Hi,
I was wondering whether Mckinsey&Company will hire fewer people in 2020 than they usually did in the past few years due to the current situation? I already had four rounds of interview (via videocall) and now I am waiting for the last round. My fear is that they might hire less people, so the barriers to get an offer are even higher now. Thank you on your comments!
Hi There,
I was checking with the recruiter recently, and yes they are still hiring for 2020, but obviously with fewer new hires compared to 2019.
Now, if you had 4 rounds already, I think you just need to follow up on the next steps and result to the Recruiter directly. If you are a strong talent, McK will not want to miss you :)
Hi!
Yes, they will be hiring fewer people in 2020 and likely for some time to come given the economic fallout from Covid-19. This is already flowing through to hiring freezes in many offices, some offers being put on hold, and start dates being pushed out.
However, given the natural churn in the business, there will still be some need to hire so focus on doing your best to secure your opportunity that you have by doing the best to prepare and having a positive outlook!
-A
Hi,
Yes, they are already hiring fewer people. This is happening with every economic downturn.
However, the fear is completely counter productive. You are one round away from getting your offer. Please concentrate on preparation. The hiring rates will not improve within the next 1-2 years, they might get only worse. Just do your best to prepare and stop considering negative outcomes
Best
Hi! I would like to know how it was your first interview, because I have been invited to start the process. I have received an invitation for the first test, Imbellus, did you done this? Thanks for your answer in advance! Best regards ;)
Hi,
Most consulting firms have stopped recruiting for 2020 from the beginning of the lock down.
However, have in mind that the recruiting campaign 2020 has started in September 2019 and was expected to last until around end of June or early July. During the summer vacation period, there is only few interviews. Bottom line, in a campaign which generally lasts ~ 10 months, 7 months were able to run correctly.
The real question is therefore "what the 2021 recruitment campaign will look like?"
I anticipate a cautious start but a still a start in September (many interviews are already scheduled) and a refinement of the 2021 recruitment objectives on Q4 2020.
Best,
Hi Anonymous,
Consulting firms are profitability-driven companies as well - and the highest fixed cost is payroll. If we will have a severe middle- to long-term reduction of consulting demand, partners can no longer endorse keeping fixed cost high and a slow-down is a logical result (and even lay-offs are indeed possible (forced or unforced, both..)).
Is such a severe middle-term reduction of consulting likely? No, I don't see that for now. Consulting industry in general works well in clear upward and downward phases; just in highly unsecure phased with limited visibility they don't perform well.
In the short term we see major reductions in recruiting activities, later entry-dates in future and some offers were even rescinded. So yes, right now this is the situation.
And in general: supply of candidates is high in respect to demand, so the bar will be raising and professional interview prep gets more important than ever.
Hope this helps - if so, please be so kind and give it a thumbs-up with the green upvote button below!
Robert
Dear A,
Yes. You are absolutely right. The intake for 2020 in McKinsey is going to be lower than in the previous years. They will increase the bar for the candidates. So that only fewer will pass. Nevertheless, you still have chances to be one of the few intakes this year. So, keep it up and reach out to maximize your chances to getting the offer.
Good luck,
André
Hello!
Overall yes, many MBB offices have communicated a hiring freeze.
On this point, could you tell us which office? This would be very useful for other candidates to know.
In any case, if you got as far as doingt 4 rounds, now you are only fighting against yourself.
What do I mean with this? That if you met or raised the bar, you will get in, end of the story.
Hope it helps!
Cheers,
Clara
Hi there,
The hiring rate is lower in 2020 - however, this mainly impacts applicants who are not yet been shortlisted for interviews.
Candidates current undergoing interviews have the same barriers to entry as in any other year, the only impact is the starting date (you might not start in 2020)
So you are 4 rounds in, you have one last interview to go through and you're in!
Best of luck in the process!
Khaled
Hi there,
for sure they will hire fewer people in 2020, due to the lower amount of projects caused by the economic uncertainty. Still, if you reached the final round it means you definitely have the potential for an offer.
