Consulting Industry in the UK

With the consulting industry facing challenges due to broad cuts across Tier 1 and Tier 2 firms, including MBB, it's a bit of a mixed bag in terms of hiring. I've heard from contacts that McKinsey, for instance, is currently experiencing overstaffing issues, with many employees being counseled to leave and hefty redundancy packages being offered. Similarly, LEK is undergoing layoffs, but there's no official hiring freeze.

Interestingly, there's a trend where many staff at MBB are on the "blue currency," which essentially means they're working on free or internal projects. This surplus of available consultants might impact immediate hiring needs.

That being said, there could be opportunities for senior roles where talent gaps exist. It's all about leveraging your network and seeking out referrals to make that jump. Connecting with individuals already working at MBB firms can provide valuable insights and potentially open doors for you.

Hi there,

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

• First of all, the current situation in the UK - not just at MBB and not just in consulting - is pretty tense. For instance, a Bloomberg article reported that McKinsey is offering "managers" 9 months garden leave. So in general, very few new hires are being made at the moment.
• Moreover, however, it doesn't necessarily mean anything for you. Therefore, I would highly advise you to reach out to the MBB recruiters and inquire about the general hiring situation and a possible opportunity for you to contribute.

If you would like a more detailed discussion on how to best prepare your applications, please don't hesitate to contact me directly.

Best,

Hagen

You can find the consulting salaries report 2024 here!

Your best bet is to consolidate your skillset and switch when you've got experience that makes you stand out. Think about your existing skills and experience and where you'd like to double down. Think about what skills/expertise will be needed in 3, 5, 10 years time and hone in on that. I'm not saying you need to wait 10 years to switch, but think about future-proofing your approach.

Half of London MBB is on the beach. 

McK is offering 9months of pay to leave at EM and AP levels.

So, no, for generalist roles, London is low on hiring. 

Still, don't take that as a given. Things change quickly. And maybe you don't even have to go down the generalist path. 

What I'd recommend you to do is to get in touch with the recruiters for each of the firms, have a 10 min call with them, and understand what role would be best for you and whether they are actively hiring for it (and if not, when are they likely to). 

Best,
Cristian

MBB situation in the UK depend on the role you want to apply.

Associate, EM and AP roles have low demand and MBBs are offering pay leave packages. For entry roles the situation is slightly better (they are still hiring) but with much lower recruiting targets than previous years.

Talk with recruiters to understand the situation and your potential fit. If you really want to join MBB, consider others regions at the moment.

Best,

Alberto

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

Not a great moment to switch, unless you can bring expertise on a relevant high-demand topic.