Compass Lexecon Case Interview Guide 2026: Process, Questions & Prep

Compass Lexecon is the top-ranked antitrust economics consulting firm in the world, holding the "Elite" ranking on the Global Competition Review's GCR 100 for 19 consecutive years. The interview process runs approximately 23 days and centers on a 40-minute economics case study — not a management consulting case. You will analyze a merger, competition, or damages scenario using applied microeconomics and econometrics, then present findings to senior economists who act as your interviewers. Analysts earn $79,000–$107,000 total pay; Vice Presidents earn $200,000–$298,000. The firm operates as a subsidiary of FTI Consulting with 600+ professionals across 25 offices globally.

Interview Process: Three Stages

Compass Lexecon's hiring process is structured in three stages. Based on Glassdoor data (64.9% positive experience rating), here is what to expect:

Stage 1: Initial Screening (30 minutes)

A phone or video call with an HR representative or junior economist. Expect 20 minutes of motivational and fit questions followed by 10 minutes of basic technical screening.

Common screening questions:

• Why economic consulting over management consulting or academia?
• Why Compass Lexecon specifically (vs NERA, Analysis Group, CRA)?
• Walk me through a time you used data to solve a problem.
• What econometric methods are you most comfortable with?

Stage 2: Assessment Center (Half Day)

The core of the process. You receive a written case study packet, typically 10–15 pages of background material including data tables and regression output. You have 60–90 minutes to analyze the material and prepare a written response, followed by a 40-minute verbal presentation and Q&A with senior economists.

What the case looks like: A typical Compass Lexecon case involves a competition economics scenario. Glassdoor candidates report examples such as analyzing a vertical merger between a car manufacturer and a battery producer from the Competition Authority's perspective. You must define the relevant market, assess competitive effects, evaluate efficiency claims, and recommend remedies — all supported by the data provided.

Stage 3: Follow-Up Interviews (2 rounds, 45 minutes each)

Two verbal interviews with senior economists (typically Vice Presidents or Senior Vice Presidents). These go deeper into your technical reasoning from the assessment center and test your ability to think on your feet about economic concepts. Interviewers are described as friendly and patient, guiding candidates toward the right analytical path.

What Compass Lexecon Cases Test (vs Management Consulting)

Compass Lexecon cases are fundamentally different from McKinsey or BCG cases. Understanding this distinction is critical to preparing correctly.

If you have been preparing for management consulting cases using standard frameworks, you will need to supplement that preparation with economics-specific material.

Worked Example: Merger Analysis Case

Here is a simplified version of the type of analysis Compass Lexecon expects.

Scenario: FreshCo (a grocery chain with 30% market share) proposes to acquire GreenMart (15% market share) in a metropolitan area with 5 competitors. The Competition Authority asks you to evaluate.

Step 1 — Market definition: The relevant market is grocery retail within a 20-mile radius of the metro area. You would apply the SSNIP test (Small but Significant Non-transitory Increase in Price): if a hypothetical monopolist could profitably raise prices 5–10%, the market is correctly defined.

Step 2 — Concentration analysis: Pre-merger HHI = 30² + 15² + 12² + 11² + 10² + 8² + 14² = 900 + 225 + 144 + 121 + 100 + 64 + 196 = 1,750. Post-merger HHI = 45² + 12² + 11² + 10² + 8² + 14² = 2,025 + 144 + 121 + 100 + 64 + 196 = 2,650. Delta HHI = 900. Per DOJ/FTC guidelines, an HHI above 2,500 with a delta above 200 is "highly concentrated" — this merger would face serious scrutiny.

Step 3 — Competitive effects: You would interpret the regression output provided (e.g., a diversion ratio analysis showing that 40% of FreshCo customers who switch go to GreenMart, indicating strong substitutability and higher likely price effects).

Step 4 — Efficiency defense: FreshCo claims $50M in annual supply chain savings. You evaluate whether these are merger-specific (not achievable without the merger) and verifiable, and whether they would be passed through to consumers.

This type of structured economic analysis — not a profitability case framework — is what Compass Lexecon assesses.

Compass Lexecon Salary by Level (2026)

Sources: Glassdoor (467 salaries), Wall Street Oasis (21 entries). NYC salaries are at the top of each range — the average NYC Analyst earns $107,381 and the average NYC VP earns $259,010.

Compass Lexecon employees rate compensation and benefits 4.5 out of 5 stars on Glassdoor — 31% above the average for Analyst roles across all companies.

Compass Lexecon vs Other Economic Consulting Firms

For detailed guides on preparing for these competitors, see our NERA case interview guide, Analysis Group guide, and Charles River Associates guide.

Technical Concepts You Must Know

Based on 50+ practice sessions with candidates targeting economic consulting firms on Road to Offer, these are the concepts that appear most frequently in Compass Lexecon interviews:

Microeconomics:

• Market definition using the SSNIP test (hypothetical monopolist test)
• HHI calculation and interpretation (pre-merger, post-merger, delta)
• Deadweight loss from market power
• Price discrimination (first, second, third degree)
• Vertical restraints and foreclosure theory

Econometrics:

• Interpreting OLS regression output (coefficients, standard errors, R², p-values)
• Difference-in-differences estimation
• Instrumental variables and endogeneity
• Selection bias and omitted variable bias

Antitrust Frameworks:

• Horizontal and vertical merger analysis (unilateral effects, foreclosure, raising rivals' costs)
• Relevant market definition (product market, geographic market)
• Diversion ratios and upward pricing pressure (UPP)
• Merger remedies (structural vs behavioral)

4-Week Prep Plan

Common Mistakes Candidates Make

1. Preparing with management consulting frameworks. Compass Lexecon does not use profitability trees or standard case frameworks. Applying a 4P analysis to an antitrust case signals you do not understand the role.

2. Ignoring the written component. The assessment center requires written analysis — structured prose supported by data. Candidates who only practice verbal delivery underperform.

3. Treating regression output as decoration. The regression results in the case packet are the core evidence. Candidates who skim the numbers and jump to qualitative reasoning miss the point.

Related Guides

• NERA Economic Consulting case interview guide — NERA's interview format, salary data, and prep strategy
• Analysis Group case interview guide — the largest privately held econ consulting firm
• Charles River Associates case interview guide — CRA's life sciences and IP focus
• Case interview math practice — build computational speed for data-heavy econ cases
• Case interview frameworks guide — management consulting frameworks (different from econ consulting, but useful for structured thinking)
• Consulting career path — how economic consulting career progression compares to management consulting

Sources (checked April 8, 2026)

• Glassdoor Compass Lexecon Interview Reviews: glassdoor.com/Interview/Compass-Lexecon-Interview-Questions-E368079.htm
• Glassdoor Compass Lexecon Salary Data (467 salaries): glassdoor.com/Salary/Compass-Lexecon-Salaries-E368079.htm
• Wall Street Oasis Compass Lexecon Salary Data (21 entries): wallstreetoasis.com/company/compass-lexecon/salary
• FTI Consulting — Compass Lexecon GCR 100 Recognition 2026: fticonsulting.com/about/newsroom/press-releases/fti-consulting-compass-lexecon-recognized-2026-gcr-100-list
• Compass Lexecon Official Site: compasslexecon.com
• Compass Lexecon Wikipedia: en.wikipedia.org/wiki/Compass_Lexecon
• Quartz — Inside Compass Lexecon: qz.com/2025377/inside-compass-lexecon-one-of-the-top-antitrust-consulting-firms