Good luck!
Francesco
This is a great question and has a lot of elements to it! View this post as your one-stop shop to all the imapcts of COVID-19 on Consulting!
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INTERVIEW FORMATS
Most interviews will now be virtual. They may also involve COVID-19 as a topic!
For Virtual Interview Tips:
https://www.preplounge.com/en/consulting-forum/virtual-first-round-interview-thoughts-advice-4310
For Coronavirus Cases:
https://www.preplounge.com/en/management-consulting-cases/brain-teaser/beginner/coronavirus-times-194
https://www.preplounge.com/en/management-consulting-cases/candidate-led-usual-style/intermediate/chinese-chess-191
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PUSHED STARTING DATES
A number of existing offers as well as future offers are coming with delayed start dates.
https://www.preplounge.com/en/consulting-forum/pushed-starting-date-6807
https://www.preplounge.com/en/consulting-forum/semester-extension-due-to-covid-19-6724
https://www.preplounge.com/en/consulting-forum/mckinsey-offer-pushback-covid19-6768
https://www.preplounge.com/en/consulting-forum/mck-associate-job-offer-6737
(If this happens, use the time to both upskill and find a 2nd job/internship in the meantime)
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REDUNDANCIES RISK
https://www.preplounge.com/en/consulting-forum/covid19-redundancies-risk-6728
Some of the tier two firms are cutting costs through:
So far, it seems the tier 1 firms are cutting some bonuses and being stricter with the "Up or out" system. It seems unlikely they would rescind new hire offers, but you should always have a plan B.
Al this being said different geographies are different, as are different roles...even in tough times companies do hire and projects are won.
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DELAYED AND REDUCED HIRING
https://www.preplounge.com/en/consulting-forum/how-will-hiring-efforts-change-in-the-middle-east-because-of-the-pandemic-and-budget-cuts-by-the-saudi-government-6871
https://www.preplounge.com/en/consulting-forum/what-consulting-companies-are-hiring-interviewing-right-now-6733
https://www.preplounge.com/en/consulting-forum/are-interviews-in-the-middle-east-still-going-ahead-6832
There are a lot of companies, a lot of offices, with a lot of different timelines. I recommend you reach out to the recruiters of the offices + companies in which you are interested! This had the added benefit of you potentially being put in touch with a potential referee!
Take the initiative, reach out to the offices/companies you want, hustle hard, and find the jobs that are available and fight for them. Don't speculate...read the cards TODAY and operate as such, until something changes, then adapt.
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THREAT TO THE BUSINESS MODEL
The top-tier firms are very nimble. They are notoriously "immune" to economic cycles. This Is because:
I can tell you that MBB are hustling hard and that when companies are in trouble, they look to MBB first for guidance. Strategy consultants help firms navigate uncharted territory...these times are when they're most needed
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IMPACT ON TRAVEL
https://www.preplounge.com/en/consulting-forum/is-the-corona-crisis-going-to-lead-to-less-travel-in-the-future-for-mbb-consultants-6780
https://www.preplounge.com/en/consulting-forum/less-traveling-in-the-mena-region-6770
1) Yes it will affect the nature of work
2) I can't see it improving work-life balance. The fundamentals of top-tier companies in any industry are: Get the best, get the brightest, get the hungriest, charge them out for a lot, and work them hard
3) It'll change business trips in much the same way business trips will be changed across the world
4) It's anyone's guess as to whether WFH will become more acceptable in consulting. Personally, I doubt it.
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IMPACT ON M&A ACTIVITY
https://www.preplounge.com/en/consulting-forum/potential-ma-activity-in-the-consulting-industry-anytime-soon-because-of-global-context-6771
Hi,
There will be fewer hires this year unfortunately. Similar to 2008 crisis when the 09 batch was very small this year they will also give very few offers. This is bound to pick up significantly next year as business rebounds.
I wish you all the best - no one can prepare for covid so just have faith in your abilities. If you have made it so far you are an excellent candidate
Best,
Udayan
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