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Kurtenhamer
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3underscore
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pelihu
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If the person rejects the first interview, would he/she have a shot at the next one?
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braindancer
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Kurtenhamer, did you get this invitation because of your earlier submission to this company or just out of the blue?

If it's out of the blue, I'd say try it. Carve out a time to do a case or two before it so that you don't sound like a total retard. If you bomb it, it isn't a huge deal, but you might be lucky and do OK, and who knows where it goes.

If it's because of you submitting the resume, I don't think bombing the interview is a good idea. Rejecting it is an even worse idea. I'd say - cut off your sleep and do your homework. You HAVE to be at least decent. Besides, cases are a really useful thing after all.
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rhyme
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I've been to dinner with all of the top consulting firms....and I've asked about the case every time... The universal truth they all communicated loud and clear: You can be a weak fit and do well on a case and get an offer, but you cannot do poorly on the case and get an offer, no matter how strong the fit. My advice: Start preparing. Now.
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I think the question is not about whether bombing the case will get you a ding, but rather if there are negative repercussions for other recruiting activities. I.e., it seems OP doesn't care about this specific firm, he just doesn't want to screw up all the job search.
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To concentrate on certain industry would be a good choice for me. Because of my formal leadership from my work and solid relating experience, there are some consulting firms calling. I thought that they would be disappointed if I had a bad interview. For the summer associate internship, they hire 2-3 associates for each office and it was very touch. --K
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If you're not going to accept an offer anyway, I don't see any reason in wasting your and their time on an interview. I'd rather politely decline.