recovering.

Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Sign up here .

Can Bird Flu Spread Between Humans?

Bird flu doesn’t “transmit easily from person-to-person,” according to the World Health Organization. Bird flu rarely affects humans, and most previous cases came from close contact with infected poultry, according to the CDC. Because human-to-human spread of bird flu poses “pandemic potential,” each human case is investigated to rule out this type of infection. Though none have been confirmed, there are a few global cases—none in the U.S.—where human-to-human transmission of bird flu was thought to be “probable,” including in China , Thailand , Indonesia and Pakistan .

Is Bird Flu Fatal To Humans?

It is very deadly. Between January 2003 and March 28, 2024 there have been 888 human cases of bird flu infection in humans, according to a report by the World Health Organization. Of those 888 cases, 463 (52%) died. To date, only two people in the U.S. have contracted H5N1 bird flu, and they both were infected after coming into contact with sick animals. The most recent case was a dairy worker in Texas who became ill in March after interacting with sick dairy cows, though he only experienced pink eye. The first incident happened in 2022 when a person in Colorado contracted the disease from infected poultry, and fully recovered.

Is It Safe To Drink Milk Infected With Bird Flu?

Raw, unpasteurized milk is unsafe to drink, but pasteurized milk is fine, according to the FDA. Bird flu has been detected in both unpasteurized and pasteurized milk, but the FDA recommends manufacturers against making and selling unpasteurized milk since there’s a possibility consuming it may cause bird flu infection. However, the virus remnants in pasteurized milk have been deactivated by the heat during the pasteurization process , so this type of milk is still believed safe to consume.

Is It Safe To Consume Meat Infected With Bird Flu?

The CDC warns against eating raw meat or eggs from animals “confirmed or suspected” of having bird flu because of the possibility of transmission. However, no human has ever been infected with bird flu from eating properly prepared and cooked meat, according to the agency. The possibility of infected meat entering the food supply is “extremely low” due to rigorous inspection, so properly handled and cooked meat is safe to eat, according to the USDA. To know when meat is properly cooked, whole beef cuts must be cooked to an internal temperature of 145 degrees Fahrenheit, ground meat must be 160 degrees and poultry must be cooked to 165 degrees. Rare and medium rare steaks fall below this temperature. Properly cooked eggs with an internal temperature of 165 degrees Fahrenheit kills bacteria and viruses including bird flu, according to the CDC. “It doesn’t matter if they may or may not have [avian] influenza… runny eggs and rare pieces of meat” are never recommended, Francisco Diez-Gonzalez, director and professor for the Center for Food Safety at the University of Georgia, told Forbes. To “play it safe,” consumers should only eat fully cooked eggs and make sure “the yolks are firm with no runny parts,” Daisy May, veterinary surgeon with U.K.-based company Medivet, said .

What Are Bird Flu Symptoms In Humans?

Symptoms of bird flu include a fever, cough, headache, chills, shortness of breath or difficulty breathing, runny nose, congestion, sore throat, nausea or vomiting, diarrhea, pink eye, muscle aches and headache. However, the CDC advises it can’t be diagnosed based on symptoms alone, and laboratory testing is needed. This typically includes swabbing the nose or throat (the upper respiratory tract), or the lower respiratory tract for critically ill patients.

How Is Bird Flu Affecting Egg Prices?

This year’s egg prices have increased as production decreased due to bird flu outbreaks among poultry, according to the USDA. A dozen large, grade A eggs in the U.S. costed around $2.99 in March, up almost a dollar from the fall. However, this price is down from a record $4.82 in January 2023, which was also spiked by bird flu outbreaks . Earlier this month, Cal-Maine Foods—the country’s largest egg producer—temporarily halted egg production after over one million egg-laying hens and chickens were killed after being infected with bird flu.

Why Do Poultry Farmers Kill Chickens With Bird Flu?

Once chickens have been infected with bird flu, farmers quickly kill them to help control the spread of the virus, since bird flu is highly contagious and fatal in poultry. The USDA pays farmers for all birds and eggs that have to be killed because of bird flu, as an incentive to responsibly try and curb the spread of the disease. The USDA has spent over $1 billion in bird flu compensation for farmers since 2022, according to the nonprofit Food & Environment Reporting Network.

Is There A Vaccine For The Bird Flu (h5n1)?

The FDA has approved a few bird flu vaccines for humans. The U.S. has a stockpile of vaccines for H5N1 bird flu, but it wouldn’t be enough to vaccinate all Americans if an outbreak were to happen among humans. If a human outbreak does occur, the government plans to mass produce vaccines, which can take at least six months to make enough for the entire population. CSL Seqirus, the maker of one of the approved vaccines, expects to have 150 million vaccines ready within six months of an announcement of a human bird flu pandemic. Although there are approved vaccines for other variants designed for birds, there are none for the H5N1 variant circulating. However, the USDA began trials on H5N1 animal-specific vaccines in 2023.

Key Background

As of May 30, more than 92 million poultry (primarily chickens) in 48 states have been euthanized because of bird flu since 2022, and 57 dairy cow herds across nine states have tested positive, according to data from the CDC (unlike chickens, cows appear to recover from the virus). The USDA believes wild migratory birds are the original source of the cow outbreaks that recently has experts concerned it may mutate and spread more easily in humans, though the CDC said its risk to the public remains low . Farrar called the cattle infections in the U.S. a “huge concern,” urging public health officials to continue closely monitoring the situation “because it may evolve into transmitting in different ways.” The increased number of mammal bird flu infections since 2022 “could indicate that the virus is looking for new hosts, and of course, moving closer to people,” Andrea Garcia, vice president of science, medicine and public health for the American Medical Association, said . The first report of a walrus dying from bird flu was detected in April on one of Norway’s Arctic Islands, and the first U.S. dolphin infected with bird flu died back in 2022, according to a report published April 18. More than 10 human bird flu cases were reported to the World Health Organization in 2023, and all but one survived. Bird flu has devastated bird populations, and 67 countries reported the deaths of 131 million poultry in 2022 alone. Although bird flu typically infects wild birds and poultry, it’s spread to other animals during the outbreak, and at least 10 countries have reported outbreaks in mammals since 2022. Around 17,400 elephant seal pups died from bird flu in Argentina in 2023, and at least 24,000 sea lions died in South America the same year. Besides cattle, bird flu has been detected in over 200 other mammals—like seals, raccoons and bears—in the U.S. since 2022. Although rare, even domestic pets like dogs and cats are susceptible to the virus, and the FDA warns against giving unpasteurized milk to cats to avoid possible transmission.

On June 5, WHO confirmed the first human death of a strain of bird flu that’s never before been seen in humans and is separate from H5N1. A 59-year-old man in Mexico contracted H5N2, and died on April 24 after being hospitalized and developing a fever, diarrhea, nausea, shortness of breath and general discomfort. Cases of H5N2 have been reported in poultry in Mexico, but the man had no history with poultry or animals, WHO said. It’s unclear how he became infected. He was bedridden for weeks prior to the infection, and suffered from several other health conditions.

Further Reading

Another Bird Flu Variant Reaches Humans: What To Know About H5N2—After First-Ever Confirmed Death

WHO Warns Threat Of Bird Flu Spreading To Humans Is ‘Great Concern’ (Forbes)

One In Five Milk Samples From Across US Had Traces Of Bird Flu Virus, FDA Says (Forbes)

Can Pets Get Bird Flu? Here’s What To Know (Forbes)

Avian H5N1 (Bird) Flu: Why Experts Are Worried—And What You Should Know (Forbes)

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Supreme Court Imperils an Array of Federal Rules

A foundational 1984 decision required courts to defer to agencies’ reasonable interpretations of ambiguous statutes, underpinning regulations on health care, safety and the environment.

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Adam Liptak

Reporting on the Supreme Court since 2008

The decision is the latest upending longstanding precedents.

The Supreme Court swept aside a longstanding legal precedent on Friday, reducing the power of executive agencies and endangering countless regulations by transferring power from the executive branch to Congress and the courts. Chief Justice John G. Roberts Jr., writing for the majority, said that “agencies have no special competence” and that judges should determine the meaning of federal laws.

The precedent, Chevron v. Natural Resources Defense Council , is one of the most cited in American law, underpinning 70 Supreme Court decisions and roughly 17,000 in the lower courts. Critics of regulatory authority immediately hailed the decision, suggesting it could open new avenues to challenge federal rules in areas ranging from abortion pills to the environment.

The court has now overturned major precedents in each of the last three terms: on abortion in 2022, on affirmative action in 2023 and now on the power of administrative agencies. In a dissenting opinion, Justice Elena Kagan said the ruling amounted to the Supreme Court’s latest judicial power grab. “A rule of judicial humility,” she wrote, “gives way to a rule of judicial hubris.”

Here’s what else to know:

What is Chevron deference? It is the principle from the Supreme Court’s 1984 ruling that gave regulatory agencies leeway to interpret laws that Congress had left vague. When Congress passes a law, it cannot anticipate all the ways that the economy, the nation and the world will change. If regulators had only the powers that Congress explicitly gave them, many regulations would be vulnerable to legal challenges. The ruling could have broad implications for the regulation of food and drugs , the banking and financial sector , taxation , as well as conservative activists’ targeting of medication abortion and rights for transgender people .

A major goal of the conservative legal movement: Friday’s ruling undoes a precedent that empowered executive branch agencies, which many conservatives have come to believe are dominated by liberals under both parties’ administrations — a critique often described as “the deep state.” Elizabeth Murrill, the Republican attorney general of Louisiana who has taken a leading role in lawsuits against the Biden administration’s environmental regulations, said Chevron deference had been “wildly abused by this administration more than any other.” Read about conservatives’ view of the precedent.

The White House reaction: Karine Jean-Pierre, the White House press secretary, said Friday’s decision was the latest example of the Supreme Court siding with Republican-backed special interests to block “common-sense rules that keep us safe, protect our health and environment, safeguard our financial system, and support American consumers and workers.”

Supporters of regulatory oversight criticized the decision: Critics of the decision said it would empower the courts, not Congress, to dictate policy. “Getting rid of Chevron deference says, you know what? The courts will be the decider of how to interpret these laws instead of experts who are knowledgeable in the field,” said Senator Jeff Merkley, Democrat of Oregon, who sits on the Senate Environment and Public Works Committee.

The case started with fishermen: The court heard two almost identical cases, Loper Bright Enterprises v. Raimondo, and Relentless v. Department of Commerce. Both cases involved a 1976 federal law that requires herring boats to carry federal observers to collect data used to prevent overfishing.

Under a 2020 regulation interpreting the law, owners of the boats were required not only to transport the observers but also to pay $700 a day for their oversight. Fishermen in New Jersey and Rhode Island — backed by two conservative organizations that decry the “administrative state” — sued, saying the 1976 law did not authorize the relevant agency, the National Marine Fisheries Service, to impose the fee.

Charlie Savage

The decision is the latest blow to regulatory agencies.

