Coaching- Payment based on Success

coaching expert coaching MBB
Neue Antwort am 31. Okt. 2022
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Anonym A fragte am 30. Okt. 2022

Hi all

 

I got interviews at all MBBs as well as some T2/T3 firms lined up. In the search of a coaching program, I was wondering about the following:

Is anyone here offering coaching for candidates, that already have gotten interview invites, on a success-based compensation package, i.e. payment of 2-3k in case of offer.


I would also be curious to hear the rationale for (not) offering such a program for candidates with multiple interviews lined up.

 

Thanks!

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Ian
Experte
Content Creator
antwortete am 31. Okt. 2022
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Hi there,

Keep in mind that most platforms do not support this. There are many reasons coaching would not offer this:

  1. How can we follow-up on payment? We can't do anything if you chose not to pay
  2. How do we control for you not working? What if you don't do the homework we assign? Or if you don't put in the work/effort needed?
  3. Others know our value and pay upfront for it - there is a lot of upfront demand…therefore, like any business, we will prioritize secured payments to unsecured payment promises
  4. Do personal trainers only take payment after you get a 6-pack? Do piano instructors only take payment after you can play Mozart? It's just not a reasonable model for training/coaching people

Here's some reading to get you started on the right foot though!

https://www.preplounge.com/en/articles/pitfalls-case-interview-preparation

 

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Eishan
CoachingPlus-Experte
antwortete am 31. Okt. 2022
Helping consulting aspirants crack the case interview and achieve thier dream job. Bain I LBS MBA I Uber I Bloomberg

Hey mate  - 

Feel free to reach out to me. Happy to have a discussion based on your situation. 

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Florian
Experte
Content Creator
antwortete am 31. Okt. 2022
#1 rated McKinsey Coach | Top MBB Coach | 5 years @ McKinsey | Author of the 1% | 120+ McK offers in 18 months

Hi there,

I think it's an interesting concept, which btw. many MBB engagements are adopting as well at the moment with fees at risk if they do not deliver the desired impact.

I'd definitely be up for it as it shows clearly who can provide value and thrive on such an arrangement vs. who cannot and uses baseless claims on their success rates.

I see two downsides:

  1. The performance on the interview day of a candidate is not something a coach can influence 100%. A strong coach can give you the right tools, resources, and thinking to succeed, multiplying your odds by many X, yet if you make simple calculation errors twice during the interview because you are nervous and get rejected, who is really to blame? There is a certain element that is up to chance and swings of day-to-day performance (even in the best-prepared interviewees)
  2. Such an agreement would need to be structured properly because who guarantees payment once you succeed? There are ways to deal with this, however, so it is not really a dealbreaker, e.g., escrow

Given the first downside, an interesting model would be a fixed fee + a success-based bonus. There would need to be some changes in the T&Cs of PrepLounge to make this a reality and I would be happy to take part in a pilot program.

Cheers,

Florian

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Mario
Experte
antwortete am 31. Okt. 2022
Ex-Mckinsey (analyst->associate->manager) and now in tech (Bytedance) + Part time interview coach and mentor

Hi there,

 

You can discuss payment terms on a case by case scenario. I would recommend reaching out to the right coaches and discussing this further as needed.

 

Mario

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Dennis
Experte
antwortete am 31. Okt. 2022
Seasoned project leader with 7+ years of consulting and recruiting experience in USA and Europe

Coaching can be an enabler and help individual's in the process of unlocking more of their potential. In this, the coach can give direction and advice but only the individual is in charge of actual implementation. 

You find different coaches on here that charge different hourly rates. That's a way for you to hedge your financial downside if you are concerned that you might be wasting your money. But for a success-based fee to be viable and fair, the coach would have to have more control over the outcome (e.g. taking the interviews for you) which is by default not possible of course

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Pedro
Experte
antwortete am 31. Okt. 2022
Bain | EY-Parthenon | Roland Berger |Former Head Recruiter | Market Sizing

At first, it seems like a great idea. But then you really think about the incentives in place, and they aren't really working in your benefit. 

If the candidate doesn't have to pay, that means that every candidate is happy to have a session. There's no risk for them. They may not be willing to put in the effort, they may know they have no chances at all, but what do they lose by doing a free coaching session? Nothing. Some candidates need 1-2 seesions, other need 3-4, and there's the occasional candidate that wants to use the coach as the only person who they do cases with… 

So, if you are a coach and you want to maximize your profit, you need to “veto” first your candidates. Candidates that are sure to get the job. Candidates that don't need much work. The better you “veto”, the better you do. You'll actually do better by spending extra time veto'ing candidates than by just coaching them. 

This is exactly how the model you suggest has been implemented. You apply, they check if you are high potential, and if you are, they'll take x% of your annual salary. They select candidates that don't need much coaching, and are highly commited, and then take a % of their salary. Then they advertise how successful they are in getting offers… but their success is not in the coaching process but in the “selection process”. I suggest running away from that model as fast as you can. Your incentives are simply not aligned.

Nevertheless, risk sharing is a good idea (but what you suggested is not risk sharing, but instead risk transfer from the candidate to the coach). For example, having a base price for a session + extra in case of success could be a reasonable model. However, it is not how Preplounge works, and has the logistics problems (credit risk, time of payment…) that others mentioned.

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Maikol
Experte
Content Creator
antwortete am 31. Okt. 2022
BCG Project Leader | Former Bain, AlixPartner, and PE | INSEAD MBA | GMAT 780

Look, would you like to get paid by MBB only if you perform well or if there is a project for you? I don't think so. 
Same here. 

Besides, PrepLounge does not support this nonsense.

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Ankit
Experte
antwortete am 30. Okt. 2022
BCG I Strategy& I 12+ years of professional experience

Hi there, 

Message me to discuss more about this. we can set up a short intro call. good luck..

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Ian

Content Creator
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep
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