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KPMG Case Interview Examples: A Worked Practice Case

KPMG cases are candidate-led and practical, and most advisory candidates also face a written case. Work through a full KPMG-style profitability case step by step, check your math as you go, and compare your answers to a model response.

By the Case Prep Team Updated October 1, 2026 15 min read

Candidate-ledYou are expected to drive

2 to 3 roundsTypical for advisory roles

Written caseCommon in the second round

Deals and opsFrequent case themes

Start the practice case Read the KPMG interview guide

Format

What makes KPMG cases different

KPMG's consulting and advisory work blends strategy with implementation, operations, and deals. Its cases tend to be practical: a margin that has slipped, an acquisition to integrate, or a process to fix, with a clear operational answer at the end.

You drive the case

KPMG cases are generally candidate-led. You clarify the goal, propose a structure, ask for data, and pull it together into a recommendation.

The written case matters

Many advisory candidates get a written case in the second round: a packet of materials, limited time to prepare slides, and a presentation with questions. It is the format candidates most often underprepare for.

Practical over abstract

Interviewers want answers a client could act on. Name the specific lever, its size, and what it would take to deliver it.

Formats vary by country, practice, and level, and not every KPMG role includes a case. Some advisory roles start with a gamified online assessment, and some teams rely mainly on behavioral interviews. Confirm your process with your recruiter, and see the KPMG interview guide for the round-by-round detail.

Case types

Case types KPMG candidates report

These five themes cover most KPMG cases. Each example prompt below is an original KPMG-style prompt, not a real interview question. Pick a tab to see how you would structure it and what math to expect.

Example prompt: A regional dairy's revenue is growing, but profits have fallen for two years. Why?
How to structure it: Split profit into revenue (price, volume, mix) and costs (input, labor, distribution, overhead). Compare per-unit economics over time to find what changed.
Math to expect: Per-unit margins, cost increases as a share of the total, and price-volume tradeoffs.

Practice case

Worked practice case: Hearthstone Bakeries

This is an original profitability case written in the style KPMG candidates describe: a cost exhibit, two rounds of math, a brainstorm, and a recommendation a client could act on. In a live interview you would drive the structure yourself. Here, each step shows the question an interviewer would likely ask next.

Answer each step out loud or on paper before you reveal the model answer. The suggested times match a strong candidate's pace.

ProfitabilityFood manufacturingAbout 25 minutes

Hearthstone Bakeries: why did margins halve?

Your client is Hearthstone Bakeries, which bakes packaged bread and sells it to grocery chains across the US Midwest. It sells 200 million loaves a year at an average price of $2.20, for $440 million in revenue. Volumes have held steady, but its operating margin has fallen from 10% three years ago to 5% today. The CEO has asked KPMG to explain why and to recommend how to restore the 10% margin. How would you approach this?

If you ask clarifying questions, the interviewer shares:

Hearthstone sells almost entirely to large grocery chains under annual contracts.
It raised prices once in the last three years.
Competitors have faced similar cost pressures.

0 of 6 steps revealed

Structure the problem

Take about 2 minutes

Interviewer: How would you structure this?
Since volumes are flat, the margin drop must come from price not keeping up with cost. I would compare per-loaf economics three years ago and today:
- Revenue per loaf: price changes, discounts to grocery chains, and product mix.
- Cost per loaf: ingredients, labor, packaging and distribution, and overhead.
Then I would look at which cost lines grew fastest, why, and what Hearthstone can control.

Why it works: using the clarifying fact that volumes are flat narrows the problem to per-unit economics right away. That kind of focus is what candidate-led interviewers want to see.
Read the cost exhibit

Take about 3 minutes

Interviewer: Here is Hearthstone's cost per loaf. What share of the cost increase came from ingredients, and what does that tell you?

Exhibit 1: Price and cost per loaf

Line Three years ago Today

Price $2.00 $2.20

Ingredients $0.80 $1.00

Labor $0.50 $0.52

Packaging and distribution $0.30 $0.37

Overhead $0.20 $0.20

Total cost $1.80 $2.09

Illustrative data for practice.

Ingredients share of increase (%)
Size the gap

Take about 2 minutes

Interviewer: To get back to a 10% margin at today's price, how much cost would Hearthstone need to remove each year?

Annual cost to remove ($M)
Test a price increase

Take about 3 minutes

Interviewer: Hearthstone is considering raising its price 5%, to about $2.31. It expects to lose 4% of its volume. What would its annual profit be?