Overturning the Chevron deference precedent is just the latest in a series of ringing blows the Supreme Court’s Republican-appointed conservative bloc has delivered to the ability of regulatory agencies to impose rules on powerful business interests, advancing a longstanding goal of the conservative legal movement and the donors who have funded its rise .

Just yesterday, the majority struck down the ability of agencies to enforce their rules via in-house tribunals before technical-expert administrative judges. Instead, it ruled, agencies must sue accused malefactors in federal court before juries.

In recent years, the Republican majority has also made it easier to sue agencies and get their rules struck down, including by advancing the so-called major questions doctrine. Under that idea, courts should nullify economically significant regulations if judges decided Congress was not clear enough in authorizing them.

Advancing and entrenching that idea, the court has struck down an E.P.A. rule aimed at limiting carbon pollution from power plants , and barred the Occupational Safety and Health Administration from telling large employers they must either have their workers vaccinated against the Covid-19 virus or have them undergo frequent testing.

And in a 2020 ruling , the five Republican appointees then on the Supreme Court struck down a provision of the law Congress enacted to create the Consumer Financial Protection Bureau that had protected its head from being fired by a president without a good cause, like misconduct.

Karine Jean-Pierre, the White House press secretary, said Friday’s decision was the latest example of the Supreme Court blocking “common-sense rules that keep us safe, protect our health and environment, safeguard our financial system, and support American consumers and workers.”

The court has not always gone as far as libertarians wanted, however. Earlier this term, the court rejected a challenge to the way the Consumer Financial Protection Bureau is funded. Striking it down would have opened the door to lawsuits to nullify every regulation and enforcement action it has taken in its 13 years of existence, including ones concerning mortgages, credit cards, consumer loans and banking.

While overturning Chevron is now the capstone victory for the conservative legal movement’s assault on the administrative state, it may not be the end of the story. More extreme opponents of regulation hope the court will someday embrace a sweeping version of the so-called nondelegation doctrine.

Under that vision, the Constitution does not allow Congress to delegate any of its legislative authority to executive branch agencies. If so, all regulations should be struck down because the only way society can impose a legally binding rule on business interests is if Congress manages to specifically enact one via statute.

Read the Court’s Decision to Overrule the Chevron Doctrine

The ruling sweeps aside a legal precedent that required courts to defer to the expertise of federal administrators in carrying out laws passed by Congress.

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Deborah B. Solomon

Karine Jean-Pierre, the White House press secretary, called the Supreme Court’s ruling “another deeply troubling decision that takes our country backwards” and the latest decision by the court to side with Republican-backed special interests and block commonsense rules on health, the enviroment and worker protection.

She said in a statement that President Biden had directed his legal team to work with the Justice Department and other lawyers “to review today’s decision carefully and ensure that our administration is doing everything we can to continue to deploy the extraordinary expertise of the federal workforce to keep Americans safe and ensure communities thrive and prosper.”

Coral Davenport

The Chevron decision is the latest major blow in a yearslong coordinated strategy to weaken the authority of what conservative activists call the “administrative state.” One big step came two years ago, with the Supreme Court decision in West Virginia vs. E.P.A., sharply curtailing the agency’s authority to regulate climate-warming pollution from power plants. That ruling essentially told regulators to stay in their lane and not attempt broader interpretations of the law.

The Chevron decision advances that precedent, essentially applying it to all regulations, large and small. Together, experts say that the two rulings could mean that more government regulations are struck down or scaled back by the courts, and that government agencies could be more timid or restrained in writing new rules.

Christina Jewett

Utah geared up for a fight in anticipation of the court’s ruling.

The possibility of new limits on the regulatory power of the federal government had already spurred one state to identify regulations ripe for a challenge.

A law passed in Utah directs agriculture and environmental agencies to identify federal rules carried out in the state that might be vulnerable under a ruling that limits the Chevron precedent. The analyses are due at the start of 2025 and the law says the state attorney general will issue his own report by midyear to declare his plans for possible lawsuits.

Sean D. Reyes, the Utah attorney general, has made well known his distaste for the Chevron precedent, which gives federal agencies leeway to interpret laws that Congress left vague. In a news release, he called the standard “one of the greatest threats to individual liberty.”

“For far too long, it has been wielded by big government proponents, unaccountable federal bureaucrats, and activist courts to destroy the freedoms of hard-working Americans and rob local control from our states,” he said in a statement in August.

Mr. Reyes signed on with about two dozen other Republican attorneys general to a friend-of-the-court brief decrying the onus on small businesses, the vast costs and the volume of regulations, which they said vastly outpace the number of laws passed by Congress, though that has been on a downward trend for decades.

Utah is not entirely alone in its war room crouch, said Gary Feldon, an attorney with Hollingsworth who noted Utah’s work in a recent article anticipating the ruling.

“I don’t know that anybody is doing it quite as systemically as the state of Utah seems to be, but industry and businesses are certainly aware that we are on the edge of a major shift,” Mr. Feldon said. “And the savvy among them are making sure that they’re in position to take advantage of it now.”

In addition to cutting back on the power of executive agencies, the Supreme Court on Friday issued decisions in two other closely watched cases: upholding a city’s laws aimed at banning homeless residents from sleeping outdoors and ruling that federal prosecutors had overstepped in using an obstruction law to prosecute a Jan. 6 rioter .

Teddy Rosenbluth and Roni Caryn Rabin

The ruling is likely to stymie public health initiatives, experts said.

The Supreme Court decision overturning the so-called Chevron doctrine is likely to hamstring the federal government’s public health efforts and invite waves of litigation from parties opposed to regulations aimed at safeguarding Americans, scientific and legal experts said.

By gutting federal agencies’ power to interpret ambiguous laws and fill in gaps in statutes, forcing them instead to defer to protracted judicial or legislative processes, the ruling also could prevent regulators from acting quickly and creatively in the face of a catastrophic emergency, such as climate change or another deadly pandemic.

“We anticipate that today’s ruling will cause significant disruption to publicly funded health insurance programs, to the stability of this country’s health care and food and drug review systems, and to the health and well-being of the patients and consumers we serve,” several of the nation’s largest health organizations, including the American Public Health Association and the American Cancer Society, said in a joint statement on Friday.

Federal officials will feel a “chilling effect” that will slow regulations in areas in which they do not have explicit authority, said Dr. Reshma Ramachandran, co-director of the Yale Collaboration for Regulatory Rigor, Integrity and Transparency, an initiative that studies medical product evaluations and coverage in order to improve patient outcomes.

Instead of hiring more scientific and technological experts, federal agencies will have to arm themselves with lawyers, she predicted.

Zachary L. Baron, director of the Health Policy and the Law Initiative at the O’Neill Institute at Georgetown Law in Washington, said one result of the ruling “is likely to be an increase in litigation and an increase in uncertainty.”

“It seems like, as Justice Kagan wrote in her dissent, the court is flipping the script today, giving more authority to courts and judges and less authority to federal agencies and the expertise that they have,” Mr. Baron said.

Today’s ruling is one in a string of court decisions in recent years in which the court has given itself “more and more power over every significant policy dispute, and closing the door on agency experts that have been working on these issues for years,” he said.

Indeed, Justice Elena Kagan’s dissent offered an example of the type of detailed scientific question judges may now face in court: When does an alpha amino acid polymer qualify as a protein?

“I don’t know many judges who would feel confident resolving that issue,” she wrote. “(First question: What even is an alpha amino acid polymer?)”

The Food and Drug Administration, she added, has scores of experts who could “collaborate with each other on its finer points, and arrive at a sensible answer.”

The Chevron doctrine has its roots in public health: a 1984 Supreme Court case involving air pollution. At issue was the Environmental Protection Agency’s interpretation of an ambiguous provision in the Clean Air Act that affected companies subject to pollution controls.

The court determined that federal agencies should receive “deference” for reasonable interpretations of gaps or ambiguities in the statutes that Congress could not have anticipated when it crafted the laws.

The court gave federal agencies leeway because of their subject matter and scientific expertise, experience and political accountability.

Now that this authority has been curtailed, public health agencies simply may regulate less, a goal long sought by proponents of a smaller federal government and companies eager to pursue unfettered growth.

“If agencies know that everything they do that is not perfectly aligned with a statute will be scrutinized by the court, they will be less likely to promulgate expansive rules or swift rules,” said Selina Coleman, a health care partner at Reed Smith, a large law firm.

Other experts also predicted an explosion in litigation and uncertainty. The ruling will “signal to industry and aggressive state attorneys general to open the floodgates to more litigation to block federal regulatory efforts,” Mr. Baron said.

Moving public health decisions from federal agencies to Congress and the courts will lead to “incoherence, chaos and endless litigation,” said Paul Billings, national senior vice president of public policy at the American Lung Association.

The Supreme Court and lower courts have already chipped away at the authority of regulatory bodies to make public health decisions. Many such rulings were handed down during the coronavirus pandemic.

In November 2021, the Supreme Court upheld an injunction that barred the Centers for Disease Control and Prevention from enforcing a national moratorium on evictions from rental housing, despite fears that a wave of such displacements would exacerbate the spread of Covid-19.

In January 2022, the Supreme Court ruled that the Occupational Safety and Health Administration could not require large businesses to vaccinate their employees against Covid. In April 2022, a federal judge in Florida struck down a C.D.C. mandate that required passengers to wear masks on public buses, trains and planes.

Today’s Supreme Court decision will task Congress with spelling out exactly what agencies like the C.D.C. can and cannot do, several observers said. “Nobody has any confidence that Congress can get its act together to do that,” said Dr. Georges C. Benjamin, executive director of the American Public Health Association.

“I think the decision as written solidifies employment for lawyers and judges, and undermines the authority of experts,” he added.

Other scientists also expressed doubt that Congress or the judiciary could remain abreast of constantly evolving scientific evidence. “To keep up with that pace of change, even for a medical or scientific professional, is very challenging,” said Karen Knudsen, chief executive of the American Cancer Society.

Consumer advocates are calling the decision a travesty that could upend the rules and regulations Americans depend upon for their safety.

“It’s going to affect everything from airbags in peoples’ cars to the quality of the food they feed their families and the water they drink,” said Stephen Hall, legal director of Better Markets, which pushes for tougher regulation. “This decision threatens to return the United States to the 1910s when the government had very limited ability to protect the health, safety, and welfare of America.”

Alan Rappeport

The ruling could undermine the Treasury Department and the I.R.S.

The Supreme Court’s knockdown of Chevron deference could complicate the ability of the Treasury Department and the Internal Revenue Service to craft federal regulations that are central to President Biden’s economic agenda.

The Treasury Department is responsible for implementing major pieces of legislation such as the Inflation Reduction Act, including determining who qualifies for billions of dollars worth of tax credits. At the same time, the I.R.S. has vast leeway to administer the tax code. The agency has faced criticism recently for its decision to halt some pandemic relief tax credits to businesses because of concerns about fraud and delaying collection of new taxes on digital wallet transactions.

