I know that especially for BCG, targets are lower and perhaps even for McKinsey. Any insights if the conversion rate is the same. As in, if they do invite someone to interview, would that mean the conversion to getting an offer is still the same.
Fewer invites but conversion rate is the same. Or will they invite the same number of students as last year, but give out fewer offers -> lower conversion rate?
Hi Anonymous!
all companies have lowered their targets - though not uniformely across all offices. This has led to a generally higher bar along the entire application funnel. Companies appear to invite fewer candidates, but also have a higher bar for the candidates that make it to the interviews.
This means candidates that apply now need to prepare even better than before to get an offer!
(editiert)
Hi,
Nope, in any period of economic downturn, the conversion rates are also lower. I've seen it in many countries across all companies. MBBs need to demonstrate that they are hiring, and thus they can not decrease the interview invites too much.
Best
Hello,
Not only BCG, but all MBB have reduced their targets at least for 2020.
I think that there will be both less interviews (also for logistics difficulties due to COVID) and offers. Anyway, I'm quite sure that conversion rate will be lower, since HR staff screening CV is still the same and they will receive and analyze more or less the same amount of CVs. They can not reduce so much the number of candidates basing just on the CV.
Best,
Luca
Dear A!
Since the lockdown, most of the companies have slowed down or completely have put the hiring process on hold. Previously, they invited roughly 20-25 candidates to the interview out of 100 applicants. As a result, 6-8 candidates received offers of the interview. Nowadays, the companies will only invite 10-15 candidates out of 100 applicants to the interviews (mostly online), and only 2-3 candidates will receive offers at the end, so you really need to be the best.
P.S. Waiting another 6-12 months is not an option, since we can not predict the future (2nd, 3d wave, another crisis, etc.).
If you have any further questions regarding the current situation in consulting, just drop me a line!
Best,
André
Hi,
When you think about it, your odds are 5% anyway, right? Are the odds going from 5% to 2/3% going to change your mind?
I totally understand why you're concerned, but, ultimately, if you're a top candidate you're a top candidate regardless!
Yes, there are fewer offers going out this year. Yes, it is more competitive. Has it always been? Yes. I wouldn't let any of this information change how you approach recruiting right now!
Hi A,
Hiring has been limited almost everywhere, MBB is no exception. That's why even getting invited to the interviews has become extremely competitive.
Now you should really get prepared much better than other candidates to get the offer. Preparation under the guidance of an experienced coach would significantly maximize your chances to convert your interviews into an offer.
Do you need any further help?
GB
It probably is going to be lower and the bar to secure an offer is for sure going to be higher.
But at the same time, I wouldn't think you should be too concerned on the conversion rate. It is low to begin with, in any time. So focus on getting yourself ready, really prepare well, and don't take chances to bet on conversion rate etc.
