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External Consultancies 2024 | Wait or sign?

Hi everybody,

I was in a prestigous inhouse consultancy for quite a while now (2yrs) and want to move on now to an external consultancy.

 

With the given circumstances that MBB is not hiring at all, I only have 1 offer from a big4 strategy firm. (I have many more from boutiques & other firms, but that doesnt matter now). Should I sign that offer or wait until more opportunities come across throughout 2024?

I have to sign a contract until Q1 2025, but I also want clarity before that date.

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Top answer
Ian
Coach
on Mar 18, 2024
Top US BCG / MBB Coach - 5,000 sessions |Tech, Platinion, Big 4 | 9/9 personal interviews passed | 95% candidate success

MBB is hiring….

Actively…

1) I know candidates getting offers

2) From online research you can see hiring is happening

3) Even when firms fire, they also hire

My strong advice would be to sign the thing you have instead of wait for the thing you maybe possibly hopefully have.

on Mar 18, 2024
good!
Anonymous A
on Mar 18, 2024
I think your comment cant be applied for germany tho..
Ian
Coach
on Mar 18, 2024
Top US BCG / MBB Coach - 5,000 sessions |Tech, Platinion, Big 4 | 9/9 personal interviews passed | 95% candidate success
Oh no, it still very much applies: https://www.preplounge.com/en/consulting-forum/is-there-a-hiring-freeze-at-mbb-17507
Niklas
Coach
on Mar 20, 2024
McKinsey Jr. Engagement Manager | Interviewer at McK| Coached numerous candidates to secure MBB offers | University of Oxford

Congrats on getting offers! :)

I would do the move as this improves your chances of getting an offer from MBB in the future. 

Hagen
Coach
on Apr 30, 2024
#1 recommended coach | >95% success rate | 8+ years consulting, 8+ years coaching and 7+ years interviewing experience

Hi there,

First of all, congratulations on the offer(s)!

I would be happy to share my thoughts on your situation:

  • First of all, almost all major strategy consulting firms (in Germany) are still hiring, albeit at a slower pace. Given this fact, it could be that your application was simply not strong enough, be it in terms of CV, cover letter and/ or referral.
  • Moreover, given the ban periods for almost all strategy consulting firms, I am not sure what other opportunities might arise in strategy consulting for the rest of the year.
  • Lastly, I would therefore advise you to consider accepting the offer from this strategy consulting firm very carefully.

If you would like a more detailed discussion on your specific situation, please don't hesitate to contact me directly.

Best,

Hagen

 

You can find the consulting salaries report 2024 here!

Alberto
Coach
on Mar 18, 2024
Ex-McKinsey AP | Training top candidates to perform at MBB level and win the offer

Hi there,

I can confirm as well from several coachees who recently got offers that MBB is hiring.

Based on what you shared, I suggest you take the best offer you have on the table if that improves you current position. Once you are there, you have a lot of time to work on your application strategy for MBB in the following moths.

Best,

Alberto

Check out my latest case based on a real MBB interview: Sierra Springs

on Mar 18, 2024

Good information! 

10
Florian
Coach
on Mar 18, 2024
1400 5-star reviews across platforms | 600+ offers | Highest-rated case book on Amazon | Uni lecturer in US, Asia, EU

Hi there,

Congrats on your offers in this difficult market.

I would move to the other firm now as this further strengthens your profile for MBB next year, and then apply with MBB after one year.

Kind regards,

Florian

Anonymous A
on Mar 18, 2024
Do you have any insights for the german market? I have applied for MBB but tomorrow supposed to be the day to start with solve and I didnt get any information yet about invitation or not.
Udayan
Coach
on Mar 18, 2024
Top rated Case & PEI coach/Multiple real offers/McKinsey EM in New York /12 years recruiting experience

Did you try with MBB? From what I have seen, I also second Ian that hiring is picking up. It is of course nothing like 2022 but not as bad as 2023 either.

Anonymous A
on Mar 18, 2024
I did, but still didnt get a response. Will wait few more days.
on Mar 18, 2024
#1 Coach for Sessions (4.500+) | 1.500+ 5-Star Reviews | Proven Success: ➡ interviewoffers.com | Ex BCG | 10Y+ Coaching

Hi there,

Congratulations on the offer! In terms of your question: 

Q: Should I sign that offer or wait until more opportunities come across throughout 2024?

If you have already applied to all the possible companies, and this is the best opportunity right now (compared also to your current employer), then I would go for it. If you still have applications ongoing/to complete, you might want to postpone signing/joining once you have completed the process with them, if possible.

Good luck!

Francesco

Pedro
Coach
on Mar 18, 2024
Bain | EY-Parthenon | Former Principal | 1.5h session | 30% discount 1st session

If that is the best offer you have, I agree it can be a positive move towards MBB/Strategy Consulting.

The only piece of advice I would give would be to consider whether you prefer that Big4 role or staying where you are. If you are only moving as an intermediate step for something else, and the role by itself does not look more interesting to you than the one you have, then you should stay.

on Mar 18, 2024
#1 rated McKinsey Coach | top MBB coach

If you don't have to sign the contract until Q1, then I would keep an eye on the market, speak with the recruiters and if cool new opportunities pop up, then you should go for them. 

And in that case, you should make it clear to the recruiters that you have a competing offer that you need to respond to, and as a consequence, they should fast-track you through the recruitment process.

Best,

Cristian

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