“Taxpayers are likely to challenge the validity of dozens of tax regulations and those challenges are much more likely to prevail,” said Robert J. Kovacev, a lawyer at the firm Miller & Chevalier who specializes in tax litigation and represents businesses engaged in disputes with the tax agency. “For years the I.R.S. has issued regulations expanding its power and restricting tax benefits that Congress intended taxpayers to receive.”

The ruling will also present new challenges as the Biden administration rolls out its alternative energy credit regulations, Mr. Kovacev said, because the I.R.S. will not be able to take for granted that courts will defer to its regulations.

The Tax Policy Center said in an analysis last fall that such a Supreme Court decision would make it harder for an agency such as the I.R.S. to write rules to address industries that are quickly evolving, such as cryptocurrencies, and that it would be more difficult to fill in the gaps for Congress when lawmakers rush to write tax legislation.

Critics of the tax agency said on Friday expressed optimism the ruling would limit its powers.

“Today’s decision will level the playing field for taxpayers and government agencies,” said Joe Bishop-Henchman, executive vice president at the National Taxpayers Union Foundation. “Unreasonable I.R.S. interpretations will no longer automatically win in court, which is as it should be, and reasonable interpretations will still have the force of law.”

Treasury Department and the I.R.S. did not immediately have a comment.

Former top Trump officials are gloating about the overturning of the Chevron doctrine. Mandy Gunasekara, who served as chief of staff at the E.P.A. during the Trump administration and has helped write Project 2025 , a policy blueprint for a next Republican administration, wrote on the social media site X, that the era of “trust the experts” had ended. She called it a “great day for our constitutional integrity and the American people.”

Chris Cameron

House Republican leadership praised the Supreme Court ending the Chevron doctrine. “House Republican committees will be conducting oversight to ensure agencies follow the Court’s ruling,” Speaker Mike Johnson wrote in a joint statement with Representatives Steve Scalise and Tom Emmer.

Elizabeth Dias

Conservative Christian activists see Chevron as major win to push their causes.

Conservative Christian activists and lawyers are celebrating the Chevron decision as a significant win for their ambitions to target medication abortion and rights for transgender people.

Anti-abortion activists see the ruling as a critical tool to fight the Food and Drug Administration, especially after the court rejected their bid to undo the F.D.A.’s approval of a medication abortion drug earlier in June. “Getting rid of Chevron is the first domino to fall,” Kristi Hamrick, a strategist for Students for Life, said in a statement.

They see the decision as a new precedent as they seek to bring a future case against the F.D.A. to the Supreme Court. Ms. Hamrick said such a case was likely to get a better reception “when the F.D.A. is no longer given the benefit of the doubt.”

The Alliance Defending Freedom, the conservative Christian legal advocacy group that argued against the F.D.A.’s approval of the abortion pill and lost, also praised the ruling.

Federal agencies “frequently disrespect Americans’ most cherished principles — including religious freedom and the sanctity of life,” said Julie Marie Blake, senior counsel at A.D.F. “Now, the court has wiped away a major roadblock that prevented Americans from holding government officials accountable.”

A.D.F. had filed an amicus brief in the case on behalf of Christian Employers Alliance, a group that defends freedoms for Christian businesses. The brief criticized a range of federal agencies, including the Department of Education and Health and Human Services, for what it said was the agencies’ efforts on “ending women’s sports” to imposing “radical gender ideology” to “forcing employers to pay for puberty blockers, cross-sex hormones and amputating healthy organs.”

Now, the brief’s argument looks like a road map for what lawyers may want to pursue with Chevron gone.

Business groups are cheering the Chevron decision. The National Federation of Independent Business, which represents small businesses, said the Supreme Court’s ruling will allow companies “to breathe a sigh of relief.”

“For 40 years, Chevron deference has allowed administrative agencies to enact regulations with little accountability,” Beth Milito, Executive Director of NFIB’s Small Business Legal Center, said in a statement. “Abandoning Chevron will hold agencies accountable and level the playing field in court cases between small businesses and administrative agencies.”

Democrats, anticipating Chevron’s demise, gave E.P.A. more power in recent climate law.

The Biden administration has been preparing for the overturn of Chevron, knowing that conservative activists have pushed cases like this, and that the majority of justices on the Supreme Court were expected to look favorably on it.

That’s why two years ago the White House worked with congressional Democrats to squeeze through legislation that could help protect the Environmental Protection Agency’s authority to craft climate change regulations, even if the Chevron doctrine was struck down.

Climate change rules could be particularly vulnerable to legal attack in a post- Chevron world. That’s because the E.P.A. wrote them under the authority of the 1970 Clean Air Act, a sweeping law that directs the agency to regulate all pollutants that endanger human health.

But the legislators of 1970 did not specify anywhere in the law that carbon dioxide emissions, the chief cause of climate change, should be regulated. It doesn’t even mention climate change.

Democrats changed that in the 2022 Inflation Reduction Act, a law chiefly focused on spending billions of dollars on clean energy technology to fight climate change. But the law amends the Clean Air Act to define the carbon dioxide produced by the burning of fossil fuels as an “air pollutant.”

That language, according to legal experts as well as the Democrats who worked it into the legislation, explicitly gives the E.P.A. the authority to regulate greenhouse gases and to use its power to push the adoption of wind, solar and other renewable energy sources.

The specificity of that legal language should protect E.P.A.’s authority to regulate carbon dioxide pollution by limiting their emission from tailpipes and smokestacks.

However, opponents of the rule — chiefly, the fossil fuel industry — are still expected to use the demise of the Chevron doctrine to attempt to weaken the specifics of those rules.

Overturning Chevron is just the latest in a series of ringing blows the Supreme Court’s Republican-appointed conservative bloc has delivered to the ability of regulatory agencies to impose rules on powerful business interests, advancing a long-standing goal of the conservative legal movement and the donors who have funded its rise . Here are some previous steps:

In recent years, the Republican majority has also made it easier to sue agencies and get their rules struck down, including by advancing the so-called major questions doctrine. Under that idea, courts should nullify economically significant regulations if judges decided Congress was not clear enough in authorizing them. Advancing and entrenching that idea, the court has struck down an E.P.A. rule aimed at limiting carbon pollution from power plants , and barred the Occupational Safety and Health Administration from telling large employers they must either have their workers vaccinated against the Covid-19 virus or have them undergo frequent testing.

Overturning the Chevron decision has been a major goal of the conservative legal movement.

After taking aim at abortion and affirmative action, the conservative legal movement set its sights on a third precedent: Chevron v. Natural Resources Defense Council .

The 1984 decision, one of the most cited in American law but largely unknown to the public, bolstered the power of executive agencies that regulate the environment, the marketplace, the work force, the airwaves and countless other aspects of modern life. Overturning it was a key goal of the right and is part of a project to demolish the “administrative state.”

The decision rejecting Chevron threatens regulations covering — just for starters — health care, consumer safety, government benefit programs and climate change.

Chevron — and bear with me here, this will hurt only for a minute — established the principle that courts must defer to agencies’ reasonable interpretations of ambiguous statutes. The theory is that agencies have more expertise than judges, are more accountable to voters and are better able to establish uniform national policies.

“Judges are not experts in the field, and are not part of either political branch of the government,” Justice John Paul Stevens wrote in 1984 for a unanimous court (though three of its justices recused for reasons of health or financial conflict). Justice Stevens later said of the opinion , which was easily his most influential, that it was “simply a restatement of existing law.”

The decision was not much noted when it was issued. “If Chevron amounted to a revolution, it seems almost everyone missed it,” Justice Neil Gorsuch, the harshest critic of the doctrine on the current court, wrote in 2022 , saying that courts had read it too broadly.

At first, conservatives believed that empowering agencies would constrain liberal judges. So the Reagan administration, which had interpreted the Clean Air Act to allow looser regulations of emissions, celebrated the decision.

Justice Stevens, rejecting a challenge from environmental groups, wrote that the Environmental Protection Agency’s reading of the statute was “a reasonable construction” that was “entitled to deference.”

The head of the E.P.A. when the regulation was issued? Anne Gorsuch, Justice Gorsuch’s mother.

Most surprisingly, given its current bad odor with the right, Chevron was at least initially championed, celebrated and elevated by Justice Antonin Scalia, a revered conservative figure who died in 2016 . “In the long run Chevron will endure and be given its full scope,” he wrote in a law review article in 1989, adding that this was so “because it more accurately reflects the reality of government.”

What, then, accounted for the decision’s place on the conservative hit list? After all, as the case itself demonstrates, it requires deference to agency interpretations under both Republican and Democratic administrations.

The answers are practical, cultural and philosophical. Business groups on the whole remain hostile to regulation. Many conservatives have come to believe that executive agencies are dominated by liberals under both parties’ administrations — the shorthand for this critique is “the deep state.” And some on the right have become hostile to the very idea of expertise.

The majority opinion by Justice Roberts notes: “Chevron’s presumption is misguided because agencies have no special competence in resolving statutory ambiguities. Courts do.” Justice Elana Kagan, in a fiery dissent, disagreed and predicted “large-scale disruption,” as judges are called upon to answer questions that expert agencies have been entrusted to handle.

Ken Bensinger

Conservative pundits, already celebrating last night’s debate, are now in a mood of downright jubilation after the Supreme Court’s rulings today rolling back the power of regulatory agencies and overturning the Justice Department’s use of an obstruction statute in the January 6 criminal cases. “Huge, huge 24 hours for Donald Trump/GOP WOW,” wrote Megyn Kelly, the right-wing podcaster and former Fox anchor.

Stacy Cowley and Emily Flitter

The ruling will embolden challenges against financial regulators.

The end of Chevron deference is a boon for banking lobbyists, who have in recent years intensified their pushback against the agencies that oversee them — especially the Consumer Financial Protection Bureau, one of the industry’s most aggressive regulators.

The consumer bureau’s interpretations “may now be subject to heightened attack and may require far more justification than formerly was the case,” said Joseph Lynyak, a partner at Dorsey & Whitney who specializes in financial regulation.

While the decision will complicate regulators’ jobs, its effects will likely seem familiar to them. Losing the Chevron deference will amplify a shift already underway in the lower courts, which have in recent years been receptive to lawsuits challenging financial regulators’ actions. The U.S. Court of Appeals for the Fifth Circuit, in particular — and the federal courts under its purview — has been a major roadblock, preventing the bureau from imposing credit card late fee limits and expanding its interpretation of anti- discrimination laws .

One recent action that may now be ripe for a challenge is the bureau’s decision that Buy Now, Pay Later lenders are credit card providers, giving buyers a right to dispute charges and demand refunds.

“Because this interpretive rule pushes the envelope past existing law into pure agency interpretation, it will be an attractive target for industry challenge,” said Erin Bryan, another partner at Dorsey & Whitney.

In addition to the C.F.P.B., trade groups representing banks have sued other federal bank regulators, including the Office of the Comptroller of the Currency and the Federal Reserve. They have challenged those regulators over a host of rules, from a sweeping anti-redlining regulation to one requiring banks to disclose detailed data about their small business loans.

