Advice For Experienced Professionals Applying?

Hello,

To answer your question, first let me lay out the average progression from Associate to Equity Partner, at least at BCG, so you have a context of the progression and also hierarchy

Associate (2 yrs) → Senior Associate (1yr, not all geographies have this) → Consultant (post-MBA role, 2 yrs) → Project Leader (~2 years) → Principal/Partner (~4-6 years) → Managing Director and Partner

"Is it possible to secure a senior role in a major consulting firm without prior consulting experience?"

• The answer is more often than not, no
• The short answer why is that often seniority in industry does not necessarily equate to you having developed the necessary skills, mindset and culture needed for the senior roles in MBB 
• Historically, MBB has hesitated to hire even Project Leaders / Managers laterally from other firms, especially T2 firms
• In my experience, I've known people with ~8-11 years of non-consulting industry experience and they have been offered, at best, the Consultant role. Some with a really strong background have been offered a ‘2nd year’ Consultant tenure, with the aim that they get promoted within a year to Project Leader
• And FYI - coming in at the Principal/Partner level laterally is even rarer, and typically only reserved for people with extensive commercial experience and/or a specific industry experience which MBB believes you can commercialize

"I would like to seek advice on whether I should complete my MBA before applying to MBB. I am worried that applying now and being rejected may negatively impact my future chances after completing my MBA"

• MBB's biggest hiring comes from target MBA schools (M7 in US, INSEAD in Asia, LBS/HEC etc..)
• If you are still in an MBA program, you would be applying as an MBA candidate i.e. “Campus Recruiting”
• If you are applying as an MBA candidate, you will be applying for the Consultant position
• Regardless of when you apply, if you aren't successful, most firms have a temporary application ban (i.e. 1 or 2 years) before you can apply again
  • The rationale here is to give you time to improve and get better on your weaker areas (whether application or interview skills)

"Another factor is the potential for a substantial decrease in compensation"

• If short term compensation is the most important factor in making the switch, then I would suggest to consider other jobs. There are really plenty of other ways to make money other than consulting
• More importantly, you have to consider the trajectory of your compensation during your time in consulting (and maybe after)
  • If you map this out and even then this does not meet your expectations, then that also will give you a better sense on whether this switch is really right for you

A couple of no-regret next steps you could do

• Network: Do network with the specific offices you plan to apply to. Ideally, if you can get a referral, that will help alot in getting your application to be reviewed
• If consulting is something you are set on, then I strongly suggest also applying to other non-MBB firms
• Focus on your core interview skills: if you don't have this, you can't pass the interview

All the best!

Hi Benjamin,

1) I would like to seek advice on whether I should complete my MBA before applying to MBB. I am worried that applying now and being rejected may negatively impact my future chances after completing my MBA. However, my preference is to try sooner rather than later.

Given your background is non-conventional, I would recommend you look for a referral and apply through them with the timeline they recommend.

You can find some tips on referrals below:

▶ How to Get an MBB Invitation

▶ The Exact Steps to Get a Referral

2) Another factor is the potential for a substantial decrease in compensation. Is it possible to secure a senior role in a major consulting firm without prior consulting experience?

It depends on the firm. At McKinsey you normally join as an Associate with a fast-track opportunity to move to the next levels, in other firms you could join as a manager but (i) it is not common unless you come from another consulting firm and (ii) it is risky as you are subject to more pressure in a new environment.

In any case, if you are put on a fast track to promotion, the lower starting salary will likely have a negligible long-term impact.

Best,

Francesco

Hi there, 

Very interesting profile. Let me take your questions one by one:

I would like to seek advice on whether I should complete my MBA before applying to MBB. I am worried that applying now and being rejected may negatively impact my future chances after completing my MBA. However, my preference is to try sooner rather than later.

As long as you had the MBA in progress on your CV, you should be applying and also doing your best to use the network and career services at your university to help you pass the screening. Here is an article that will be relevant for you in terms of how to get referrals and network with consultants: How to network and get referrals

Even if your applications don't work on the first go, you still stand to win more this way.

Another factor is the potential for a substantial decrease in compensation, even with the inclusion of bonuses and profit sharing at the consultant level. I am willing to accept some reduction in pay, but the transition to an associate level may be too drastic. Is it possible to secure a senior role in a major consulting firm without prior consulting experience?

Unfortunately you might have to bite the bullet on this one. Without consulting experience they're unlikely to take you on a more senior role and it's not something you should even wish for. Most people who join a senior level directly as experienced hires struggle a lot and often leave. The learning curve is just too steep. Fortunately though, promotion cycles are rather fast, so you should accelerate to where you were compensation-wise rather quickly. 

Here are a couple more articles to help you understand how the industry works:

• What being an entry-level consultant is like
• How is lifestyle in consulting

Best,

Cristian

Hi Benjamin,

Congrats on what sounds like a successful career!

I would like to seek advice on whether I should complete my MBA before applying to MBB. I am worried that applying now and being rejected may negatively impact my future chances after completing my MBA. However, my preference is to try sooner rather than later.

1) An application now won't negatively impact your chances when recruiting via an MBA

2) Why not try now? If you fail, then do the MBA!

Another factor is the potential for a substantial decrease in compensation, even with the inclusion of bonuses and profit sharing at the consultant level. I am willing to accept some reduction in pay, but the transition to an associate level may be too drastic. Is it possible to secure a senior role in a major consulting firm without prior consulting experience?

1) Decrease in compensation = $50k-$100.

2) Cost of MBA = $200k over 2 years (depending on MBA)

3) Opportunity cost of MBA = $150k-$200k per year (consultant wage

4) 2 years as a consultant = promotion to project lead. 2 years at MBA  = hired as project lead….same same

Your math doesn't actually work out like you think it does ;)

Hi Benjamin,

First of all, congratulations on your successful career thus far!

I think this is an interesting question that may be relevant for many people. I would be happy to share my thoughts on it:

• If you feel that your work experience speaks for itself and you want to test the waters, I would advise you to apply sooner and see about the results. I cannot guarantee it, but as you do not yet have your MBA, if you are rejected by MBB, the typical ban period might not apply to you after you graduate.
• Regarding your concerns about a significant decrease in compensation, I would advise you to also consider expert roles, especially with your extensive experience in the oil and gas industry. This way, you will have a realistic chance of securing a higher position with better compensation while staying true to the industry you've been in for so long (unless you no longer wish to do so).

If you would like a more detailed discussion on how to address your specific situation, please don't hesitate to contact me directly.

Best,

Hagen

Hi there,

Congrats on your amazing career!

There are great answers already regarding the logistical aspects of your question.

However, I would also look into your motivation to make the switch now. As you correctly mention, going into MBB would rather be a downgrade from your current position (at least in the short-term). Something to consider if your long-term goals align with this switch.

Cheers,

Florian