Hi there,

I'm sorry to hear about this. But yes, you're absolutely right to look on the bright side and flag that you at least have a year under your belt!

Alas, the up-or-out has gotten stricter this year, for obvious reasons.

From any coaches who have heard from their coachees (or any people with internal firm knowledge), how drastic have the recent hiring slowdowns been for experienced applicants? I've also heard of start dates getting pushed back, has this been the case for experienced hires as well?

I'd say it's a little bit worse than if you're recruiting via a channel. But I do still have candidates who are experienced hires who are getting interviews.

Is it worthwhile to risk waiting for a few months to see how hiring trends change before applying, or should I risk applying now knowing there's a higher probability of my application getting rejected and having to wait another 12 months before reapplying to my target firms?

This is actually firm specific. Ultimately, you should network in order to find out which places have roles where. For company x and office x I would say wait. For company y and office y I would say go now. Make sense?

Is the MBB/Big 4 US Northeast reapplicant probationary period still 12 months, or do I need to wait another few months to hit the 18-month mark before submitting my application?

You should be good to go to submit your application now if you so choose.

Good luck to you!

Consulting firms have over-recruited last year, and now not only they have more people than they need… also the people they have are not leaving at the usual rates…

As such, they only need experienced hires for specific types of expertise (i.e., areas where they still don't have enough people) or fresh graduates (so that they keep building the pyramid and keep training the consultants they'll need in a year or two… or five, and avoid missing on very highly talented people).

But here's what you need to know: it won't change dramatically in 6 months. To be honest, it's probably going to get worse: there's a (up to) 12 month lag between raising interest rates and their impact on the market. 

What should you do? Apply now. You need a job now, you apply now. And if it doesn't work… you can apply again in 12 months. This is what maximizes your chances. Of course, you don't want to apply to firms who are layoff people right now, you can leave those to apply in Jan 2024, for example, as for sure they will not invite you to interview. But for all the other… no reason to wait.

Hi there,

First of all, I am sorry to hear about the layoff from your previous firm!

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

• First of all, according to the experience of coachees of mine, the recruiting needs for experienced hires are not significantly different to the relatively low recruiting needs for hires out of university, at least when it comes to non-specialized consultants. The situation obviously slightly varies among firms and geographies.
• Moreover, unless you have a clear plan on how to use any buffer time in between jobs to further improve your profile, I would advise you to apply as soon as possible. The current economic climate is unpredictable, and waiting might not result in more favorable conditions.
• Lastly, the ban period typically lasts for 12-18 months, so before applying again, I would highly advise you to reach out to the recruiting department of your target firms. It's always beneficial to confirm such details directly with the firms, as policies might vary or change over time.

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

Best,

Hagen

Hi there, 

Sorry to hear about this. 

I feel like all I read about these days are people being laid off. 

Let me take your questions one by one:

From any coaches who have heard from their coachees (or any people with internal firm knowledge), how drastic have the recent hiring slowdowns been for experienced applicants? I've also heard of start dates getting pushed back, has this been the case for experienced hires as well?

Hiring overall has gone down. But it will pick up again late this year / early next year. 

It affect everybody. 

Experienced hires are in a better position if they have a strong value prop (something that they can ‘bring’ to these firms in terms of knowledge and skills). 

Is it worthwhile to risk waiting for a few months to see how hiring trends change before applying, or should I risk applying now knowing there's a higher probability of my application getting rejected and having to wait another 12 months before reapplying to my target firms?

Apply early. Apply broadly. 

Don't wait because you don't have any guarantee that things are going to get better in a couple of months. 

Even if something things don't work out now, then you can reapply again in a few months. 

Use this guide as a tool to develop a strong application strategy:

• Free Guide: Build A Winning Application Strategy

Is the MBB/Big 4 US Northeast reapplicant probationary periodstill 12 months, or do I need to wait another few months to hit the 18-month mark before submitting my application?

You need to check this specifically for the region with HR. Your timelines ring true but these things change often and they are regionally dependent so it's always best to get the info straight from the source. 

Best,
Cristian