Outside advocacy groups have also gotten into the habit of suing the regulators, though the bulk of their activity took place during the Trump administration, when proponents of stricter financial regulation felt that government officials were unlawfully loosening rules on banks and other firms. Their preferred appeals circuit was the Ninth; they often filed federal court cases in the Northern District of California, where they expected judges to treat their arguments favorably.

Both sides won rulings by judges who declined to defer to the regulators.

“A court can always avoid getting to the Chevron deference in the first place by saying that a statute is not ambiguous, and that’s what happens the vast majority of the time,” said Randy Benjenk, a partner at Covington & Burling who focuses on financial regulation.

“In practice it’s been rare for a judge to conclude that a statute is ambiguous and defer to an agency’s interpretation of law. Judges routinely reach their own interpretations that contradict the agencies. That’s true in courts nationwide, whether in Texas, California or anywhere else.”

The oversight of food, drugs and tobacco is expected to be a target.

The Food and Drug Administration, which oversees a vast swath of items people use every day, is expected to see an increase — perhaps an onslaught — of lawsuits following the Supreme Court’s decision on Friday.

“This is disastrous for public health. This is disastrous for the critical role of science-based regulatory agencies,” said Mitch Zeller, a former F.D.A. associate commissioner and tobacco division director. “Chevron has worked well for half a century and makes a lot of sense.”

Challenges could range from whether tainted spinach can be traced back to a farm to the very core of the F.D.A.’s decisions on whether drugs are safe and effective enough to be sold in the United States.

“F.D.A. has always been called the gold standard for product approval throughout the world,” said Perham Gorji, a partner at the law firm DLA Piper and former deputy chief counsel at the F.D.A. “Less deference to F.D.A. is going to obviously change what’s available in terms of products that are available here in the United States.”

The agency employs about 18,000 people, many of whom are doctors or have advanced degrees in biostatistics, chemistry and toxicology. Given the complexity of some scientific decisions the agency makes, attorneys who focus on the F.D.A. said initial challenges might focus on areas in which the F.D.A. exerts policy clout, including some that touch on drug pricing.

Chad Landmon, an attorney with Axinn who leads the F.D.A. practice group, predicted that early lawsuits could stem from a mix of problems companies face.

“I think companies are going to be much more aggressive and generally are going to be looking for opportunities to challenge the F.D.A.,” Mr. Landmon said.

Others expect a broad onslaught from tobacco companies regulated by the agency. “I would expect the tobacco industry to target every aspect of the F.D.A.’s regulatory infrastructure,” said Desmond Jensen of the Public Health Law Center. The agency decides which e-cigarettes are authorized for sale and can reject new cigarettes that could attract new smokers.

Limits on Chevron are widely thought to favor industry, but the reality could be more complex if advocacy groups gear up, said Nick Shipley, a former lobbyist for BIO and PhRMA and the founder of Cronus Consulting. He cited the group that challenged the F.D.A.’s approval of abortion medications .

“Industry,” he said, “could be caught in the crossfire.”

While the Chevron decision could imperil the standing of hundreds of recent and future regulations, Chief Justice Roberts was careful to write in his opinion that the decision is not retroactive.

Justice Roberts wrote that it does “not call into question prior cases that relied on the Chevron framework. The holdings of those cases that specific agency actions are lawful — including the Clean Air Act holding of Chevron itself — are still subject to statutory stare decisis despite our change in interpretive methodology.”

Coral Davenport ,  Christina Jewett ,  Alan Rappeport ,  Margot Sanger-Katz ,  Noam Scheiber and Noah Weiland

Here’s what the Chevron ruling could mean in everyday terms.

The Supreme Court’s decision on Friday to limit the broad regulatory authority of federal agencies could lead to the elimination or weakening of thousands of rules on the environment, health care, worker protection, food and drug safety, telecommunications, the financial sector and more.

The decision is a major victory in a decades-long campaign by conservative activists to shrink the power of the federal government, limiting the reach and authority of what those activists call “the administrative state.”

The court’s opinion could make it easier for opponents of federal regulations to challenge them in court, prompting a rush of new litigation, while also injecting uncertainty into businesses and industries.

“If Americans are worried about their drinking water, their health, their retirement account, discrimination on the job, if they fly on a plane, drive a car, if they go outside and breathe the air — all of these day-to-day activities are run through a massive universe of federal agency regulations,” said Lisa Heinzerling, an expert in administrative law at Georgetown University. “And this decision now means that more of those regulations could be struck down by the courts.”

The decision effectively ends a legal precedent known as “Chevron deference,” after a 1984 Supreme Court ruling. That decision held that when Congress passes a law that lacks specificity, courts must give wide leeway to decisions made by the federal agencies charged with implementing that law. The theory was that scientists, economists and other specialists at the agencies have more expertise than judges in determining regulations and that the executive branch is also more accountable to voters.

Since then, thousands of legal decisions have relied on the Chevron doctrine when challenges have been made to regulations stemming from laws like the 1938 Fair Labor Standards Act, the 1970 Clean Air Act , the 2010 Affordable Care Act and others.

In writing laws, Congress has frequently used open-ended directives, such as “ensuring the rule is in the public interest,” leaving it to agency experts to write rules to limit toxic smog, ensure that health plans cover basic medical services, ensure the safety of drugs and cosmetics and protect consumers from risky corporate financial behavior.

But that gave too much power to unelected government officials, according to conservatives, who ran a coordinated, multiyear campaign to end the Chevron doctrine. They believe the courts, not administrative agencies, should have the power to interpret statutes. The effort was led by Republican attorneys general, conservative legal activists and their funders, several with ties to large corporations, and supporters of former President Donald J. Trump.

“Overturning Chevron was a shared goal of the conservative movement and the Trump administration. It was expressed constantly,” said Mandy Gunasekara, who served as chief of staff at the E.P.A. under President Trump and has helped write Project 2025 , a policy blueprint for a next Republican administration. “It creates a massive opportunity for these regulations to be challenged. And it could galvanize additional momentum toward reining in the administrative state writ large if the administration changes in November.”

Still, Jonathan Berry, who served as a senior Labor Department official under Mr. Trump, noted that overturning the Chevron doctrine itself “doesn’t immediately blow anything up.”

Rather, Mr. Berry said, the fate of the regulations will be determined by what happens when they start moving through the courts without the protection of Chevron. “The mystery is exactly how much of this stuff goes down,” Mr. Berry said.

Here is a look at how the decision might affect various government agencies.

The Environmental Protection Agency

Environmentalists fear that the end of the Chevron doctrine will mean the elimination of hundreds of E.P.A. rules aimed at limiting air and water pollution, protecting people from toxic chemicals and, especially, tackling climate change.

Over the past six months, the Biden administration has issued the most ambitious rules in the country’s history aimed at cutting climate-warming pollution from cars , trucks , power plants and oil and gas wells . Without those rules, it would very likely be impossible for President Biden to achieve his goal of cutting greenhouse gas emissions in half by the end of the decade, which analysts say all major economies must do to avoid the most deadly and catastrophic impacts of global warming.

All of the Biden climate rules have already been the target of lawsuits that are winding their way through the courts.

Legal experts say that the reversal of Chevron will not remove E.P.A.’s foundational legal obligation to regulate climate-warming pollution: that was explicitly detailed in a 2007 Supreme Court decision and in 2022 legislation passed by Democrats in anticipation of challenges to that authority.

But the specific regulations — such those designed to cut car and truck pollution by accelerating the transition to electric vehicles, or to slash power plant pollution with the use of costly carbon capture and sequestration technology — could now be more legally vulnerable.

The result would quite likely be that stringent climate rules designed to sharply reduce emissions could be replaced by much looser rules that cut far less pollution. Experts say that could also be the fate of existing rules on smog, clean water and hazardous chemicals.

Labor Agencies

The elimination of the Chevron deference could affect workers in a variety of ways, making it harder for the government to enact workplace safety regulations and enforce minimum wage and overtime rules.

One recent example was in April, when the Biden administration raised the salary level below which salaried workers automatically become eligible for time-and-a-half overtime pay, to nearly $59,000 per year from about $35,000, beginning on Jan. 1. Business groups have challenged the Labor Department’s authority to set a so-called salary threshold and such challenges will have far better odds of success without the Chevron precedent, experts said.

The shift could also rein in protections for workers who publicly challenge the policies of their employers, according to Charlotte Garden, a professor of labor law at the University of Minnesota. The National Labor Relations Board often concludes that a single worker has the right to protest low pay or harassment or attendance policies without being disciplined or fired. But the relevant law refers to “concerted activities,” meaning the protection may now apply only to groups of employees who stage such protests, not individuals, Professor Garden said.

Food and Drug Administration

The Food and Drug Administration flexes significant power when it sets the standards for how new drugs must be studied and whether they are safe and effective before they are approved for use. Attorneys who worked at the agency said that companies chafing at that high bar for approvals might now challenge those regulations. Others said legal challenges could ultimately affect drug prices.

Challenges are also expected in the agency’s tobacco division, which authorizes the sale of new cigarettes and e-cigarettes with the intent to protect public health. “I would expect the industry to attack the F.D.A.’s authority to do premarket review at all,” said Desmond Jenson, deputy director of the commercial tobacco control program at the Public Health Law Center.

Others noted the Chevron decision could have a chilling effect, compelling the F.D.A. to proceed quite carefully, given the potential for litigation, if it moves forward with proposals to ban menthol cigarettes or make them less addictive by slashing nicotine levels.

Abortion opponents say the ruling could work in their favor as they seek to bring another case against the Food and Drug Administration’s approval of an abortion medication to the Supreme Court, which rejected their effort to undo the agency’s approval of the drug this month.

Kristi Hamrick, a strategist for Students for Life of America, an anti-abortion organization, said in a statement that such a case was likely to get a better reception “when the F.D.A. is no longer given the benefit of the doubt.”

Health Care

The court’s ruling could affect how Medicare, Medicaid and Affordable Care Act insurance plans are administered, health law experts said, as opponents gain an opportunity to challenge how these huge programs operate.

The health care system is governed by elaborate regulations covering how hospitals operate, what providers are paid for medical services and how insurance companies are monitored by the government. Much of that regulation is grounded in interpretation of laws that date back decades. Major industries could be affected if rules are changed.

“There’s an awful lot of regulation that flies under the radar that’s just about making sure the trains run on time,” said Nicholas Bagley, a law professor at the University of Michigan.

Rachel Sachs, a health law expert at the Washington University School of Law in St. Louis, said that the complex set of rules devised and governed by the Department of Health and Human Services and the Centers for Medicare and Medicaid Services could be challenged in new ways.

“There’s a lot of work to do in that process,” she said. “And therefore there are a lot of opportunities for challengers to pick at specific choices that C.M.S. and H.H.S. are making in the interpretation of these rules.”

The Supreme Court decision will require Congress to specify exactly what agencies like the C.D.C. can and cannot do, several analysts said. “Nobody has any confidence that Congress can get its act together to do that,” said Dr. Georges C. Benjamin, executive director of the American Public Health Association.

