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Colour on the hiring scene for Q3/Q4 2023 - London specifically

hiring Hiring freeze recruiting
New answer on May 26, 2023
6 Answers
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Anonymous A asked on May 19, 2023

Appreciating this is a crystal ball kind of question - but wanted to hear from people in the management consulting space that may have heard about what hiring is expected to look like later this year. 
 

Understand that there's somewhat of a hiring freeze right now and seems like a number of people are actually being deferred or even let go. 


Context (if interested):

Currently an investment banking analyst looking to make the switch this September when I have 2 years of experience. Made it past the screening rounds and onto some interviews last September but had not prepared enough when it came to doing cases. So am keen to try again this September with a bit more practice and experience under my belt

 

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Ian
Expert
Content Creator
replied on May 20, 2023
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

Hi there,

Ok, so please please take my answer with a grain of salt.

From my experience, these cycles rarely last more than a year. Covid really spun everything out of wack, so any predictions are particularly hard to make (consulting and tech firms grossly overhired last year, and have seen a sharp fall in demand this year), but I am somewhat optimistic that things start to pick up in the late summer/fall.

When I say pick up, I mean hiring starts to pickup again (instead of the almost standstill we have), not comes roaring back. If I were a betting man and a candidate, I would be targeting July/August (all things equal, i.e. I'm not in a set recruiting channel).

All this said: It doesn't “matter". Get back to your contact at the firm, see if they say September is good (ask in July/August), and if they say apply, apply! Try to focus on what you can control (your resume, your networking, your case performance), and less on things you can't (economy). Speak to that firm in particular when you're ready and they will tell you if you should apply or not :)

Good luck!

Please make sure to read the following to ensure you are ready for the interview the 2nd time around!

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

https://www.preplounge.com/en/articles/how-to-shift-your-mindset-to-ace-the-case

https://www.preplounge.com/en/articles/dos-and-donts-in-a-case-interview

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Cristian
Expert
Content Creator
replied on May 24, 2023
#1 rated MBB & McKinsey Coach

Hi there, 

My expectation is that hiring is going to go up again in the second half of the year. 

But indeed, like you said, this is a crystal ball kind of question. 

Focus instead on what you can control. I wrote an article that details out how to adjust your application strategy to maximize your chances of getting at least one offer. You can read it here:

Best,
Cristian

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Lilit
Expert
replied on May 20, 2023
Associate Partner at Bain| ex EY-Parthenon|5+ yrs of coaching | Personalised approach and detailed & actionable feedback

Hi there,

As your rightly said, its difficult to predict.

However, I don't think things would change in Q3 and can imagine the recruitment actively coming back if there is a drstic increase in demand and the firms are under capacity in Q3 which is an unlikely scenarion.

You should check through your network first if the recruitment for you level is open or not before applying.

Good luck,

Lilit

 

 

 

 

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Sophia
Expert
replied on May 26, 2023
Top-Ranked Coach on PrepLounge for 3 years| 6+ years of coaching

Hello,

As you say, these things are hard to predict, and will vary by firm/region. My estimate (for North America at least) is that, based on the current state of the economy, recruiting will continue to be slow later this year, but firms will be hiring. That shouldn’t deter you from applying when you feel ready, however – it’s hard to predict these broad dynamics and when they will change

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Anonymous replied on May 20, 2023

Dear candidate,

 

 first of all, best is to look at it more like your own individual situation, your goals and your flexibility. Second, hiring varies from region, focus,firm. Generally many firms hire also Sept, Oct, activities during end of year slow-down due to X-mas period, most keep general applications open but if you were to apply in December it may be a bit late to get a great grip or at least to get fast responses. Third, besides this all sounds great about your career switch, a finance background often goes well with proving your analytical,structuring and professional skills. 

Best regards.

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Andreas
Expert
replied on May 22, 2023
McKinsey EM | Top MBB Coach | >70% Success Rate | Free Introductory Calls

Hi there,

these predictions are difficult to make. I would suggest you proactively reach out to your target firms and talk to them about your & their situation.

Best regards

Andreas

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Ian gave the best answer

Ian

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