Hiring & referral freeze

Hi there,

First of all, I am sorry to hear about the irritating conversation you had!

I think this is an interesting question that may be relevant for many people. I would be happy to share my thoughts on it:

• Based on the experiences of coachees of mine, it is still possible to receive referrals, including from McKinsey. However, it could be that McKinsey has restricted who may provide a referral, given that most of them likely come from junior consultants.
• Moreover, personally, it seems like he doesn't know much either, and I would advise you not to put too much weight into what he said. Instead, reach out to current (senior) employees of your target strategy consulting companies and see what their reactions are.
• Lastly, it is true that the current tight economic situation has led to a recruiting slowdown and sometimes a freeze in strategy consulting, especially with McKinsey, which has recently canceled (sometimes with the motivation to reapply in September 2023) most of its recruiting activities.

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

Best,

Hagen

Hi there, 

Q: He's saying that big consultancies have stopped referrals for the time being and some, including Mck, have stopped hiring altogether. Is this true?

It is true that some consulting firms have decreased hiring significantly. 

In terms of referrals, I just helped someone who was referred internally at MBB, so you can still get referrals. On the other hand, if the consultant knows that the company is not hiring, he/she might not be able to refer you in a particular office due to that. 

Best,

Francesco

Hi there,

If the person does not want to refer you they would have said so. There are a lot of junior consultants on the beach at the moment in Europe across all MBBs.

Unfortunately, the recruiting environment at the moment is really that bad.

I have posted about here extensively over the last couple of weeks/months (e.g., https://www.preplounge.com/en/consulting-forum/given-the-current-hiring-freeze-in-most-firms-does-this-mean-i-still-have-a-chance-14923) and recently have also been interviewed about it: https://www.semafor.com/article/02/16/2023/the-rich-are-getting-poorer

Cheers,

Florian

Hiring has slowed down and almost stopped for off cycle hires across MBB there's clear evidence of that and he's not wrong. 

In terms of referral - it could just be that he know that a referral is unlikely to work and wants to save you from the disappointment. If you're unsure it is totally okay to ask for honest feedback to see if he thinks you're not a good candidate so you can have some closure. 

Best, 

Udayan 

Hi there,

Yes hiring is slowing down and yes hiring targeting is narrowing.

That said, hiring is still happening for the most part, though it will depend on region + company + role + recruiting channel.

Your timing isn't great, but I would anticipate we should be out of the worst of it in a matter of months. Keep networking, keep applying, and please cast your net wide! There's a 95% chance you won't work at McKinsey (because those are the odds), and, you'll be just fine if you don't!

Hi,

As some of the other coaches have mentioned, referrals are still on-going however the volume of hiring has definitely slowed down. 

It's really hard to tell what that consultant was thinking. Ultimately we coaches would be guessing to some degree. What's more important are your next steps

1. Making sure your application is a strong one
2. Continuing to network

All the best!

Hi there,

There is definitely a recruiting slowdown accross MBB in London but not a freeze.

I would suggest you check with someone else regarding McKinsey referral and also try BCG and Bain. 

Not sure about the level of the person who said they cannot refer you, there might be some other reasons why they were not able to refer you.

Good luck,

Lilit

Hello,

What they are saying could be true. But that should not deter you from applying anyway :) Consider applying to multiple firms (not just MBB, but also Tier 2 and boutique firms! 

Try applying to those locations where perhaps you have a better geographical fit and could stand out!

Hope this helps!

Rushabh