The Biden administration has written health regulations anticipating a world without the Chevron deference, said Abbe R. Gluck, a health law expert at Yale Law School who served in the White House at the beginning of Mr. Biden’s term. For that reason, she thinks litigation over the most recent rules may be less influenced by this change than challenges concerning some older regulations.

“The Supreme Court has not relied on Chevron in quite a few years,” she said. “So the federal government, including H.H.S., has become accustomed to drafting regulations and making its interpretation arguments as if Chevron did not exist.”

“They’ve already adjusted,” Ms. Gluck said.

Treasury and the Internal Revenue Service

The Treasury Department and the Internal Revenue Service both have broad mandates to interpret legislation when they write rules and regulations and enforce the tax code.

Since the Inflation Reduction Act passed in 2022, the Treasury Department has been racing to roll out regulations related to billions of dollars of clean energy tax credits that provide huge incentives for things such as the manufacturing of batteries or the purchase of electric vehicles. The Treasury Department has received pushback from some lawmakers who contend that it has not followed the intent of the law.

Although Congress creates the tax code through legislation, the I.R.S. has wide latitude in how the tax laws are administered. Accounting experts have suggested that the court’s ruling could complicate the agency’s ability to administer the tax code without specific direction from Congress.

A recent example is how the agency last year delayed enforcement of a contentious tax policy that would require users of digital wallets and e-commerce platforms to report small transactions. The new provision was introduced in the tax code in 2021 but was strongly opposed by lobbyists and small businesses.

The I.R.S. received criticism from some lawmakers for delaying the policy, but the agency defended its decision by arguing that taxpayers needed a longer transition period before the measure should be enforced to avoid a chaotic tax season.

Elizabeth Dias , Teddy Rosenbluth and Roni Rabin contributed reporting.

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MBA Case Studies - Solved Examples

Need of MBA Case Studies

Case i: chemco case.

• ChemCo is a quality leader in the U.K. car batteries market.
• Customer battery purchases in the automobile market are highly seasonal.
• The fork-lift business was added to utilize idle capacity during periods of inactivity.
• This is a low-growth industry (1% annual growth over the last two years)
• Large customers are sophisticated and buy based on price and quality. Smaller customers buy solely on price.
• There is a Spanish competitor in the market who offers low priced batteries of inferior quality.

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• High quality product, but low end customers care more about price than quality
• Mismanaged product diversification in a price sensitive market
• Alternative 1: Establish an Off-Brand for the fork-lift business
• Alternative 2: Educate the customer market about product quality
• Alternative 3: Exit the fork-lift battery business
• Establishing the firm's quality image
• Increase in market share
• Increase in sales
• Cost of the product
• Protect firm's quality image in the automobile industry
• Redesigned product to reduce the cost of manufacture
• Low price to enable it to compete with Spanish producer
• Make use of the quality leadership in car batteries market
• Offer reliability testing, extended warranties etc. to promote quality image
• Set higher prices to extract surplus from these advantages
• A passive strategy, not proactive
• Recommendations: Alternative 1 is recommended in this case. Since the firm operates in an industry which has low growth, hence it can expand market share and sales only by taking the customers from other players. Hence, it needs to tackle the Spanish competitor head-on by aggressively pricing its product. At the same time, launching a low-priced product under the same brand name erodes the high quality image in the car batteries market. Hence, the best option is to go for an off-brand to target the fork-lift customers who are increasingly becoming price sensitive. This will enable the company to ward off the threat in short-term and build its position strongly in the long-term.

Case II: NAKAMURA LACQUER COMPANY

• The Nakamura Lacquer Company: The Nakamura Lacquer Company based in Kyoto, Japan was one of the many small handicraft shops making lacquerware for the daily table use of the Japanese people.
• Mr. Nakamura- the personality: In 1948, a young Mr. Nakamura took over his family business. He saw an opportunity to cater to a new market of America, i.e. GI's of the Occupation Army who had begun to buy lacquer ware as souvenirs. However, he realized that the traditional handicraft methods were inadequate. He was an innovator and introduced simple methods of processing and inspection using machines. Four years later, when the Occupation Army left in 1952, Nakamura employed several thousand men, and produced 500,000 pieces of lacquers tableware each year for the Japanese mass consumer market. The profit from operations was $250,000.
• The Brand: Nakamura named his brand “Chrysanthemum” after the national flower of Japan, which showed his patriotic fervor. The brand became Japan's best known and best selling brand, being synonymous with good quality, middle class and dependability.
• The Market: The market for lacquerware in Japan seems to have matured, with the production steady at 500,000 pieces a year. Nakamura did practically no business outside of Japan. However, early in 1960, when the American interest in Japanese products began to grow, Nakamura received two offers
• The Rose and Crown offer: The first offer was from Mr. Phil Rose, V.P Marketing at the National China Company. They were the largest manufacturer of good quality dinnerware in the U.S., with their “Rose and Crown” brand accounting for almost 30% of total sales. They were willing to give a firm order for three eyes for annual purchases of 400,000 sets of lacquer dinnerware, delivered in Japan and at 5% more than what the Japanese jobbers paid. However, Nakamura would have to forego the Chrysanthemum trademark to “Rose and Crown” and also undertaken to sell lacquer ware to anyone else the U.S. The offer promised returns of $720,000 over three years (with net returns of $83,000), but with little potential for the U.S. market on the Chrysanthemum brand beyond that period.
• The Semmelback offer: The second offer was from Mr. Walter Sammelback of Sammelback, Sammelback and Whittacker, Chicago, the largest supplier of hotel and restaurant supplies in the U.S. They perceived a U.S. market of 600,000 sets a year, expecting it to go up to 2 million in around 5 years. Since the Japanese government did not allow overseas investment, Sammelback was willing to budget $1.5 million. Although the offer implied negative returns of $467,000 over the first five years, the offer had the potential to give a $1 million profit if sales picked up as anticipated.
• Meeting the order: To meet the numbers requirement of the orders, Nakamura would either have to expand capacity or cut down on the domestic market. If he chose to expand capacity, the danger was of idle capacity in case the U.S. market did not respond. If he cut down on the domestic market, the danger was of losing out on a well-established market. Nakamura could also source part of the supply from other vendors. However, this option would not find favor with either of the American buyers since they had approached only Nakamura, realizing that he was the best person to meet the order.
• Decision problem: Whether to accept any of the two offers and if yes, which one of the two and under what terms of conditions?
• To expand into the U.S. market.
• To maintain and build upon their reputation of the “Chrysanthemum” brand
• To increase profit volumes by tapping the U.S. market and as a result, increasing scale of operations.
• To increase its share in the U.S. lacquerware market.
• Profit Maximization criterion: The most important criterion in the long run is profit maximization.
• Risk criterion: Since the demand in the U.S. market is not as much as in Japan.
• Brand identity criterion: Nakamura has painstakingly built up a brand name in Japan. It is desirable for him to compete in the U.S. market under the same brand name
• Flexibility criterion: The chosen option should offer Nakamura flexibility in maneuvering the terms and conditions to his advantage. Additionally, Nakamura should have bargaining power at the time of renewal of the contract.
• Short term returns: Nakamura should receive some returns on the investment he makes on the new offers. However, this criterion may be compromised in favor of profit maximization in the long run.?
• Reject both: React both the offers and concentrate on the domestic market
• Accept RC offer: Accept the Rose and Crown offer and supply the offer by cutting down on supplies to the domestic market or through capacity expansion or both
• Accept SSW: offer; accept the SSW offer and meet it through cutting down on supply to the domestic market or through capacity expansion or both. Negotiate term of supply.
• Reject both: This option would not meet the primary criterion of profit maximization. Further, the objective of growth would also not be met. Hence, this option is rejected.
• Accept RC offer: The RC offer would assure net returns of $283,000 over the next three yeas. It also assures regular returns of $240,000 per year. However, Nakamura would have no presence in the U.S. with its Chrysanthemum brand name The RC offer would entail capacity expansion, as it would not be possible to siphon of 275,000 pieces from the domestic market over three years without adversely affecting operations there. At the end of three years, Nakamura would have little bargaining power with RC as it would have an excess capacity of 275,000 pieces and excess labor which it would want to utilize. In this sense the offer is risky. Further, the offer is not flexible. Long-term profit maximization is uncertain in this case a condition that can be controlled in the SSW offer. Hence, this offer is rejected.
• Accept SSW offer: The SSW offer does not assure a firm order or any returns for the period of contract. Although, in its present form the offer is risky if the market in the U.S. does not pick up as expected, the offer is flexible. If Nakamura were to exhibit caution initially by supplying only 300,000 instead of the anticipated 600,000 pieces, it could siphon off the 175,000 required from the domestic market. If demand exists in the U.S., the capacity can be expanded. With this offer, risk is minimized. Further, it would be competing on its own brand name. Distribution would be taken care of and long-term profit maximization criterion would be satisfied as this option has the potential of $1 million in profits per year. At the time of renewal of the contract, Nakamura would have immense bargaining power.
• Negotiate terms of offer with SSW: The terms would be that NLC would supply 300,000 pieces in the first year. If market demand exists, NLC should expand capacity to provide the expected demand.
• Action Plan: In the first phase, NLC would supply SSW with 300,000 pieces. 125,000 of these would be obtained by utilizing excess capacity, while the remaining would be obtained from the domestic market. If the expected demand for lacquer ware exists in the U.S., NLC would expand capacity to meet the expected demand. The debt incurred would be paid off by the fifth year.
• Contingency Plan:  In case the demand is not as expected in the first year, NLC should not service the U.S. market and instead concentrate on increasing penetration in the domestic market.

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Human Subjects Office

Medical terms in lay language.

Please use these descriptions in place of medical jargon in consent documents, recruitment materials and other study documents. Note: These terms are not the only acceptable plain language alternatives for these vocabulary words.

This glossary of terms is derived from a list copyrighted by the University of Kentucky, Office of Research Integrity (1990).

For clinical research-specific definitions, see also the Clinical Research Glossary developed by the Multi-Regional Clinical Trials (MRCT) Center of Brigham and Women’s Hospital and Harvard  and the Clinical Data Interchange Standards Consortium (CDISC) .

