MBB Start Date Delay (2023)

Hi there,

Hiring is definitely slowing down globally at the moment, however, it's not fully dead yet in most countries.

If you already have an offer, it should be all good but I want to share 3 observations nonetheless.

Personal experience

Some of my clients' interviews (all in MBB) were already rescheduled for next year. They were supposed to be this year and they already had dates set.

Impact on hiring

While for all firms fewer people make it through resume screening, only some firms adjust the bar for the interviews. The latter are happy to find enough people to make it through the selection process. In that case, they would extend offers, potentially with starting dates further in the future.

We might even see a full hiring stop, depending on how bad the situation becomes.

Impact on engagements and job security

External advisor spending is usually one of the first expenses to be cut during an economic crisis.

Yes, recovery and transformation projects increase, but every other consulting vertical decreases by much more. I have been told stories from 2008/09, where new hires were not staffed for 6 months and then let go without ever having worked on an actual engagement. 

It all depends on how bad the global economic situation is going to get. My hunch is we see a partial to full-hiring stop by early next year for a couple of months up to 1 year. Let's hope I am wrong :-)

On top of that, keep in mind that tech firms and other industries already started their lay-offs, which means that the potential supply of job seekers increases even more compared to now lower demand for them.

To answer your questions;

(1) Yes, that is definitely on the cards.

(2) It does not hurt to stay on the lookout for other exciting opportunities.

(3) No. If you push it out further, it becomes less secure.

Cheers,

Florian

Hello,

To answer your questions:

(1) Yes it is possible, but unlikely and unclear on what is going to happen. This can also vary per geography.

(2) Depends on when are you expected to currently start. If that is just 3 months away, it is not worth starting a full-time position. Certainly, doing an internship (with the possibility of extension) is a good opportunity where you can spend your time without much of a permanent commitment.

(3) Absolutely not. If the firm is already making these postponements - there is an issue with project pipeline. If you play around here, then they may rescind your offer. 

All the best!

Rushabh

Hi there,

Congratulations on the offer! In terms of your questions:

1) Is it possible for the firm to delay the offer again?

Yes.

2) Would you recommend finding a full-time position to mitigate any last-minute changes instead of an internship or 3-4 months term placement?

I would personally take the internship and trust their word but it’s a personal decision.

3) Would you recommend pushing the start date until 2024 instead? 

No. You have no control over whether things will be better or worse in 2024.

Best,

Francesco

Hi there,

First of all, congratulations on the offer!

This is indeed an interesting question which is probably relevant for a lot of users, thus I am happy to provide my perspective on it:

• It's difficult to say for sure whether the firm will delay your offer again, as this ultimately depends on the specific circumstances and reasons for the delay. In general, consulting firms may delay offers for a variety of reasons, such as changes to the business, shifts in client priorities, or internal restructuring. However, once an offer has been made, the firm is typically committed to honoring the offer unless there are extenuating circumstances that prevent them from doing so.
• In terms of finding a full-time position to mitigate the risk of any last-minute changes, this is ultimately a personal decision and depends on your priorities and goals. If you are concerned about the potential for delays or changes to your offer, finding a full-time position in the interim may provide some stability and security. However, if you are interested in gaining consulting experience and prefer to take on an internship or term placement, this may be a better option for you.
• As for pushing the start date until 2024, this is also a personal decision and depends on your specific circumstances and priorities. If you are concerned about the potential impact of the recession on the consulting industry, it may be worth considering delaying your start date to give the market more time to recover. However, it's important to keep in mind that the timing and extent of the recession is uncertain, and delaying your start date may also mean missing out on valuable experience and opportunities.

In case you want a more detailed discussion on what to do in your specific situation, please feel free to contact me directly.

Best,

Hagen

The reality is that these things do happen and no one can ever predict what the future holds. There's very mixed data on recession right now. A similar thing happened in 2020 March and then firms aggressively hired in 2021 January. 

In general mbb is excellent at making sure if you have an offer you will start at your role. However yes they can delay till a point it makes sense for them to onboard you. This is mostly about having enough projects to staff everyone on. 
 

If you have something productive you can do till 2024 it makes sense to pursue it. If not there's a very good chance you'll be joining at some point in 2023. 

Hi there,

Congrats on the offer!

(1) is it possible for the firm to delay the offer again? ; 

Yes (sorry)

(2) would you recommend finding a full-time position to mitigate any last-minute changes instead of an internship or 3-4 months term placement? ; 

Potentially. I would prefer finding a short-term position on contract job (there are so many, especially on linkedIn!). You can actually make much more $ given they are short-term and “unprotected”. I don't love the idea of a FT position because then you're being dishonest with that firm.

(3) would you recommend pushing the start date until 2024 instead? 

This is your call and based on your situation (I don't understand why you would, but I also don't understand your situation/reasoning)

Congrats on the offer. Once you have an offer, you have a good hand.

1. Yes, firms can definitely delay starting date again and again. It is quite rare but possible.

2. Yes, I would look for full-time positions.

3. No

It is quite reasonable that MBB prefer to keep their people and at the moment there is a limited vision of what will happen in 2023. 

I am so sorry this happened. What is your current situation? If you are employed don't sweat it. If not, then it really depends on your situation and how much time you could go unemployed. I think it would be highly unlikely for a further push but no one knows in this economy. Which office is it?