Annual profit ($M)
Brainstorm the levers

Take about 2 minutes

Interviewer: What else could Hearthstone do to restore its margin?
- Pricing: build ingredient cost changes into contracts so prices adjust automatically, and cut back on discounts that do not drive volume.
- Ingredients: lock in prices with longer supplier contracts, combine purchasing across plants, and review recipes for costly inputs.
- Distribution: deliver larger orders less often, plan routes better, and review packaging specifications.
- Mix: push higher-margin products like specialty breads and drop the least profitable lines.
Covering both price and cost, and grouping ideas clearly, gives the client a full menu of options rather than a single bet.
Make the recommendation

Take about 1 minute

Interviewer: The CEO asks what Hearthstone should do. What do you recommend?

Line	Three years ago	Today
Price	$2.00	$2.20
Ingredients	$0.80	$1.00
Labor	$0.50	$0.52
Packaging and distribution	$0.30	$0.37
Overhead	$0.20	$0.20
Total cost	$1.80	$2.09

Math

KPMG case math quick check

KPMG case math is practical: margins, price and volume tradeoffs, and savings. Try these four without a calculator, and aim for under a minute each.

A company raises its price 10% and loses 5% of its volume. By how much does revenue change?

Revenue change (%)

Two merging companies spend $40M and $25M on back-office functions. The combined function will cost $50M. What are the annual savings?

Savings ($M)

A product sells for $12, costs $7 per unit to make, and needs $500K a year in fixed costs. How many units must it sell to break even?

Units

Revenue is $120M and costs are $108M. What is the operating margin?

Margin (%)

Written case

The KPMG written case

Many KPMG advisory and consulting offices include a written case in the second round. Prep guides describe a packet of roughly 20 to 40 pages, about 45 to 60 minutes to build a short slide presentation, and then 15 to 20 minutes to present and answer questions. Exact timing and format vary by office.

How to approach it

Skim first, read second. Spend the first few minutes on the question and the table of contents, then read only what you need.
Decide your answer early. Pick a recommendation by the halfway point and use the rest of the time to support it.
One message per slide. Write each slide title as the takeaway, with the supporting numbers below.
Flag your assumptions. When the packet does not answer something, say what you assumed and how you would check it.

The exhibit drills are good practice for pulling the key numbers out of dense material quickly.

Behavioral

Behavioral questions and KPMG values

Every KPMG interview includes behavioral questions, and they carry real weight. KPMG's values are Integrity, Excellence, Courage, Together, and For Better, and interviewers often look for stories that show them.

Prepare four to six stories with clear results, including at least one about influencing someone without formal authority and one about a mistake you learned from. Have a specific answer to "Why KPMG?" that names the service line you applied to, not just the firm.

Prep plan

A two-week prep plan for a KPMG case

Days 1 to 3
Practice structuring profitability, integration, and operations cases. Start with the frameworks guide.
Days 4 to 6
Drill math daily: per-unit margins, price and volume changes, and break-even.
Days 7 to 9
Do two timed written cases: read a packet, build three to five slides, and present them out loud.
Days 10 to 12
Run full candidate-led cases with a partner. Redo Hearthstone from memory and time yourself.
Days 13 to 14
Prepare your behavioral stories around KPMG's values and a specific "Why KPMG?"

Keep preparing

KPMG interview guideRounds, formats, and what interviewers look for. KPMG cover letter guideStructure and a downloadable template. KPMG application deadlinesDates and timeline for the next cycle. Big 4 deadlinesCompare timelines across all four firms.

FAQ

Frequently asked questions

Are KPMG case interviews candidate-led?

Yes, generally. You clarify the goal, propose a structure, ask for data, and drive toward a recommendation.

Does KPMG use a written case?

Many advisory and consulting offices include a written case in the second round. You review a packet, build a short presentation, and present it to interviewers.

What kind of cases does KPMG give?

Profitability, mergers and integration, market entry, operations, and digital transformation cases are all common, usually with a practical, implementation-focused angle.

Does every KPMG role include a case interview?

No. Some advisory roles focus mainly on behavioral interviews. Confirm with your recruiter whether your process includes a case.

What are KPMG's values?

Integrity, Excellence, Courage, Together, and For Better. Behavioral questions often look for evidence of these.

Is the Hearthstone Bakeries case a real KPMG case?

No. It is an original practice case written to match the style KPMG candidates describe. All numbers are illustrative.

Sources

Hacking the Case Interview, KPMG Case Interview: Complete Guide. hackingthecaseinterview.com. Accessed October 2026.
PrepLounge, KPMG Interview Guide 2026. preplounge.com. Accessed October 2026.
Road to Offer, KPMG Case Interview guide. roadtooffer.com. Accessed October 2026.
MyConsultingOffer, KPMG Advisory Interview. myconsultingoffer.org. Accessed October 2026.

Case Prep is an independent practice platform and is not affiliated with, authorized by, or endorsed by KPMG. The Hearthstone Bakeries case, example prompts, and all data on this page are original teaching material.