Alternative Lay Language for Medical Terms for use in Informed Consent Documents

A   B   C   D   E   F   G   H   I  J  K   L   M   N   O   P   Q   R   S   T   U   V   W  X  Y  Z

ABDOMEN/ABDOMINAL body cavity below diaphragm that contains stomach, intestines, liver and other organs ABSORB take up fluids, take in ACIDOSIS condition when blood contains more acid than normal ACUITY clearness, keenness, esp. of vision and airways ACUTE new, recent, sudden, urgent ADENOPATHY swollen lymph nodes (glands) ADJUVANT helpful, assisting, aiding, supportive ADJUVANT TREATMENT added treatment (usually to a standard treatment) ANTIBIOTIC drug that kills bacteria and other germs ANTIMICROBIAL drug that kills bacteria and other germs ANTIRETROVIRAL drug that works against the growth of certain viruses ADVERSE EFFECT side effect, bad reaction, unwanted response ALLERGIC REACTION rash, hives, swelling, trouble breathing AMBULATE/AMBULATION/AMBULATORY walk, able to walk ANAPHYLAXIS serious, potentially life-threatening allergic reaction ANEMIA decreased red blood cells; low red cell blood count ANESTHETIC a drug or agent used to decrease the feeling of pain, or eliminate the feeling of pain by putting you to sleep ANGINA pain resulting from not enough blood flowing to the heart ANGINA PECTORIS pain resulting from not enough blood flowing to the heart ANOREXIA disorder in which person will not eat; lack of appetite ANTECUBITAL related to the inner side of the forearm ANTIBODY protein made in the body in response to foreign substance ANTICONVULSANT drug used to prevent seizures ANTILIPEMIC a drug that lowers fat levels in the blood ANTITUSSIVE a drug used to relieve coughing ARRHYTHMIA abnormal heartbeat; any change from the normal heartbeat ASPIRATION fluid entering the lungs, such as after vomiting ASSAY lab test ASSESS to learn about, measure, evaluate, look at ASTHMA lung disease associated with tightening of air passages, making breathing difficult ASYMPTOMATIC without symptoms AXILLA armpit

BENIGN not malignant, without serious consequences BID twice a day BINDING/BOUND carried by, to make stick together, transported BIOAVAILABILITY the extent to which a drug or other substance becomes available to the body BLOOD PROFILE series of blood tests BOLUS a large amount given all at once BONE MASS the amount of calcium and other minerals in a given amount of bone BRADYARRHYTHMIAS slow, irregular heartbeats BRADYCARDIA slow heartbeat BRONCHOSPASM breathing distress caused by narrowing of the airways

CARCINOGENIC cancer-causing CARCINOMA type of cancer CARDIAC related to the heart CARDIOVERSION return to normal heartbeat by electric shock CATHETER a tube for withdrawing or giving fluids CATHETER a tube placed near the spinal cord and used for anesthesia (indwelling epidural) during surgery CENTRAL NERVOUS SYSTEM (CNS) brain and spinal cord CEREBRAL TRAUMA damage to the brain CESSATION stopping CHD coronary heart disease CHEMOTHERAPY treatment of disease, usually cancer, by chemical agents CHRONIC continuing for a long time, ongoing CLINICAL pertaining to medical care CLINICAL TRIAL an experiment involving human subjects COMA unconscious state COMPLETE RESPONSE total disappearance of disease CONGENITAL present before birth CONJUNCTIVITIS redness and irritation of the thin membrane that covers the eye CONSOLIDATION PHASE treatment phase intended to make a remission permanent (follows induction phase) CONTROLLED TRIAL research study in which the experimental treatment or procedure is compared to a standard (control) treatment or procedure COOPERATIVE GROUP association of multiple institutions to perform clinical trials CORONARY related to the blood vessels that supply the heart, or to the heart itself CT SCAN (CAT) computerized series of x-rays (computerized tomography) CULTURE test for infection, or for organisms that could cause infection CUMULATIVE added together from the beginning CUTANEOUS relating to the skin CVA stroke (cerebrovascular accident)

DERMATOLOGIC pertaining to the skin DIASTOLIC lower number in a blood pressure reading DISTAL toward the end, away from the center of the body DIURETIC "water pill" or drug that causes increase in urination DOPPLER device using sound waves to diagnose or test DOUBLE BLIND study in which neither investigators nor subjects know what drug or treatment the subject is receiving DYSFUNCTION state of improper function DYSPLASIA abnormal cells

ECHOCARDIOGRAM sound wave test of the heart EDEMA excess fluid collecting in tissue EEG electric brain wave tracing (electroencephalogram) EFFICACY effectiveness ELECTROCARDIOGRAM electrical tracing of the heartbeat (ECG or EKG) ELECTROLYTE IMBALANCE an imbalance of minerals in the blood EMESIS vomiting EMPIRIC based on experience ENDOSCOPIC EXAMINATION viewing an  internal part of the body with a lighted tube  ENTERAL by way of the intestines EPIDURAL outside the spinal cord ERADICATE get rid of (such as disease) Page 2 of 7 EVALUATED, ASSESSED examined for a medical condition EXPEDITED REVIEW rapid review of a protocol by the IRB Chair without full committee approval, permitted with certain low-risk research studies EXTERNAL outside the body EXTRAVASATE to leak outside of a planned area, such as out of a blood vessel

FDA U.S. Food and Drug Administration, the branch of federal government that approves new drugs FIBROUS having many fibers, such as scar tissue FIBRILLATION irregular beat of the heart or other muscle

GENERAL ANESTHESIA pain prevention by giving drugs to cause loss of consciousness, as during surgery GESTATIONAL pertaining to pregnancy

HEMATOCRIT amount of red blood cells in the blood HEMATOMA a bruise, a black and blue mark HEMODYNAMIC MEASURING blood flow HEMOLYSIS breakdown in red blood cells HEPARIN LOCK needle placed in the arm with blood thinner to keep the blood from clotting HEPATOMA cancer or tumor of the liver HERITABLE DISEASE can be transmitted to one’s offspring, resulting in damage to future children HISTOPATHOLOGIC pertaining to the disease status of body tissues or cells HOLTER MONITOR a portable machine for recording heart beats HYPERCALCEMIA high blood calcium level HYPERKALEMIA high blood potassium level HYPERNATREMIA high blood sodium level HYPERTENSION high blood pressure HYPOCALCEMIA low blood calcium level HYPOKALEMIA low blood potassium level HYPONATREMIA low blood sodium level HYPOTENSION low blood pressure HYPOXEMIA a decrease of oxygen in the blood HYPOXIA a decrease of oxygen reaching body tissues HYSTERECTOMY surgical removal of the uterus, ovaries (female sex glands), or both uterus and ovaries

IATROGENIC caused by a physician or by treatment IDE investigational device exemption, the license to test an unapproved new medical device IDIOPATHIC of unknown cause IMMUNITY defense against, protection from IMMUNOGLOBIN a protein that makes antibodies IMMUNOSUPPRESSIVE drug which works against the body's immune (protective) response, often used in transplantation and diseases caused by immune system malfunction IMMUNOTHERAPY giving of drugs to help the body's immune (protective) system; usually used to destroy cancer cells IMPAIRED FUNCTION abnormal function IMPLANTED placed in the body IND investigational new drug, the license to test an unapproved new drug INDUCTION PHASE beginning phase or stage of a treatment INDURATION hardening INDWELLING remaining in a given location, such as a catheter INFARCT death of tissue due to lack of blood supply INFECTIOUS DISEASE transmitted from one person to the next INFLAMMATION swelling that is generally painful, red, and warm INFUSION slow injection of a substance into the body, usually into the blood by means of a catheter INGESTION eating; taking by mouth INTERFERON drug which acts against viruses; antiviral agent INTERMITTENT occurring (regularly or irregularly) between two time points; repeatedly stopping, then starting again INTERNAL within the body INTERIOR inside of the body INTRAMUSCULAR into the muscle; within the muscle INTRAPERITONEAL into the abdominal cavity INTRATHECAL into the spinal fluid INTRAVENOUS (IV) through the vein INTRAVESICAL in the bladder INTUBATE the placement of a tube into the airway INVASIVE PROCEDURE puncturing, opening, or cutting the skin INVESTIGATIONAL NEW DRUG (IND) a new drug that has not been approved by the FDA INVESTIGATIONAL METHOD a treatment method which has not been proven to be beneficial or has not been accepted as standard care ISCHEMIA decreased oxygen in a tissue (usually because of decreased blood flow)

LAPAROTOMY surgical procedure in which an incision is made in the abdominal wall to enable a doctor to look at the organs inside LESION wound or injury; a diseased patch of skin LETHARGY sleepiness, tiredness LEUKOPENIA low white blood cell count LIPID fat LIPID CONTENT fat content in the blood LIPID PROFILE (PANEL) fat and cholesterol levels in the blood LOCAL ANESTHESIA creation of insensitivity to pain in a small, local area of the body, usually by injection of numbing drugs LOCALIZED restricted to one area, limited to one area LUMEN the cavity of an organ or tube (e.g., blood vessel) LYMPHANGIOGRAPHY an x-ray of the lymph nodes or tissues after injecting dye into lymph vessels (e.g., in feet) LYMPHOCYTE a type of white blood cell important in immunity (protection) against infection LYMPHOMA a cancer of the lymph nodes (or tissues)

MALAISE a vague feeling of bodily discomfort, feeling badly MALFUNCTION condition in which something is not functioning properly MALIGNANCY cancer or other progressively enlarging and spreading tumor, usually fatal if not successfully treated MEDULLABLASTOMA a type of brain tumor MEGALOBLASTOSIS change in red blood cells METABOLIZE process of breaking down substances in the cells to obtain energy METASTASIS spread of cancer cells from one part of the body to another METRONIDAZOLE drug used to treat infections caused by parasites (invading organisms that take up living in the body) or other causes of anaerobic infection (not requiring oxygen to survive) MI myocardial infarction, heart attack MINIMAL slight MINIMIZE reduce as much as possible Page 4 of 7 MONITOR check on; keep track of; watch carefully MOBILITY ease of movement MORBIDITY undesired result or complication MORTALITY death MOTILITY the ability to move MRI magnetic resonance imaging, diagnostic pictures of the inside of the body, created using magnetic rather than x-ray energy MUCOSA, MUCOUS MEMBRANE moist lining of digestive, respiratory, reproductive, and urinary tracts MYALGIA muscle aches MYOCARDIAL pertaining to the heart muscle MYOCARDIAL INFARCTION heart attack

NASOGASTRIC TUBE placed in the nose, reaching to the stomach NCI the National Cancer Institute NECROSIS death of tissue NEOPLASIA/NEOPLASM tumor, may be benign or malignant NEUROBLASTOMA a cancer of nerve tissue NEUROLOGICAL pertaining to the nervous system NEUTROPENIA decrease in the main part of the white blood cells NIH the National Institutes of Health NONINVASIVE not breaking, cutting, or entering the skin NOSOCOMIAL acquired in the hospital

OCCLUSION closing; blockage; obstruction ONCOLOGY the study of tumors or cancer OPHTHALMIC pertaining to the eye OPTIMAL best, most favorable or desirable ORAL ADMINISTRATION by mouth ORTHOPEDIC pertaining to the bones OSTEOPETROSIS rare bone disorder characterized by dense bone OSTEOPOROSIS softening of the bones OVARIES female sex glands

