Hello,
I am thinking about applying at several consulting firms (MBB and tier 1) in the US. Does anyone know if their recruiting is still affected by Covid-19? Do they hire less people at the moment and should I wait a couple of months?
Thank you!
Hello,
I am thinking about applying at several consulting firms (MBB and tier 1) in the US. Does anyone know if their recruiting is still affected by Covid-19? Do they hire less people at the moment and should I wait a couple of months?
Thank you!
Hi there,
Yes, unfortunately recruiting is affected. Of course, while demand is less than normal it is by no means non-existent - I still have candidates getting offers to MBB and Tier 2s weekly!
While they are hiring fewer people, it really doesn't make sense to wait. A few months is not going to make any difference at all. The only thing that really matters is how strong you are as a candidate and hiring is not going to be any different for at least a year. You may as well try now, and, if you fail, you try again in a year!
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Here are a few other thoughts on how COVID-19 is affecting the consulting world.
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:
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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
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/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
Hi Anonymous,
Yes, it's still affected and based on current developments there is still very limited visibility concerning consulting budgets and projects for next year (as a main driver for demand/new hires).
Still less people are hired nowadays and the bar to secure an offer is even higher than ever before I'd say - in-depth prep is therefore a must if you take this seriously.
Waiting for a couple of months is like poaching with a stick in the dark - I'd say it's mostly speculation if situation will significantly change in a couple of months timeframe.
Hope that helps - if so, please be so kind to give it a thumbs-up with the green upvote button below!
Robert
Hi there,
Recruiting is still affected and MBB will hire fewer people this year. However, there is no clear advantage in waiting – no one knows whether things will be better in a few months. Plus the situation may be different for different companies.
I would recommend to find a referral to help you secure interviews and get insider information whether it makes sense to apply now in a specific office.
You can find more on referrals here:
https://www.preplounge.com/en/consulting-forum/hey-everyonehope-all-is-well-3176
Best,
Francesco
Hi,
Yes, it's significantly affected and they are hiring much less. Especially for post MBA / experienced hires
Best
Dear A,
Yes. It's still affected. Intake is much less this hiring season than the provious one. So that mean that the competition is high.
If you want to apply, I would recommend you to apply with good CV, Cover Letter and referral.
If you need any further help or advice, feel free to reach out.
Best,
André
Thank you very much for your detailed answers! I will apply right away then.