PARENTERAL given by injection PATENCY condition of being open PATHOGENESIS development of a disease or unhealthy condition PERCUTANEOUS through the skin PERIPHERAL not central PER OS (PO) by mouth PHARMACOKINETICS the study of the way the body absorbs, distributes, and gets rid of a drug PHASE I first phase of study of a new drug in humans to determine action, safety, and proper dosing PHASE II second phase of study of a new drug in humans, intended to gather information about safety and effectiveness of the drug for certain uses PHASE III large-scale studies to confirm and expand information on safety and effectiveness of new drug for certain uses, and to study common side effects PHASE IV studies done after the drug is approved by the FDA, especially to compare it to standard care or to try it for new uses PHLEBITIS irritation or inflammation of the vein PLACEBO an inactive substance; a pill/liquid that contains no medicine PLACEBO EFFECT improvement seen with giving subjects a placebo, though it contains no active drug/treatment PLATELETS small particles in the blood that help with clotting POTENTIAL possible POTENTIATE increase or multiply the effect of a drug or toxin (poison) by giving another drug or toxin at the same time (sometimes an unintentional result) POTENTIATOR an agent that helps another agent work better PRENATAL before birth PROPHYLAXIS a drug given to prevent disease or infection PER OS (PO) by mouth PRN as needed PROGNOSIS outlook, probable outcomes PRONE lying on the stomach PROSPECTIVE STUDY following patients forward in time PROSTHESIS artificial part, most often limbs, such as arms or legs PROTOCOL plan of study PROXIMAL closer to the center of the body, away from the end PULMONARY pertaining to the lungs

QD every day; daily QID four times a day

RADIATION THERAPY x-ray or cobalt treatment RANDOM by chance (like the flip of a coin) RANDOMIZATION chance selection RBC red blood cell RECOMBINANT formation of new combinations of genes RECONSTITUTION putting back together the original parts or elements RECUR happen again REFRACTORY not responding to treatment REGENERATION re-growth of a structure or of lost tissue REGIMEN pattern of giving treatment RELAPSE the return of a disease REMISSION disappearance of evidence of cancer or other disease RENAL pertaining to the kidneys REPLICABLE possible to duplicate RESECT remove or cut out surgically RETROSPECTIVE STUDY looking back over past experience

SARCOMA a type of cancer SEDATIVE a drug to calm or make less anxious SEMINOMA a type of testicular cancer (found in the male sex glands) SEQUENTIALLY in a row, in order SOMNOLENCE sleepiness SPIROMETER an instrument to measure the amount of air taken into and exhaled from the lungs STAGING an evaluation of the extent of the disease STANDARD OF CARE a treatment plan that the majority of the medical community would accept as appropriate STENOSIS narrowing of a duct, tube, or one of the blood vessels in the heart STOMATITIS mouth sores, inflammation of the mouth STRATIFY arrange in groups for analysis of results (e.g., stratify by age, sex, etc.) STUPOR stunned state in which it is difficult to get a response or the attention of the subject SUBCLAVIAN under the collarbone SUBCUTANEOUS under the skin SUPINE lying on the back SUPPORTIVE CARE general medical care aimed at symptoms, not intended to improve or cure underlying disease SYMPTOMATIC having symptoms SYNDROME a condition characterized by a set of symptoms SYSTOLIC top number in blood pressure; pressure during active contraction of the heart

TERATOGENIC capable of causing malformations in a fetus (developing baby still inside the mother’s body) TESTES/TESTICLES male sex glands THROMBOSIS clotting THROMBUS blood clot TID three times a day TITRATION a method for deciding on the strength of a drug or solution; gradually increasing the dose T-LYMPHOCYTES type of white blood cells TOPICAL on the surface TOPICAL ANESTHETIC applied to a certain area of the skin and reducing pain only in the area to which applied TOXICITY side effects or undesirable effects of a drug or treatment TRANSDERMAL through the skin TRANSIENTLY temporarily TRAUMA injury; wound TREADMILL walking machine used to test heart function

UPTAKE absorbing and taking in of a substance by living tissue

VALVULOPLASTY plastic repair of a valve, especially a heart valve VARICES enlarged veins VASOSPASM narrowing of the blood vessels VECTOR a carrier that can transmit disease-causing microorganisms (germs and viruses) VENIPUNCTURE needle stick, blood draw, entering the skin with a needle VERTICAL TRANSMISSION spread of disease

WBC white blood cell

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Banking on test automation

• Call for Change
• When Tech Meets Human Ingenuity
• A Valuable Difference

Call for change

It’s all about speed and quality

For today’s enterprises, software applications are both a crucial part of running the business and a key source of competitive advantage. As such, quality development—at speed and scale—is essential.

As these applications keep increasing in importance, enterprises must rethink how they build and test them, moving away from reactive issue-based testing toward embedding quality engineering throughout the whole development cycle.

At one global bank, this need to reimagine application testing led to a quality engineering transformation. Despite investing heavily in Agile development, the bank found it was still hindered by a manually intensive testing regime. That was not only creating redundancies, but also impeding its speed to market.

The bank recognized change was needed. The goal? To deliver better software faster and more cost-effectively. The plan? To consolidate two separate testing organizations and reimagine end-to-end application testing with greater automation—in conjunction with Accenture.

When tech meets human ingenuity

From deep analysis to holistic redesign

We began by working with the bank on a holistic analysis of its testing organization, across the entire application portfolio.

Leveraging our High-Performance Banking Platform, we designed a new unified testing model. And thanks to the iterative optimization capabilities of the Accenture Touchless Testing Platform, we helped the bank weed out redundant test cases. That meant we could maximize testing coverage while reducing effort and cost.

Next, as part of the bank’s pivot to a Quality Engineering organization, we created a transformation roadmap to automate every aspect of the end-to-end testing lifecycle. This involved redesigning the current testing solution, moving away from a use-case design approach and toward a business-process-driven application model.

Talent, transformed

Our work also involved equipping testers with a “low-code” automation capability. Thanks to new visual application models built on Broadcom’s Agile Requirement Designer (ARD), we eliminated the need to create tests manually.

On top of this, we provided the testing team with CI-/CD- enabled, unattended, and parallel execution capabilities by integrating with the bank’s Jenkins-based platform and standing up an on-premise Selenium grid to support the execution infrastructure. This was supplemented by a Function Feature Library to help with requirements traceability, effort sizing and risk assessment.

One of the most important aspects of our work on this testing transformation has been a rigorous focus on upskilling the testing team with future-ready capabilities. That includes skills in the latest automation tools, languages such as Gherkin, and the underlying custom automation framework—as well as CI/CD integration, parallel execution via a grid-based environment and DevOps.

A valuable difference

Faster testing, faster speed to market

The success of our testing transformation hinged on improving three critical factors: speed to market, extent of automation, and application quality.

So how did we do?

Our unified testing model helped cut the testing cycle by almost two-thirds—from 12 weeks to just 4.5. Combined with significant reductions in regression test execution times, this has shortened the bank’s overall time to market by more than 60 percent. Now, it can launch new products and services faster than ever. The bank’s new end-to-end testing solution means it can automate a huge 84 percent of its testing —with scope to go further. What’s more, this automation capability has also now been extended to the bank’s branch locations, cutting the effort required to run tests onsite.

Together, these initiatives have had a transformative impact on the quality of testing. Defect leakage has been cut by a massive 75 percent. And productivity savings have been accelerated, allowing the bank to redeploy resources to support more value-adding demand from the business.

Reduction in overall time to market

Test automation coverage

Reduction in defect leakage

Future-ready testing

We not only exceeded the bank’s expectations on all three indicators during the first year of the program, but also helped cut the cost of testing by 31%, setting the stage for further improvements on the transformation journey.

And, by upskilling manual testers in automation, CI/CD, DevOps and emerging technologies, we’ve positioned the testing team for future success as the bank’s IT organization adopts modern quality engineering practices in pursuit of speed, quality and excellence.

Most importantly, with application testing now an integral part of the end-to-end software development process, the bank has the modern quality engineering processes it needs to deliver better applications faster than ever, empowering it to get products and services to market at the pace demanded by the digital economy.

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Software Testing Case Studies: A Comprehensive Analysis

Software Testing Case Studies offer real-world insights into how companies identify and solve software issues, ensuring quality and reliability. This blog delves into various case studies, showcasing different testing methodologies, challenges faced, and solutions implemented. Read more to explore them in detail!

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• ISTQB Advanced Level Test Manager
• ISTQB Advanced Level Test Analyst
• ISTQB Agile Foundation Extension
• ISTQB Advanced Test Automation Engineer
• ISTQB Advanced Level Technical Test Analyst

Have you ever wondered how leading companies ensure their software is reliable and bug-free? Or what critical process they perform to check if a software application or system meets specified requirements. In this blog, we will discuss some real-world Software Testing Case Studies to uncover the strategies that drive successful testing outcomes.  

Such examples will help you identify bugs, errors, and issues to ensure the software is reliable, secure and performs as expected. By thoroughly examining the Software Testing Case Studies, you can receive valuable knowledge on best practices, common challenges, and innovative solutions in Software Testing. Ready to enhance your understanding and elevate your testing game? Let’s dive in. 

Table of Contents  

1) Software Testing Case Studies 

  a) Example 1: Banking Software Enhancement at Barclays 

  b) Example 2: E-commerce Platform Optimisation at ASOS 

  c) Example 3: Government Digital Services Improvement 

2) Conclusion 

Software Testing Case Studies  

Exploring real-world examples of Software Testing can give detailed insights into best practices and common challenges. These case studies highlight how different organisations have approached Software Testing to ensure quality and reliability. By examining these examples, you can gain a deeper understanding of effective testing strategies and methodologies.  

Example 1: Banking Software Enhancement at Barclays  

Company Overview:  

Barclays, one of the UK's leading multinational banks, offers a huge range of financial services, that include personal banking, corporate banking, wealth management, and investment banking. 

The Challenge:  

Barclays' mobile banking app was experiencing a high rate of crashes and performance issues during peak usage times. Customers were frustrated by frequent downtimes and transaction errors, impacting the bank's reputation for reliability. 

Objectives:  

1) Improve the stability and performance of the mobile banking app 

2) Reduce the number of customer complaints on app crashes 

3) Ensure seamless and secure user experience during high-traffic periods   

Approach:  

1) Assessment and Planning:  

a) Conducted a comprehensive review of the existing testing processes 

b) Developed a detailed testing strategy focusing on performance and load testing. 

2) Test Automation:  

a) Introduced automated testing for critical functions of the mobile app 

b) Created automated scripts to test various user scenarios and transactions 

3) Performance and Load Testing:  

a) Conducted extensive load testing to simulate peak usage conditions 

b) Identified and addressed performance bottlenecks 

4) Continuous Testing:  

a) Implemented continuous integration and continuous testing (CI/CT) to ensure new updates were thoroughly tested before release. 

Results:  

a) Reduced app crashes by 60% 

b) Improved app performance, leading to a 30% increase in user satisfaction 

c) Decreased customer complaints regarding app issues, enhancing the bank's reputation.

Boost your Agile Testing skills with our ISTQB Agile Foundation Extension Training - secure your spot today!  

Example 2: E-commerce Platform Optimisation at ASOS

AsSeenOnScreen (ASOS), a leading UK-based online fashion retailer, caters to customers worldwide with a vast range of clothing, accessories, and beauty products. 

ASOS faced challenges with its website's performance during major sales events. High traffic volumes led to slow page loads and transaction failures, resulting in lost sales and customer dissatisfaction. 

a) Ensure the website can handle high traffic volumes during sales events 

b) Improve overall website performance and user experience 

c) Minimise transaction failures and abandoned carts   

a) Analysed the existing infrastructure and identified key performance issues 

b) Developed a testing plan focusing on load and stress testing 

2) Load and Stress Testing:  

a) Simulated high-traffic conditions to identify potential points of failure 

b) Implemented solutions to enhance the website's scalability and resilience 

3) Performance Optimisation:  

a) Optimised backend processes and database queries to improve response times 

b) Streamlined the front-end code for faster page loads 

4) Continuous Monitoring:  

a) Established real-time monitoring to track website performance during peak times. 

b) Quickly addressed any issues that arose during high-traffic periods  

a) The website handled a 50% increase in traffic without performance degradation 

b) Page load times improved by 40%, enhancing the user experience 

c) Significant reduction in transaction failures, leading to higher sales conversion rates. 

Become a Certified Tester with our ISTQB Software Testing Foundation Course - register now and boost your skills!  

Example 3: Government Digital Services Improvement  

Organisation Overview:  

The UK Government Digital Service (GDS) is responsible for digital transformation across government departments, ensuring public services are simple, efficient, and user-friendly. 

Several government websites and digital services experienced frequent downtime and security vulnerabilities, impacting public access to essential services. 

a) Enhance the reliability and security of government digital services 

b) Improve user accessibility and experience 

c) Guarantee compliance with Data Protection and Cyber Security standards   

a) Conducted a thorough assessment of existing digital services 

b) Developed a comprehensive testing strategy focusing on security and accessibility 

2) Security Testing:  

a) Implemented rigorous security testing to identify and mitigate vulnerabilities 

b) Conducted regular penetration testing and security audits 

3) Accessibility Testing:  

a) Ensured all digital services met UK accessibility standards 

b) Conducted user testing with diverse groups to identify and address accessibility issues 

4) Continuous Improvement:  

a) Established a continuous improvement framework to regularly update and enhance digital services. 

b) Implemented real-time monitoring to quickly identify and resolve issues.

a) Enhanced security posture, reducing vulnerabilities by 80% 

b) Improved accessibility, making services easier for all citizens to use 

c) Increased uptime and reliability, leading to higher user satisfaction and trust in government services. 

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Conclusion  

Software Testing Case Studies provide a treasure trove of insights into effective testing practices and innovative solutions. By learning from these real-world examples, you can significantly enhance your testing strategies. Alongside this, it will help you ensure superior software quality.  

Advance your testing expertise with our ISTQB Advanced Test Analyst Course - sign up now!  

Frequently Asked Questions

A good software test case is clear, concise, and comprehensive. It specifies the input, expected output, and steps to execute. It covers positive and negative scenarios, ensuring thorough validation of the software's functionality. 

The Knowledge Academy takes global learning to new heights, offering over 30,000 online courses across 490+ locations in 220 countries. This expansive reach ensures accessibility and convenience for learners worldwide.  

Alongside our diverse Online Course Catalogue, encompassing 17 major categories, we go the extra mile by providing a plethora of free educational Online Resources like News updates, Blogs , videos, webinars, and interview questions. Tailoring learning experiences further, professionals can maximise value with customisable Course Bundles of TKA .  

The Knowledge Academy’s Knowledge Pass , a prepaid voucher, adds another layer of flexibility, allowing course bookings over a 12-month period. Join us on a journey where education knows no bounds. 

The Knowledge Academy offers various Software Testing Courses , including the ISTQB Agile Foundation Extension Course, Certified Software Testing Professional (CSTP) Course, and Unit Testing Course. These courses cater to different skill levels, providing comprehensive insights into Software Unit Testing .  

Our Business Analysis Blogs cover a range of topics related to Software Testing, offering valuable resources, best practices, and industry insights. Whether you are a beginner or looking to advance your Software Testing skills, The Knowledge Academy's diverse courses and informative blogs have got you covered.  

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CAIIB Exam – Bank Financial Management [BFM] Case Study 2023

In this post of CAIIB for the June 2023 attempt, we are providing you with some of the important case studies for Paper no. 2 of Certified Associate of the Indian Institute of Bankers.  Candidates will be provided with videos on case studies as well as some case studies within this post to solve. So, we hope you are ready to do some practice for the upcoming June 2023 exams!

BFM 2022 EXAM | IIBF CAIIB

Bank financial management or Bank Finance Management is said to be the most difficult exam in CAIIB. Because candidates appearing for CAIIB have very less conceptual clarity regarding the different paradigms of CAIIB. Then how is it possible to clear the BFM paper in one attempt?

First Things First, I am saying that the exam is difficult if we compare it with other papers of CAIIB. But it is not impossible to cover the syllabus for BFM. And surely, we can clear Bank financial management exam in one attempt.

Strategy for passing BFM paper:

There is no magical wand around there that can help you. I mean there is no shortcut for clearing the BFM exam . You have to put effort, have to learn the basics, and most important, cover the syllabus priority-wise.

PASS DEC Bank Financial Management 2023 EXAM IN 1 ATTEMPT!

Are Case Studies important in Bank Finance Management?

Yes of course case studies are important. But you need to understand one thing that case studies are also part of the theoretical portion. Or you can consider that it may be a formula that is used. So for concentrating on the case studies first of all you need to concentrate on the theoretical part.

Also See: CAIIB 2023: Exam Dates, Eligibility, Syllabus, Pattern

Basics for BFM?

Now many candidates have a question in their mind “is Macmillan enough to clear the Bank financial management paper?” And answer to that – no doubt Macmillan is very good book but the professional language and the difficult terms make it very much difficult for the candidates to understand the basic concepts.

How to Clear the Basics for CAIIB then!

But do not worry, we have bilingual full video course for you. This is basically a Hindi mix English language video course . And you can easily understand each and every concept with proper clarity. Every situation has been explained in a very practical manner with proper examples wherever required. Moreover, we have covered more than 80+ case studies in our videos.

That’s not the end, you also get memory recorded previous year chapter wise questions paper of Caiib. So that is all you need to cover to crack the CAIIB exam in one attempt. Watch this video on case study over foreign exchange which is a very important topic in JAIIB as well as CAIIB:

Done with the Case study?

Let’s cover some other important case studies of BFM for exams!

BFM CASE STUDY 1

Fixed Assets = 600.00 Crores & Govt. Securities = 6000.00 Crores

Standard Assets:

Retail = 4000.00 Crores, HL = 3000.00 Crores & Other loans = 12000.00 cr

Sub-Standard Assets:

Secured Assets = 600.00 Crores, Unsecured Assets = 200.00 Crores & Doubtful (DAI) = 1000.00 Crores

Q1. Calculate the amount of Risk Weighted Assets for Standard Assets (Retail).

• 1,500.00 Crores
• 3,000.00 Crores
• 12,000.00 Crores
• 16,500.00 Crores

Q2. Calculate the amount of Risk Weighted Assets for Standard Assets (HL).

• 15,00.00 Crores

Q3. Calculate the amount of Risk Weighted Assets for Standard Assets (Other loans).

Q4. Calculate the amount of Risk Weighted Assets for Standard Assets.

Q5. Calculate the amount of Risk Weighted Assets for Govt. Securities.

• 0.00 Crores
• 200.00 Crores
• 900.00 Crores
• 1,000.00 Crores

  Q6. Calculate the amount of Risk Weighted Assets for SS Secured.

  Q7. Calculate the amount of Risk Weighted Assets for SS Unsecured.

  Q8. Calculate the amount of Risk Weighted Assets for Doubtful D1.

  Q9. Calculate the amount of Total Risk-Weighted Assets.

• 10,500.00 Crores
• 18,600.00 Crores

Case study 1 Solution:

A1. II i.e RWA for Standard Assets (Retail) = 4000*75/100.00 = 3000.00 Crores

A2. I i.e RWA for Standard Assets (HL) = 3000*50/100.00 = 1500.00 Crores

A3. III i.e RWA for Standard Assets (Other loans) = 12000*100/100.00 = 12000.00 Crores

A4. IV i.e RWA for Standard Assets = 3000.00 + 1500.00 + 12000.00 = 16500.00 Crores

A5. I i.e RWA for Gsec = 5000*0/100.00 = 0

A6. III i.e RWA for SS Secured = 600*150/100.00 = 900.00 Crores

A7. II i.e RWA for SS Unsecured = 200*100/100.00 = 200.00 Crores

A8. IV i.e RWA for Doubtful D1 = 1000*100/100.00 = 1000.00 Crores

A9. IV i.e Total RWAs = 3000.00 + 1500.00 + 12000.00 + 900.00 + 200.00 + 1000.00 = 18600.00 Crores

BFM CASE STUDY 2

Aabra ka Dabra Bank has a Repo transaction. The details of it has been given below:

Type of the Security – GOI security having Residual Maturity = 5 years, Coupon = 6% p.a. & Current Market Value = Rs.3000.00

Other details:

Cash borrowed = Rs.2000.00, Modified Duration of the security = 3.6 years, assumed frequency of margining to be Daily, the haircut for security (after adjusted for minimum holding period) = 1.40 %, Haircut on cash = 0.00 & Minimum holding period = 5 business days, & Change in yield to compute the capital charge for general market risk = 0.70 % p.a.

Q1. Calculate Capital Charge for CCR

Q2. Calculate Capital Charge for credit risk

Q3. Calculate Capital Charge for market (specific) risk

Q4. Calculate Capital Charge for market (General) risk

Q5. Calculate the Total capital required

Case Study 2 Solution:

• II i.e. the Capital Charge for CCR
• Exposure = MV of the security = 3000.00
• CCF for Exposure = 100.00%
• On=Balance Sheet Credit Equivalent = 3000.00* 100.00% = 3000.00
• Haircut = 1.4 %
• Exposure adjusted for haircut = 3000.00* 1.014 = 3042.00
• Collateral for the security lent = Cash = 2000.00
• Haircut for exposure = 0.00%
• Collateral adjusted for haircut = 2000.00* 1.00.00= 2000.00
• Net Exposure (5= 8) = 3042 = 2000.00= 1042.00
• Risk weight (for a Scheduled CRAR complaint bank) = 20.00%
• Risk-weighted assets for CCR (9 x 10) = 1042 * 20.00% = 208.4
• Capital Charge for CCR (11 x 11.5 %) = 208.4 * 0.115 = 23.97
• I i.e. the capital for credit risk (when the security is held under HTM) =

= 0.00 (being Govt. security)

• I i.e. Capital for market (specific) risk (when the security is held under AFS/HFT) =
• III i.e. the capital for market (General) risk =

= (Assumed yield change (%) * Modified duration * market value of security)

= 3.60 * 0.70% * 3000.00

• IV i.e. Total capital required =

= (for CCR + credit risk + specific risk + general market risk)

= 23.97 + 0.00+ 0.00+ 75.60

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